RENT Magazine Q3 '22

Rent Guarantee Insurance Rent guarantee insurance differs from landlord loss-of-rent coverage, which protects your income if your tenants have to move out due to insured damage to your property, such as that caused by a flood or fire. Rent guarantee insurance instead covers a landlord for lost revenue for a preset period when a tenant defaults on their rent. Although this type of protection can be costly, the premium might be passed on to the tenant, particularly if they have a record of bad credit. LeaseGuarantee LeaseGuarantee is an annual rent guarantee program that provides payment of all unpaid rent, damages, legal fees and costs owed by a tenant to their landlord in the event of a court judgment in favor of the property owner. The LeaseGuarantee contract covers all individuals on the lease agreement and can be paid for by the landlord, qualified tenant, or both. It starts at $199/year per lease and can provide coverage of up to $10,000, providing you with ample protection in case you take your tenant to court. Technology Meets Rental Property Owners Zillow, OpenDoor, RedFin and other iBuying real estate companies revolutionized the homebuying market with their algorithms and high-technology services. Now the residential rental field is being transformed by the iRenters. For example, Nomad is an iRenting company that brings property owners a pre-screened sub-tenant. Nomad signs the lease, collects the rent from the resident and forwards it to the landlord each month minus a fee, usually a percentage of the monthly payment. The annual lease can range anywhere from two percent to five percent of monthly rent.



Powered by