Insurent’s rental cosigner service has materially grown its base of New Jersey owners and property managers dramatically in the first 4 months of 2014. BNE Real Estate Group has signed up its New Jersey buildings in Fort Lee, Jersey City, Union, and Garwood New Jersey. Waterton Residential added the St. Moritz which is a new building in Edgewater. Windsor Property Management Company signed up its all its buildings in Jersey City and Edgewater as well as it buildings in Massachusetts and New York. In addition, Panco Mangement and Stuyvesant Yale LLC have signed up their buildings in 10 cities throughout the state of New Jersey.
Charles Schoenau, Managing Director of Insurent, commented, “We are very pleased with the rapid sign up of so many different owners and property managers in New Jersey. In addition, we expect a number of other owners of large new developments in New Jersey to be signing up with Insurent in the next few weeks in order to use the Insurent Lease Guaranty to close more leases and fill up their new development more rapidly with less risk.”
In the last five years, owners are seeing a much larger pool of foreign professionals without US Credit history, international and domestic students, retirees, tech consultants, self-employed individuals, and young professionals who in many cases cannot qualify to rent an apartment under the landlord’s typical standards.
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. It is now accepted in Washington D.C., Maryland, Virginia, Illinois, New Jersey, Massachusetts and New York. 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.