With the COVID-19 vaccine becoming more widely available, there is light at the end of the proverbial tunnel that has been this last pandemic-plagued year and people (especially renters!) are anxious. The rental market, and life in general, is beginning to resemble something “normal,” rebounding with supply and plenty of incentives.
Enter BonRenter: a simple, easy, and effective alternative to the traditional security deposit. The insurance-backed bond leaves renters with more cash in their pockets and landlords with a cheaper, faster lease-up — a fitting benefit during this time of nationwide recovery. Partnering with multi-family apartment communities across New Jersey, BonRenter has established itself as a disruptor, upending the real estate industry’s analog approach.
“Security deposits made easy” has gone from pitch to accepted practice in popular markets from Jersey City and Hoboken to Harrison, Hackensack, and Bergenfield. Powered by Bondex — an insurance company that has provided solutions for thousands of owners, contractors, and municipalities across the tri-state area for more than a decade — BonRenter is as good as (and actually easier than) money in the bank.
The BonRenter process is both easy to set up and easy to use. The Lexington, for example, is a luxury rental building with spectacular amenities, including a 10,000-square-foot tranquility garden, in the heart of Hoboken and renters can simply scroll to the BonRenter logo on The Lexington’s website to learn more, sign up, or log in.
It is seamlessly integrated into the building’s existing application process and BonRenter provides comprehensive hands-on training for property managers and leasing agents, as well as expert client support via phone or e-mail.
The BonRenter process backs prospects at no cost to the landlord and only a one-time fee for renters (equaling 15 percent of the security deposit) — a win-win for tenants and landlords, making luxury apartments renters will love, like St. George Apartments, attainable. The Harrison property boasts on-site amenities, parking, and proximity to the Harrison PATH station for a quick commute.
The bond covers the apartment for the entire lease term, plus 10 days, and in the event of a claim, the issue will be settled easily within 30 days. Benefits of BonRenter for landlords are significant, not the least of which is a decrease in administrative expenses by eliminating the need to manage cash security deposits. Renters benefit significantly, too, including not needing an additional credit check.
A bonafide amenity worth a mention in any marketing campaign, the BonRenter alternative to traditional security deposits not only attracts prospective renters but readily converts them to residents. Lumber House, luxury rentals coming to The Heights in Jersey City, plans to take full advantage of the BonRenter alternative when it hits the market this summer.
Incentives will probably come to define this time in the market, but the value of BonRenter has already proven to have real staying power. “We have been using BonRenter for over a year now. When COVID struck and our residents were asking about payment options, BonRenter was able to modify their service to meet the new challenges we faced. BonRenter offered an option for our current residents to cash in their existing security deposits. By using BonRenter, we were able to maintain our occupancy rates, and help convert many new prospects to residents.” – Roderick Erickson, Senior Property Manager at SELA Realty Investments.