“The Insurent Lease Guaranty Program has reached another milestone as there are now 410,000 apartments representing over 3,500 buildings which accept Insurent,” according to Insurent’s Vice Chairman & Chief Operating Officer Jeffrey Geller. In ten years, the Company has grown from a start-up to a major institution that is the gold standard for institutional guarantors of residential leases in the US. In 2016 alone, @Insurent added over 1,000 buildings to its base of participating buildings.
The reasons for Insurent’s great success are its ability to expand the pool of qualified renters, reduce vacancies, quickly close leases that otherwise would not have closed, and eliminate all rent loss, all at no cost to landlords. By serving as an institutional guarantor on residential leases, Insurent gives renters the ability to live in apartments even if they fall shy of the 40x income multiple. Such people include college and professional graduates who have just landed their first jobs out of school, foreign employed with little to no US credit, self-employed individuals, freelancers, US and international students, and retirees.
Landlords have grown to love the service provided by Insurent because it reduces the likelihood of having to turn away renters who don’t meet the necessary financial requirements. Those who don’t meet a landlord’s requirement can apply for the Insurent Lease Guaranty and be qualified within 30 minutes with a guaranty normally being issued to the landlord within 24 hours. If they qualify, they pay a onetime guaranty fee, normally 80% for US renters and 110% for foreign renters for the one year guaranty.
With Insurent, landlords and renters both get exactly what they want. Landlords quickly close a lease and are guaranteed that they will receive their rent; renters get to live in an apartment of their choice. It’s a win-win.