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Rental Income Assurance: The Smart Solution

Lease your property and let us handle the uncertainties.

With our Rent Guarantee, landlords can enjoy complete peace of mind, knowing they’re covered against rent defaults, property damage, or lease terminations

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Rental Income Protection

In Case of Rent non payment, You’ll be Covered Up to $60,000

Property Damage Protection

Malicious tenant damages up to $10,000 if the tenant fails to pay

Lease Break Protection

Get 30 days of rent paid if your tenant leaves without notice

Selecting the wrong tenant can can lead to significant financial and emotional stress

-$12,000

Average cost of tenant evictions paid by homeowners

-$1,250

Average cost of legal, court filing and bailiff fees for tenancy

6-12 months

Time to evict a tenant (varies by province)

Insure Your Rental Property Investment for Peace of Mind

Tenants might stop paying rent for many reasons like job loss, personal issues, getting sick, or running out of money. No matter the reason, Rent Guarantee has you covered. You won’t have to worry about missing out on rent, paying for legal troubles, or fixing property damage

Rental Income Guarantee

In case of delinquency, we’ll cover up to 12 months’ rent (up to $60,000).

Lease Break Protection

Get 30 days of rent paid if your tenant leaves without notice.

Legal Support & Eviction Resolution

In case of eviction, legal fees are included up to CAD $1,500.

Property Damage Protection

Up to $10,000 if the tenant damages the property.

Documents Needed to Apply for Rent Guarantee

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For New Tenants

New tenants with less than 6 months on the lease are
required to submit the following documents:

  • Tenant credit report or SingleKey Tenant Report
  • Proof of income

For Mid-Lease Tenants

Mid-lease tenants with over 6 months on the lease are
required to submit the following documents:

  • Proof of rent payment for the past few months
  • Tenant credit report or SingleKey Tenant Report
    (optional, but preferred)
  • Proof of income (optional, but preferred)

Getting Qualified for Rent Guarantee

Tenant Requirements

Tenants are qualified to be covered by Rent Guarantee if they have:

  • No bankruptcy or previous eviction on a credit report in the
    past three years
  • At least one employed member in the household
  • A Rent-to-Gross Household Income Ratio not exceeding 45%
  • Tenants will not be assessed based on their credit score

Owner & Property Requirements

Owners can get their property/properties covered by Rent Guarantee if they can provide proof of the following:

  • The property is located in Canada (except Quebec)
  • They have a valid lease signed with a tenant
  • To claim property damage, a move-in
    checklist or pre-inspection pictures
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Pricing

Clear and Transparant

5% of Monthly Rent

When you pay annually

5.5% of Monthly Rent

When you pay monthly

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Found Spaces Property Management Company Is Trusted By Top Investors of Hamilton

One Page Summary:

The Rent Guarantee program by Found Spaces provides landlords with financial security and peace of mind by covering potential financial losses due to tenant-related issues. Here are the key elements of the program:

Coverage and Benefits

  1. Rental Income Protection: The program covers up to $60,000 in missed rent payments, ensuring that landlords receive their expected rental income even if a tenant defaults.

  2. Property Damage Protection: Up to $10,000 is provided to cover damages caused by tenants beyond normal wear and tear. This helps maintain the property’s condition without extra financial strain on the landlord.

  3. Lease Break Protection: If a tenant breaks the lease and vacates the property unexpectedly, the program compensates the landlord with up to 30 days of rent, giving them time to find a new tenant.

  4. Legal Support: In cases where eviction becomes necessary, the program covers up to $1,500 in legal fees. This support helps manage the often complex and costly eviction process.

Eligibility and Requirements

To qualify for the Rent Guarantee program, landlords and their properties must meet specific criteria and provide necessary documentation. Key requirements include:

  • Tenant Screening: Tenants must undergo thorough background and credit checks to ensure they are reliable and have a history of timely rent payments.
  • Lease Agreement: A formal, legally binding lease agreement must be in place, clearly outlining the terms and conditions of the tenancy.
  • Regular Inspections: Periodic property inspections are required to maintain eligibility, ensuring the property is well-maintained and any issues are addressed promptly.

Process and Support

The Rent Guarantee program offers a streamlined process for landlords to enroll and benefit from its protections. Here’s an overview of how it works:

  1. Enrollment: Landlords can sign up for the program through the Found Spaces website, providing necessary information and documentation about their property and tenants.
  2. Claims: In the event of a tenant default, property damage, or lease termination, landlords can file a claim online. The claims process is designed to be quick and efficient, minimizing disruption to the landlord’s cash flow.
  3. Support: Found Spaces provides ongoing support to landlords, helping them navigate any issues with tenants and ensuring they understand and utilize the program’s benefits effectively.

Advantages for Landlords

  • Financial Security: The Rent Guarantee program mitigates the financial risks associated with renting out properties, offering a reliable income stream even in challenging situations.
  • Property Maintenance: With coverage for property damage, landlords can maintain their property’s value and appeal without incurring significant out-of-pocket expenses.
  • Peace of Mind: Knowing that legal fees for potential evictions are covered allows landlords to manage their properties with greater confidence and less stress.

Conclusion

The Rent Guarantee program by Found Spaces is a comprehensive solution for landlords looking to protect their rental income and property investment. By offering coverage for missed rent payments, property damage, lease breaks, and legal support, the program addresses common landlord concerns and enhances the overall rental experience.

Peace of Mind in Rental Property Investment starts here

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