What are the features and tenant eligibility requirements of the SingleKey Rent Guarantee Program?
The SingleKey Rent Guarantee Program is designed to provide landlords with financial assurance and a range of support services, ensuring a seamless rental process. Below is a comprehensive overview of what the program offers and the eligibility criteria for tenants:
Overview of the Rent Guarantee Program
The Rent Guarantee Program by SingleKey offers financial protection and peace of mind to landlords by covering unpaid rent and additional risks. The program charges a fee of 5.5% of the monthly rent.
Program Benefits and Features
SingleKey’s Rent Guarantee Program includes the following advantages:
-
Tenant Screening: Get 2 free Tenant Reports for thorough applicant checks.
-
Online Rent Collection: Facilitate rent payments through Pre-Authorized Debit (PAD).
-
Guaranteed Rent Payments: Receive rent payments even if the tenant defaults.
-
Damage Protection: Covers up to $10,000 for malicious property damages.
-
Tenant Removal Services: Coverage up to $ 1,500 of paralegal fees for eviction services when needed.
Tenant Eligibility Requirements
To qualify for the Rent Guarantee Program, tenants need to meet the following criteria:
-
Proof of Employment: Acceptable documents include a recent pay stub or an employment letter.
-
Affordability Criterion: Rent must be less than 45% of the tenant’s gross household income.
Application Requirements
When applying for the Rent Guarantee Program, it is essential to provide all required documents. For most tenants, proof of employment (pay stub or employment letter) will suffice. However, for self-employed applicants, a Notice of Assessment (NOA) is mandatory for income verification. Without an NOA, the application cannot proceed.
Related Topics
-
How to create a PAD for online rent collection
-
What is included in SingleKey’s tenant screening reports
The SingleKey Rent Guarantee Program offers a comprehensive solution for landlords, ensuring a secure rental process while protecting against financial risks. For further information, please consult the official documentation or contact Support.