Benefits for landlords
When it comes to the management of rental properties, it makes sense to minimize exposure to potential lost rent and damages. Lease Assurance removes the potential risk, allowing landlords to focus on increasing occupancy, revenue and the overall management of the asset.
Reduce Bad Debt
A recent study* showed that 97% of all leases in Oregon that resulted in bad debt would have been covered in full had landlords had the ability to access additional coverage of up to 3x the monthly rent. This means that Lease Assurance will have an immediate and profound impact on landlords when the Renters Assurance Act passes.
* Independent study by OneApp using local Oregon companies with over 5,000 units under management.
A Solution for the End of the Eviction Moratorium
We can all agree that the covid crisis has been hard on renters and landlords. With the end of the eviction moratorium and the covid renter protections due to expire, covid era evictions and landlord debt will become a major barrier for renters seeking housing. Likewise, landlords are nervous about renting to someone with an eviction or back rent still owed. Lease Assurance will get these renter's the access to housing that they need, while giving landlords the assurance they need.
Rent Units Faster
Lease Assurance gives renters the option of leasing with no deposit but provides landlords the comfort of knowing they are covered up to 3x the rent, an amount much higher than a traditional security deposit which often doesn’t cover full losses. Removing this barrier for renters allows landlords to lease units faster and increase net operating income (NOI).
Mitigate Compliance Risk
Most complaints are related to the leasing processes or the final accounting during move-out. With Lease Assurance, nearly every applicant that applies is approved, meaning the possibility for disparities during leasing is greatly reduced.
If a renter disagrees with a landlord’s final accounting, we’ll collect the information and calculate the final accounting based on all relevant city, state, and federal laws. This includes Oregon’s “normal wear and tear” law as well as Portland’s FAIR depreciation schedules. Our professionally trained staff will help landlords stay in compliance absolutely free of charge.