When moving from other countries to the U.S., many renters face difficulties getting approved without a U.S. credit score. This presents a unique challenge to property owners and operators. How do they better tap into this potential applicant pool and reduce vacancy rates if their current underwriting standards do not allow them to qualify these renters?

In addition to its sheer size, this group of expatriates contains a large number of professionals on H-1B visas and graduate students. While they have the potential to be the perfect renter, these renters may not make the cut within the current leasing framework. According to U.S. Citizenship and Immigration Services, expats with H-1B visas have high employment concentration in computer and engineering-related fields. These industries have a median salary of $82,000 per year, a strong indicator of a good renter that operators who focus on credit scores may overlook.

Graduate students are similarly compelling. The challenge is that, regardless of any liquid assets, operators often require an official letter of employment, which many full-time students would be unable to provide. Although these students may have worked previously, have sufficient liquid assets to pay rent, or have strong earning potential after graduating school, these factors not be taken into account as part of a property operators' screening process.

As it stands, operators who encounter these types of renters will often require a guarantor, extra security deposit, or may have to reject the applicant outright. This is the main reason we founded TheGuarantors: to increase accessibility and affordability for renters and protection for owners and operators.

Since our founding in 2015, we’ve devised a number of innovative insurance products to help operators to approve these renters without the risk associated with doing so. With our Rent Coverage product, we help renters navigate these hurdles by serving as their guarantor. Operators are more willing to approve a renter who has purchased a Rent Coverage policy with us, since the rent payments are guaranteed by a reputable insurance provider.

For situations in which an extra security deposit is required, we’ve got a tool for that too. With our Deposit Coverage product, a renter is able to pay just a fraction of the security deposit required, reducing move-in costs and keeping more money in their pockets. Operators get the same (and even better) coverage than they would get with a traditional security deposit.

To date, TheGuarantors has guaranteed over $3 billion in rent and deposits. Combined with industry-leading customer service, owners and operators have a supportive, strong, reputable Rent and Deposit Coverage partner in TheGuarantors.