Sometimes even the best tenants may have difficulty making rent. Rent Guarantee protects your property and rental income so you can take the risk out of renting.
What SingleKey Rent Guarantee Covers
When your tenant stops paying rent, we pay your lost rent until the tenant is removed from the unit. The rent is covered for up to 12 months or $60,000.
You are covered for up to $10,000 of property damage due to vandalism or willful damage by the tenant. This is not covered by your landlord insurance.
SingleKey will serve the eviction notices and hire a local paralegal to handle the tenant eviction process on your behalf. All paralegal, court and bailiff fees are covered.
When your tenant breaks the lease without notice, we have you covered for up to 90 days of lost rent to give you the time you need to find a great new tenant.
Automatic Rent Collection
We will collect the rent from your tenant’s bank account and send it directly to the landlord’s account. With our Pre-Authorised Debit system, the rent is transferred within 24 hours.
Provide the Required Documents from Tenants
When you have an interested tenant, you need to collect a tenant credit report and proof of income.
Fill Out the Rent Guarantee Enrolment Form
Provide information about the unit, tenant and upload the required documentation.
Sign the Rent Guarantee Agreement Online
If your tenant meets our qualification criteria, we will send you the Rent Guarantee Agreement to sign through DocuSign by email.
Choose Your Rent Collection Method
Decide if you will be collecting your own rent, or if you want SingleKey to automatically collect it for you.
Get Your Rent Guaranteed
You’re all done! Now someone from our team will reach out to finalize your enrolment.
NOTE: We do not decline tenants based on their credit score.
Landlord & Property Requirements
To be approved, you must submit the following tenant documents through our online form or by emailing a SingleKey representative
New Tenants (less than 12 months on the lease):
Mid-Lease Tenant (over 12 months):
To make your renting process even easier and more secure, we offer Free Automatic Rent Collection via Pre-Authorized Debit as part of the Rent Guarantee program.
We send the landlord and the tenant a link to connect their bank account to our system.
You may click on the link and securely login with your bank credentials.
Once the bank accounts are connected, we contact you to set up your monthly PAD rent collection.
This service is optional, and you are free to also collect your own rent.
The Rent Guarantee program includes:
– Guaranteed Rental income for up to 12 months or $60,000 per lease
– Damage protection from willful tenant damage up to $10,000 per lease
– Unlimited coverage of Legal Fees incurred during the eviction process
– Automatic Rent Collection via PAD
– Tenant Credit & Background Check
To start the Rent Guarantee we need the following documents:
1. Credit Report for each tenant – we can help with this
2. Signed lease agreement by the tenant
3. Proof of income in the form of recent Paystubs, T4, Bank statement or Employment Letter
We also recommend that the landlord performs a Pre‐Inspection report, including images of the property detailing the condition of the unit prior to tenant move‐in; as well as proof of property and liability insurance
The good news is that we do not qualify tenants based solely on their credit score. To ensure affordability, we require that the rent cannot exceed 45% of tenant’s gross household-income.
The program fee starts at 5% of the monthly rent, charged monthly or annually.
We can deduct the fee when we process your monthly rent payments (optional) or we can charge your credit card on a monthly basis for the term of the lease.
After the initial lease term, the Rent Guarantee goes month-to-month and you can cancel by providing 30 days notice.
Since we collect the rent for you, we will know right away if the tenant hasn’t paid and we will take action to contact the tenant and collect the rent. If the tenant is unresponsive, we will continue to pay your rent for up to 12 months while working with our paralegal team to remove the delinquent tenant.
You will receive a Pre-Authorized Debit transfer from your tenant account to your bank account each month. You will need to connect your bank account to our system or send us a void cheque to set this option up.
In the case of negligent or wilful property damage by the tenant, please notify us within the next business day and we will be reimbursed up to $10,000 of damages if the tenant refuses to pay.
To make a claim for Rent Guarantee Default, you must notify us in writing within three (3) business days of a tenant default on rent. You need to provide us with the documents listed here.
To make a claim for Willful Damage, you must notify us in writing within ten (10) business days of finding property damage by your tenant. You need to provide us with the documents listed here.
To learn more, review the full claims process and required documentation for claims here.
Yes, we can guarantee new and mid-lease tenants. For existing tenants, we simply require confirmation that the tenant has made their past rent payments on time.
Each policy covers a single lease agreement for a single residential rental unit. If you have multiple rental properties, you can purchase a separate policy for each one. If your property has 2 or more units, then you must purchase insurance for all units simultaneously.
The Rent Guarantee agreement is between SingleKey and the landlord. The landlord will sign a lease with the tenant but does not need to include SingleKey in the lease.
As a landlord, there is no need to let the tenant know about the rent guarantee, but you can do so if you’d like.
SingleKey will only interact with the tenant to collect the rent or if the tenant has not paid.
No. The tenant will have the same incentive to pay the rent since they will be evicted for non-payment if they do not.