$1,200 refundable deposit or $33 nonrefundable monthly plan for apartment?

I’m in the process of applying for a 2-bedroom apartment and I’ve been given two options for the security deposit:

Pay a $1,200 refundable security deposit upfront.

Opt for a $33 non-refundable monthly plan instead of the deposit.

The $1,200 is refundable at the end of the lease (assuming no damages, etc.), but the $33 monthly fee would be non-refundable. Over the course of a year, the $33 adds up to $396, but I'd never get that back.

Which option do you think makes more sense? Has anyone else dealt with something like this? Would love to hear your thoughts and experiences!