Nomad’s Guaranteed Rent program offers property owners peace of mind and income certainty by protecting their financial investments. Here’s how it works:
1. Screening High-Quality Tenants
Our process begins with a thorough screening of applicants. Nomad evaluates income, credit history, and background to ensure only high-quality tenants are presented to you. This rigorous vetting process minimizes risks and maximizes your property’s potential for consistent occupancy. See Nomad’s Screening Criteria here.
2. Consistent Payments
With Nomad, you can count on receiving your rental income on time. We initiate payments to property owners on the fifth of every month, regardless of whether your tenant has paid or not. This consistent schedule provides you with predictable cash flow and eliminates uncertainty.
3. Guaranteed Rent, Even if Tenants Don’t Pay
In the event your tenant pays late or stops paying altogether, Nomad steps in. We guarantee your rent for up to three months of delinquency:
- First Two Months: Nomad pays your rent directly, ensuring no interruptions to your income.
- Third Month: The tenant’s security deposit serves as collateral to cover this month of missed rent. Since you set the security deposit, you get full control over how much protection you have. Learn about Security Deposits here.
This safeguard allows you to maintain financial stability, even in challenging situations.
4. Eviction Protection
While tenant evictions are rare, Nomad provides additional protection if this situation arises. Our program includes up to $5,000 in eviction protection to reimburse legal expenses associated with the eviction process. This coverage further reduces your financial risk and helps you navigate the process with ease.
Peace of Mind with Nomad
By combining thorough tenant screening, Guaranteed Rent payments, and eviction protection, Nomad’s Guaranteed Rent program ensures property owners enjoy a worry-free experience. Operating your property through Nomad is the safest way to protect your financial investment while maintaining income stability and reducing risk. Read our terms of service to understand the full details and limitations of Guaranteed Rent: https://nomadlease.com/terms-of-service.
Guaranteed Rent & Housing Vouchers
Nomad is unable to offer Guaranteed Rent to applicants utilizing a housing voucher. If you choose to rent to an applicant using a housing voucher, Nomad will not be able to partner with you and support you through that process. Nomad will provide you with the applicant(s)’ screening report and resources for the Housing Assistance process. Luckily, renting to a tenant with a voucher is like getting Guaranteed Rent from the Housing Authority!