With prices in the New York City residential rental market leveling off and landlord concessions on the rise, vacancy rates are becoming a more common issue facing landlords. Landlords no longer have the luxury of being as picky as they may want to be when it comes to who they accept as tenants. Being too exclusive may cause the amount you spend on tenant acquisition to rise. On the other hand, being too loose may lead to other problems that no landlord wants to deal with.
While there will always be good reasons to deny the applications of those who raise too many red flags, sometimes applicants may seem like they would make an ideal tenant, but have an income that falls short of the 40x income multiple, a lack of reliable guarantors, foreign employed person without US credit, international student or either a US person with less than a stellar credit score. Rather than turn these potential tenants away or ask for a larger security deposit, you should introduce them to the Insurent Lease Guaranty Program.
@Insurent can reduce vacancies and serve as the institutional guarantor on the residential lease. Think of Insurent as the institutional "mommy and daddy" backed by Argonaut Insurance Company, a multinational billion dollar insurance company with an A (excellent) rating by A.M. Best.
The process is simple. Renters apply for the Insurent Lease Guaranty Program. If approved, they just pay a one-time guaranty fee approximating between 80% and 90% for US renters, and between 100% and 110% of one month rent for foreign renters. Insurent qualifies renters 24/7 and normally prequalifies renters within 30 minutes. They normally issue the Guaranty for the lease within 24 hours. This insures landlords from any potential rent loss. All landlords have to do is sign up their buildings under the Insurent Lease Guaranty Program. It takes a few minutes per building. More importantly, it’s free.
On top of ensuring that you get your rent, the Insurent Lease Guaranty Program can help keep vacancy rates at bay—all at no cost to you.