Did you know that one of the most common reasons why a tenant stops paying rent is because of job loss or financial difficulties? When the unexpected happens, SingleKey’s Rent Guarantee is there to protect a landlord’s rental income with financial and legal support.
In this guide, we’ll show you how to sign up for the Rent Guarantee through our online platform and get peace of mind.
What is the Rent Guarantee Program?
With the Rent Guarantee, landlords are protected if their tenant stops paying their rent or breaks their lease. SingleKey will cover up to 12 months of rent (up to $60,000), plus $10,000 to fix any malicious tenant property damage, and $2,000 to pay for legal fees in case of eviction.
Explore the video below as SingleKey’s Rent Guarantee Specialist, Hannah Jones, breaks down the benefits of the program and a few frequently asked questions.
Steps to apply for the Rent Guarantee
Step 1: Enter tenant and rental property details
Begin by signing into your account through the SingleKey app. If you don’t have an account, you can set one up.
Once you’re signed in, click on the Rent Guarantee tab located at the top of the page. Then click the “Get started” button to start your Rent Guarantee application.
A new page will appear where you will be asked to enter your name, email address, and phone number. Then, enter the same information about your tenant by clicking the drop-down arrow in the “tenant” field to create their profile. Directly below, provide their annual pre-tax income.
If one or more other individuals are applying to be your tenant, click the “Add a co-applicant” button to create and fill out more tenant profiles. Any landlord who has already run a SingleKey Tenant Screening Report on a tenant can choose that tenant from a drop-down list to autofill their info.
Next, click the drop-down arrow in the “Rental unit” section. The following form will appear where you can provide details about your property’s location:
Fill out all the required fields and then click “Add.” If you’ve already set up your rental property in your SingleKey account, it will appear when you click the drop-down arrow. Once complete, specify the lease start date and whether it pertains to a new or existing tenant.
Lastly, you’ll need to provide the following details about your tenant(s) to determine their eligibility for the Rent Guarantee:
- Monthly rent payment
- Annual household income (make sure to include the combined income of all the tenants living in your rental)
- Employment status
- Bankruptcy history
Once you’ve completed this page, click the “Continue” button to move on to the next step.
Step 2: Upload the required documents
In the next section, you’ll need to provide your tenant’s SingleKey credit report and proof of income. Select the “Upload” button to attach them to your Rent Guarantee application, and click the “Continue” button.
This should be auto-populated if you’ve already run a Tenant Screening Report on the tenant, but you can upload any other relevant documents the tenant may have sent you.
If you haven’t conducted a credit check on your tenant, you have the option of using SingleKey’s Tenant Report to get the job done. Select the “Run credit report” button to order your report. When you are approved for the Rent Guarantee, you receive two complimentary Tenant Reports.
If you need proof of income from your tenant, click the “Email request to tenant” button to email them a request for documents like recent pay stubs or a Notice of Assessment.
Required documents checklist
Make sure the files that you upload meet these requirements:
- Not password protected or corrupt
- Clearly visible and legible
- Clearly shows tenant’s full legal name on income document
- Clearly shows how much the tenant earns and the pay period
- Recent within the last 30 days (unless paid over a longer pay period)
You can complete the rest of your Rent Guarantee application even if you don’t have the required documents at hand. If that’s the case, click the “skip for now” button. Once you get a hold of them, you can go back and upload them.
Step 3: Choose your payment option
Now that you’ve supplied the necessary information and documents, the next step is to choose your method of payment.
There are two billing options: annual and monthly. The Rent Guarantee is 5% of the monthly rent when you pay annually. The fee is 5.5% of the monthly rent when you pay per month. SingleKey won’t charge the landlord until the Rent Guarantee application has been approved and the lease starts.
Once you choose your preferred billing terms, specify whether you’ll collect the rent on your own or through SingleKey’s Rent Collection platform. Then click “Continue” to bring up a new page where you can view a copy of your Rent Guarantee service agreement, which looks like this:
Make sure to review it to ensure all the information is correct and you understand how the Rent Guarantee works. Then, click the “Agree and continue” button to reach the check out page where you can make your payment.
Step 4: Submit your application
Once you submit, our team will review your application to ensure it’s complete and that your tenant qualifies for the Rent Guarantee. This typically takes one to two business days, but the more info we have, the quicker it is to approve.
Once approved, you’ll receive an email that contains a copy of your signed service agreement and confirmation of your acceptance in the Rent Guarantee Program.
After the Rent Guarantee is approved, you’re required to send SingleKey a copy of your signed lease agreement. The proper lease for your specific jurisdiction must be used. You can find the appropriate lease agreement template here.
Our final thoughts
SingleKey’s Rent Guarantee is easy to apply for and offers the right financial and legal backups that landlords need to reduce their risks. If you have questions about your Rent Guarantee application, reach out to your dedicated Rent Guarantee team member. You can also book a call with our team to learn more about the program.
