Zumper Becomes First Rental Marketplace To Provide 12 Months Of Rent Protection For Small Landlords

Zumper announced Instarent Rent Guarantee, the company's first step in a multi-pronged effort to offer unparalleled support and security to landlords and renters. This level of guarantee is setting the new standard for digital leasing and meets the vital need of landlords, 92% of whom would prefer to use a rental platform that offered rent protection.

Earlier this year, Zumper released Instarent, the most comprehensive, fully digital leasing solution available to landlords today. With more than 80% of landlords experiencing missed rent, and only 63% of them ever getting reimbursed2, the need for a fully digital leasing solution with payment support is needed now more than ever. Zumper's Rent Guarantee is the latest and most timely feature in Zumper's Instarent proposition and reflects the company's vision of how landlords should be leasing their properties. With the addition of Rent Guarantee, Instarent now provides landlords with

12 months rent protection (subject to various conditions)
Priority search placement with prime visibility
Thorough tenant screening in partnership with TransUnion
Fully digital lease signing capabilities
Fast, timely rent collection within 24 hours

Whether you are a renter or a small landlord, everyone has been affected by the pandemic, said Anthemos Georgiades, CEO and Co-Founder of Zumper. As one of the largest rental marketplaces in the country, we are dedicated to making a difference and proactively helping during these uncertain economic times, starting with individual landlords. This is our first step in a multi-pronged effort to do what's right for our customers.

There are nearly eight million small landlords across the U.S. who typically own between one and 10 properties, representing half of the rentals available in the nation. The majority of these landlords cannot cover costs when rents are missed3. Rent Guarantee gives these landlords incredible confidence and protection when leasing their property through Zumper. If a landlord rents their property through Instarent and the renter does not make rent payments, Zumper will cover missed rent and help the landlord re-rent the property. While the apartment is vacant, Zumper will cover the rent up to 12 months.

Rent Guarantee covers skipped rent payments, property damage, and a portion of eviction fees (certain portions of which are provided by third parties). Once the unit becomes vacant again, Zumper will then step in and help the landlord re-rent the property by providing premier listing placements, generating leads, and more through Zumper's comprehensive rental services.

In a recent survey, Zumper found that rent payment support and resources are vital to landlords because

The top concern of landlords is payment problems with their tenants
More specifically, 76% of landlords said a tenant missing rent is one of their biggest causes of anxiety right now
92% of landlords would prefer to use a rental platform that offered rent protection
80% of landlords have experienced a tenant missing rent, while only 63% were ever reimbursed
61% of landlords say there were not any tools or resources available to help reimburse their rent
74% of landlords still have a mortgage to pay off

Landlords interested in learning more about Instarent and the full features provided, including Rent Guarantee, should visit zumper.com/instarent.