How Can Tenants Have Flexible Rent Payments?
One size does not fit all when it comes to paying rent. While paying the rent on the first of the month is great for some tenants, others want more flexible options. As a result, there is growing interest in solving this problem. How can tenants have flexible rent payments? One company, Jetty, is tackling the problem.
Jetty is a financial services company targeting tenants and the financial challenges they encounter when renting a property. Their goal is to make renting a property more accessible and affordable. In exchange for their services, they charge monthly subscription fees. One of their services, Jetty Rent, offers flexible rent payments.
Jetty Rent is designed so a tenant’s rent is paid on-time every month. This is accomplished in 3 Steps.
- Jetty pays the tenant’s rent for them at the beginning of every month to the landlord.
- Tenant pays Jetty back by the 24th of every month.
- Repayments are made as a lump sum or in installments (ex. weekly).
As a result of the service, tenants receive the following benefits.
- Have greater flexibility when paying their rent.
- Avoid late fees.
- Improve credit scores if the landlord allows rent payments to be reported to credit agencies.
In order to use Jetty Rent, the following steps must be completed.
- Property manager registers their property with Jetty.
- The tenant completes initial application which includes a soft credit check.
- Tenant pays a one-time origination fee of $15 if approved and enrolls in Jetty Rent.
- Monthly service fee of $15-$25 based on credit, income, and rent information is charged to tenant.
Other Jetty Products
- Jetty Deposit: Replaces a traditional security deposit with either a one-time, non-refundable premium or a low, non-refundable monthly premium.
- Jetty Protect: Provides rental insurance that offers content, liability, and loss of use coverage starting at $5/month.
For additional information, check out our other articles about Security Deposit Alternatives and Renters’ Insurance.
TenantTag is not receiving any compensation from Jetty for this post.
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