By accepting the Insurent Lease Guaranty Program, the new luxury rental buildings will be able to give more international and domestic renters the opportunity to quickly qualify for and get an apartment.
New York, NY (PRWEB) April 03, 2013
In time for New York City and New Jersey’s rental season, three new large luxury rental apartment buildings now accept the Insurent Lease Guarantor program. The Strata at Mercedes House in Manhattan, the Beacon in Jersey City, New Jersey, and the Acacia in Brooklyn all have adopted the Insurent program so they can accept dozens of more qualified renters at no cost to the owners and a reasonable fee to the renter.
Typically landlords require a qualified renter to make 40 or 45 times the rent. For a $2,500 studio this means a renter would have to earn $112,500. However, with Insurent acting as the institutional guarantor on behalf of the renter, the requirement is a less strict 27.5 times the rent with good credit which is a much more palatable $68,500.
By accepting the Insurent Lease Guaranty Program, all three of the luxury developments will also be able to help those who are retired or out of the workforce (students and non-working well off persons) and those who do not have U.S. credit (internationals), and give them the opportunity to quickly qualify and get an apartment, which is a more difficult task without Insurent’s rental guaranty program.
Charles Schoenau, Managing Director of Insurent, added: “By accepting the Insurent Lease Guaranty Program, The Acacia, The Beacon, and Strata at Mercedes House will be able to give more international and credit-worthy domestic renters the opportunity to quickly qualify for and get an apartment. Large numbers of US and foreign young professionals, students, wealthy foreigners, self-employed, retirees, and well-off individuals with good credit are unable to qualify without Insurent. That problem can now be easily solved for the benefit of all.”
The Insurent Lease Guaranty Program was created to serve renters, landlords, condo/coop owners, and brokers and relocation specialists by offering the first institutional guarantor of residential leases. The Insurent Lease Guaranty Program has been featured in the New York Times, The Real Deal, The New York Real Estate Journal, Real Estate Weekly and Multi-Housing News.
The Insurent Lease Guaranty Program is underwritten and issued by Argonaut Insurance Company, a property and casualty insurance company rated A (Excellent) by A. M. Best. Instead of looking for an individual guarantor or co-signer, or having to pay a significantly larger security deposit or prepaid rent, a renter may utilize the Insurent Lease Guaranty to satisfy the landlord’s financial and credit requirements.