Zumper Introduces Rent Guarantee

August 31, 2020
Share this Post: 

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.

Read more

August 31, 2020
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 1932382865
$13 Billion Adevinta Takeover Deal To Go Ahead After 11th Hour Drama

The acquisition bid made by Aurelia Bidco for the Oslo-listed online marketplace operator Adevinta has finally reached the approval threshold...

Read More
Shutterstock 2245599643
Zillow Adds Individual Room Listings to Its Portal

The U.S. real estate portal Zillow has announced the addition of individual room for rent listings to its portal. The...

Read More
Blank 705 X 430 5
Immowelt's German Parent Company Rebranded to 'AVIV Germany'

The local parent company of the German real estate portal Immowelt has changed its name to 'AVIV Germany'. Immowelt is...

Read More
Untitled Design 15
REA Group Sees Strong Domestic Growth in HY1 Results

The Australian real estate marketplace operator REA Group has released its results for the first half of its 2024 financial...

Read More