Open doors for Oregonians who earn 2x the rent
Lease Assurance can insure rental agreements for anyone who earns at least 2x the rent. This will help landlords find qualified applicants faster and allow renters to move past a rocky background and into homes they love. It will be equitable access to housing at its absolute best.
The Renters Assurance Act will require landlords to approve insured rental applications for anyone who makes 2x the rent. To help bring equitable housing access to all Oregonians click here.
What is Lease Assurance?
Lease Assurance is like an insurance product for renters and landlords, and poised to be the nation’s first affordable way to dramatically expand access to quality rental housing for the people who have traditionally found those doors closed. Instead of paying a steep security deposit, or being denied because of a rocky history, Lease Assurance will guarantee payment to landlords of up to three times the rent amount, for claims related to unpaid rent or damages when the tenancy ends.
It’s entirely voluntary for the renter, who must make at least 2 times the rent and pay a nominal premium alongside their rent, based on their history. This assurance reduces risk and increases the number of qualified applicants, so both sides can rent with confidence.
Rental Approval Rates Today
Rental Approval Rates with Lease Assurance
Why Lease Assurance?
Lease Assurance is the first product that protects both the landlord and the renter. If things don't work out and the landlord has a financial loss, we’ll make them whole. The renter can walk away with absolutely no debt or impact to their credit. Lease Assurance is part of the OneApp family, meaning it was developed to create housing opportunities for even the most vulnerable renters. To learn our story, watch the Founder/CEO’s TEDx talk below.
Why Should Oregon Pass The Renters Assurance Act?
Losing money on unpaid rent or property damages can affect a landlord’s profitability and even livelihood. That’s why 80% of rental applications are either denied or conditionally approved) because of characteristics that landlords see as risky. (Note: Criminal history only accounts for 2% of denials, most are related to financial or rental history. Lease Assurance does not deny applicants for criminal history. Determining criminal history eligibility is the responsibility of the landlord.)
According to our data, in 2019, 71% of denied applications in Oregon would have been approved had they applied with a co-signer. Lease Assurance is similar to a cosigner but better! Lease assurance will insure the rental agreement and cover losses up to 3x the rent, including making the rental payments should the renter default. By having access to Lease Assurance, Oregon’s renters can be approved for more homes, landlords can fill units faster, and both will have additional protections.
Open doors with us
Despite existing regulations, equal access to housing is still a challenge. The Rental Assurance Act will require landlords to accept Lease Assurance instead of denying applications, which gives all Oregonians equitable access to rental housing. Sign up to learn more about how you can strengthen your community's commitment to equitable access to housing and help get The Renters Assurance Act Passed!
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