ZUMPER BECOMES THE FIRST RENTAL MARKET TO PROVIDE 12 MONTHS OF RENT PROTECTION FOR SMALL OWNERS
Largest private rental platform in the United States comes to the aid of individual landlords who say payment issues are their number one concern
Instarent ™ Rent Guarantee protects homeowners against missed rent payments and helps re-let their property
San Francisco, California – August 27, 2020 – Zumper, the largest private rental market in the United States with 15 million visits per month, is now the industry’s first rental platform to offer 12 months of rent protection to individual owners. Today, Zumper announced Instarent ™ Rent Guarantee, the company’s first step in a multi-pronged effort to provide unparalleled support and security for owners and renters. This level of collateral sets the new standard for digital leasing and addresses the vital need of landlords, 92% of whom would prefer to use a rental platform that offers rental protection.1.
Earlier this year, Zumper launched Instarent ™, the most comprehensive all-digital rental solution available to owners today. With over 80% of landlords missing their rent, and only 63% of them getting reimbursed2, the need for a fully digital rental solution with payment support is more than ever necessary. Zumper’s Rent Guarantee is the latest and most timely feature of Zumper’s Instarent ™ proposal and reflects the company’s vision on how landlords should rent their properties. With the addition of the rental guarantee, Instarent ™ now offers homeowners:
- 12 months rent protection (under various conditions)
- Priority search location with optimal visibility
- In-depth selection of tenants in partnership with TransUnion
- Fully digital lease signing capabilities
- Quick and timely rent collection within 24 hours
“Whether you are a tenant or a small homeowner, everyone has been affected by the pandemic,” said Anthemos Georgiades, CEO and co-founder of Zumper. “As one of the nation’s largest rental markets, we’re committed to making a difference and proactively helping in these uncertain economic times, starting with individual owners. This is our first step in a multi-pronged effort to do what’s right for our customers. “
There are nearly eight million small homeowners in the United States who typically own between one and ten properties, which is half of the rentals available in the country. The majority of these landlords cannot cover the costs when rents are missed3. The rental guarantee gives these landlords incredible confidence and protection when they rent out their property through Zumper. If a landlord rents their property through Instarent ™ and the tenant does not pay the rent, Zumper will cover the missing rent and help the landlord re-let the property. As long as the apartment is vacant, Zumper will cover the rent for up to 12 months.
The rental guarantee covers skipped rent payments, property damage and part of eviction costs (parts of which are provided by third parties). Once the unit becomes vacant again, Zumper will step in and help the owner re-let the property by offering top-notch locations, generating leads and more through Zumper’s comprehensive rental services.
In a recent survey, Zumper found that rent payment assistance and resources are vital for landlords because:
- The main concern of landlords is payment issues with their tenants
- Specifically, 76% of landlords said a missing renter is one of their top causes of anxiety right now
- 92% of homeowners would prefer to use a rental platform that offers rental protection
- 80% of landlords have seen a tenant run out of rent, while only 63% have already been reimbursed
- 61% of landlords say there were no tools or resources available to help them pay their rent
- 74% of homeowners still have a mortgage to pay off
Homeowners interested in learning more about Instarent ™ and the full features it provides, including rental guarantee, should visit Zumper.com/instarent.
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 grown into the largest startup in the industry. San Francisco-based Zumper has 200 employees across the United States and acquired PadMapper in 2016. The company has raised a total of $ 140 million in funding from investors such as 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. Learn more at Zumper.com or by emailing firstname.lastname@example.org.
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Source: Zumper’s recent survey was sent to homeowners on 08/17/2020 and received 1,000 responses.
2Source: Zumper’s recent survey was sent to homeowners on 08/17/2020 and received 1,000 responses.
3 Source: https://www.cnbc.com/2020/04/02/coronavirus-small-landlords-struggle-as-renters-stop-payments.html