TheGuarantors, a FinTech company building smart financial and insurance solutions for renters and landlords, has launched a product platform designed to help protect independent landlords.
Founded in 2015, TheGuarantors aims to create modern leasing experience for renters and landlords alike.
Previously, TheGuarantors partnered almost exclusively with the country’s biggest institutional landlords, representing approximately three million units nationwide. For the first time, the company is making its products widely available to assist independent landlords and their renters.
Amidst considerable economic uncertainty and resulting fears of economic hardship, independent landlords, who own approximately 22 million rental properties across the United States, are at a greater risk of renter default than institutional real estate operators. The Guarantors said that independent landlords often do not make a profit; one in three actually regularly report annual losses.
With the unveiling of TheGuarantors’ new product platform however, the company said independent landlords can now protect their rental income at no cost to the landlords themselves, addressing the exposure these landlords face while also providing renters the flexibility of lower move-in costs and the opportunity for greater housing access.
The platform allows independent landlords to access TheGuarantors’ insurance products and invite their prospective renters to apply in a matter of minutes
This product roll-out follows the company’s announcement that it has raised $50m in Series C equity funding in April.
Julien Bonneville, founder and CEO of TheGuarantors, said, “Small-scale landlords are integral to the supply of affordable housing. As we expand our offerings to independent landlords, we’re eager to meet heightened demand from both property owners and their renters for more security, more options, and more relief to help avoid renter default and distress altogether.”
“Small-scale landlords are more economically vulnerable than institutional operators,” added Bonneville, “It’s critical that we extend the same protections to independent landlords so that they, in turn, can extend access and affordability to millions of renters who need comfortable, quality housing.”
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