Renting an apartment or house can put people in a difficult situation. The process, as it stands is still easier and more realistic than buying a house for many. However, many renters find it difficult to come up with the immediate cash flow that is necessary to procure a rental. Mainly, having the security deposit ready, as well as the first month’s rent is difficult. Depending on where the rental property is, this feat could mean thousands of dollars, simply to secure an apartment.
Fortunately, startups, such as The Guarantor offers potential renters a line of relief from the cashflow problem. The Guarantor and startups like it will work with renters, landlords, and brokers to facilitate a deal that works for everyone. Basically, instead of having a down payment, the landlord will accept a non-refundable fee. This fee is designed to be significantly lower than the rental deposit, along with other perks that make moving affordable.
The Process
Instead of a renter having to submit multiple applications The Guarantor and other startups streamline the process. For these people, there is only one acceptance necessary, before renters are introduced to landlords who are looking for them. This helps take the stress out of searching for a rental, without removing the fun. Plus, there is only one credit check, which helps the process exponentially.
The biggest difference in this system though is that in lieu of a security deposit, renters only pay a fee. Usually, that fee is only about seventeen percent of the month’s rent for the unit. The only catch is that it is non-refundable. Yet, considering it is affordable, people are having an easier time coming up with the money.
The Additional Perks
Since startups like The Guarantor is part of an industry network, the company also offers perks to their renters. These startups have connections with movers, laundry services, and furniture rentals. These services offer special deals for renters using these startups. These deals make the transition smoother and even more affordable.
In summation, obviously, one system does not always work for everyone. There will always be people that agree with the traditional system and those who want things to be done differently. Fortunately, with The Guarantor and other startups like it, renters have multiple options.
Do you need renters insurance? If so, Peninsula General is for you!
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