Benefits for renters
The Renters Assurance act will open doors for countless renters who struggle to gain access to housing. Once passed, renters who earn 2x the rent and are willing to pay a small premium will be approved for any housing application (except for those who fail the landlord’s criminal screening). This means people can move into and revitalize communities they love. With Lease Assurance as their co-signer, they’ll also enjoy benefits and protections not seen anywhere else in America.
Pay No Deposit
With Lease Assurance, not only are renters approved everywhere they earn at least 2x the rent, but they are no longer required to pay an upfront deposit! Deposits are often a rental barrier, so no deposit means more access for Oregon’s low-income renters.
Avoid Debt and Dings
If the tenancy ends and the renter can’t pay all that is owed, the landlord can file a claim with Lease Assurance. If the debt is related to rental losses and damages, we’ll pay the landlord, and the renter won’t be sent to collections and their credit won’t be damaged. However, if we pay a claim, the renter’s next Lease Assurance premium may increase. We encourage renters to “rent responsibly,” take good care of their home and pay for what they can so claims are minimal and their premiums stay affordable.
Get Fair and Accurate Accounting
Currently, in Oregon, there is no process for renters to dispute a landlord’s claim for losses or to have a skilled professional double-check the final accounting for accuracy. A landlord can send a renter to collections and damage their credit and rental history, regardless of whether the renter agrees with the balance or not. A renter’s only option is to take costly legal action and sue the landlord. As a renter with Lease Assurance, a renter can dispute the final accounting and we will double-check it for accuracy based on local state and federal laws. There is no additional cost for this service.
Have the Freedom to Live Anywhere
Submitting a rental application and the subsequent background check can make people feel uncertain. No one’s history is perfect. 80% of applications are denied or conditionally approved before applicants are able to explain why a rent payment was late, a gap in employment, or how divorce tanked their credit score. But at Lease Assurance, we believe that past issues shouldn’t affect a person’s ability to access housing. Everyone deserves to live in a home and community they love.