New Offering Increases Liquidity for Renters and Drives Retention for Property Managers
Jetty, the fintech company on a mission to make renting a home more affordable and effortless for everyone, today announced the launch of a new offering, Unlock Deposit, which allows renters to free up their cash deposit in exchange for a small, one-time or monthly fee. This new offering is a natural extension to Jetty’s core deposit replacement product, which, until now, was only available at the point of move-in.
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“Accessibility and affordability are key to us as a business,” said Andrew Collins, CEO and co-founder of Bungalow, a California-based co-living company. “Being able to help our renters is always our top priority and we recognize giving them an option to gain liquidity could be incredibly impactful during these difficult times.”
“Renters across the country are facing unprecedented challenges when it comes to liquidity,” said Mike Rudoy, CEO and Co-Founder of Jetty. “Unlock Deposit can help further address this liquidity crunch, while simultaneously enabling Jetty Partners to increase retention and reduce the potential of bad debt.”
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Jetty’s Unlock Deposit offering covers the property for the full deposit amount while freeing up cash to be returned to the renter. Renters at Jetty Partner properties offering Unlock Deposit can ‘unlock’ their original cash deposit in exchange for a small, one-time or monthly fee, while remaining responsible for all rent and damages.
Jetty works with top property managers across the country to increase lease conversion rates, reduce bad debt, and streamline operations—thereby increasing net operating income. Partners include Greystar, LivCor, Related, Pinnacle, MG Properties, Cortland, Trammell Crow, Griffis Residential, and many more, representing more than one million units nationwide. Jetty’s products are written on A-rated paper, and are admitted in 49 U.S. states and D.C, meaning they have been approved by each state’s Department of Insurance, which provides additional consumer protections. All of Jetty’s new policies are backed by Farmers Insurance Group.
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