Online insurance brokerage for landlords and tenants
New York is the world’s largest and most expensive property rental market, generating $2.5bn in rent per year. For a certain number of renters, regardless of income or wealth, this market presents a barrier — expats, young graduates with limited credit history and foreign students, among others, are often faced with paying up to 12 months’ deposit to secure a property because they can’t find a suitable guarantor. The same issue applies to other hubs like London, San Francisco, Geneva and Singapore.
TheGuarantors spotted an opportunity to disrupt the market by creating an insurance product with benefits for both renters and landlords. For renters, it provides a more cost-efficient way to secure the property they want; for landlords it issues a lease rental bond which provides complete security on the guaranty deposit for their properties. With a positive knock-on effect on the liquidity of the market, and evident global scalability, TheGuarantors is making life easier for all participants in the rental process.