The American rental portal Zumper has announced a new feature of its Instant Rent product whereby it will cover missed rental payments for as much as 12 months to help small landlords cope with the financial pressures many are facing because of the pandemic. The portal’s new guarantee offer is part of its Instarent product which is designed to fully digitize the process of renting an apartment and sees landlords pay 2% of the monthly rent price to have Zumper screen potential tenants as well as handle the payments and paperwork.
“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.” The company said in a statement.
The offer also includes a cover of property damage as well as a contribution towards eviction costs and premium listing privileges on the site if the landlord needs to replace a tenant.
“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 has clearly identified what it sees as a problem ripe for a digital solution and this latest announcement, along with the news earlier in August that landlords can buy a Matterport generated listing enhancement package through the portal, shows that the rental marketplace is really going after its stated goal to “make renting an apartment as easy as booking a hotel.