Leap, the newest disruptor in the rent guarantee space, has launched a revolutionary smartphone-accessible app for its Rental Access renter program. Already forecasted for high growth by venture capital firms nationwide, the mobile-based applications are free to the consumer and designed to take less than five minutes to complete. Focusing on Millennials and Generation-Z, as well as people relocating from overseas, a super-efficient 30-minute pre-approval process follows, using criteria based on technology-driven decision-making formulas and existing credit information.
With Rory O’Connell, a founding member of category-started Insurent, at the helm as CEO, the $2 million seed money for the start-up quickly amassed. O’Connell’s 20-plus years of experience as COO or CFO of specialty consumer finance businesses, enabled him to design and build an operating platform with a focus on credit, fast onboarding and scale. Adding to the star power, Betsy Bernard, former president of AT&T, joined Leap’s Board of Directors as Lead Director, bringing her extensive leadership in technology and communications to the start-up. (Ms. Bernard additionally serves as Lead Director for Principal Financial.)
“With the Rental Access renter program, students and young professionals can get approved for the apartment of their dreams without relying on their parents or emptying their bank accounts,” explains Mr. O’Connell. “No other company pre-approves tenants and removes the need to seek additional credit support. We have simplified the process for everyone involved, including landlords, managing agents and brokers.”
According to the “40-times the salary” rent standard in New York, a recent law school graduate with a starting annual salary of $80,000 qualifies for monthly rents of $2,000 or less. With Leap’s Rental Access, the equation changes dramatically, with the same renter having access to apartments of up to $2,800 per month, expanding options for neighborhood, apartment size, amenities, and more.
Adds Adam Meshekow, Chief Growth Officer, “Leap’s Rental Access is a mobile first-A.I. driven solution that bypasses the frustration that arrives from thin credit files, students and pre-paid rent requirements comprising large cash deposits. The real estate vertical has not taken advantage of new technology over the last decade. Giving consumers unprecedented access to live where they want is the real motivation for our first product.”
Leap’s technology replaces the need for parent co-signers, move-in costs, security deposits, and last month’s rent, thereby reducing the amount of cash needed to secure an apartment for prospective tenants and expanding the pool of approvable renters for landlords in one of the most expensive cities in the world.
The program provides two types of applications, comprising one for tenants who have found an apartment and require approval for a specific rent amount; and another for those currently searching for an apartment who wish to be pre-approved to a maximum rent amount to simplify the process later on. The latter option is preferred by brokers because it expands the apartment hunting options and provides opportunities to negotiate faster signings. It also gives added potential to reach foreign renters.
Even before the official launch, the program gained quick acceptance by landlords in the greater New York metro area, because it automatically guarantees low loss rates. More information on Leap’s Rental Access renter program may be found at www.leapeasy.com.
