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.

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

Product Roundup 1Nov
Product Roundup: Rightmove, Zoopla, MyHome.ie, Suumo.jp, Realestate.com.kh, Graana

This week's news roundup can only start in one place, with a world-famous portal testing an AI tool on some...

Read More
Fdv Generic Skyscrapers 1
Frontier Digital Ventures Q3 2024: Strategic Review Underway, with 360 LATAM Under the Spotlight

Frontier Digital Ventures, the tri-continental marketplace operator publicly listed on the Australian Stock Exchange (ASX) has released a trading update...

Read More
Scout24 Boardroom 2
Scout 24 Financial Statement: Q3 2024 Delivers €144 Million in Revenues, Up 8.5% Year-on-Year

Scout24 SE, the owner of German real estate classifieds giant Scout24 Group, has released its financial statement for the third...

Read More
Propertygurugroupboardroom 3
PropertyGuru Hits 52-Week High Ahead of Takeover

PropertyGuru shares have hit their highest price for a year as the Group prepares for privatisation by private equity firm...

Read More

Editor's Pick