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Zumper To Provide 12 Months Of Rent Protection For Small Landlords

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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

Zumper, the largest, privately-held rental marketplace in the U.S. with 15 million visits each month, is now the first rental platform in the industry to provide 12 months of rent protection for individual landlords. Today, 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 reimbursed, 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

About Zumper: 
Zumper aims to make renting an apartment as easy as booking a hotel. With 15 million visits every month, Zumper’s free online and mobile rental search marketplace has become the largest startup in the industry. Headquartered in San Francisco, Zumper has 200 employees across the U.S. and acquired PadMapper in 2016. The company has raised a total of $140 million in funding from investors including e.ventures, Greycroft, Dawn Capital, Kleiner Perkins, Goodwater Capital, Axel Springer, Stereo Capital, the Blackstone Group, Breyer Capital, Foxhaven Asset Management, Andreessen Horowitz, Greylock, NEA, CrunchFund, xfund, Divco West, MMC Technology Ventures, Scott Cook, and the DeWilde Family Trust.

ALSO READ: To Complete Projects, NAREDCO Urges UP RERA For Extension Of 12 Months

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