Zumper Announces Launch of Instarent Rent Guarantee

Zumper Announces Launch of Instarent Rent Guarantee

With over 80 percent of landlords not receiving rent and only 63 percent of them getting reimbursed, 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 its vision of how landlords should be leasing their properties.

FREMONT, CA: One of the largest privately held rental marketplaces in the U.S. with 15 million visits each month, Zumper, has become the first rental platform in the industry to provide 12 months of rent protection for individual landlords. The company announced the launch of Instarent Rent Guarantee, its first step in a multi-pronged effort to offer unparalleled support and security to landlords and renters. The level of guarantee offered by the company will set a new standard for digital leasing and meets the vital need of landlords, 92 percent of whom would prefer to use a rental platform that offered rent protection.

"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."

Earlier this year, the company had released Instarent, one of the most comprehensive, fully digital leasing solutions available to landlords today. With over 80 percent of landlords not receiving rent and only 63 percent of them getting reimbursed, 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 its vision of how landlords should be leasing their properties.

The addition of Rent Guarantee, Instarent, will provide landlords with 12 months' rent protection, priority search placement with prime visibility, thorough tenant screening powered by TransUnion, fully digital lease signing capabilities, and fast and timely rent collection within 24 hours. Nearly 8 million small landlords across the U.S. who typically own between 1 to 10 properties represent half of the country's rentals. The majority of these landlords cannot cover costs when rents are missed. 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 for up to 12 months.

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