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How does Guaranteed Rent work?

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 due to non-payment of rent. Our program includes up to $5,000 in eviction protection to reimburse legal expenses associated with the eviction process when your tenant has stopped paying. This coverage further reduces your financial risk and helps you navigate the process with ease.

Please note that any late fees that are assessed to the tenant(s) during the lease term are retained by Nomad.

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, you will need to rent to them outside of Nomad's platform.

Here is an outline of what Nomad does and does not support in this process:

Nomad DOES:

  • Accept applications from housing voucher recipients.

     

  • Conduct a brief initial screening (we will provide the owner with an overview of the FD application)

     

  • Provide a Rental Assistance Processing resource to any owner who wishes to process a voucher

Nomad Does NOT:

  • Process housing vouchers in-house

  • Provide Guaranteed Rent for leases where any portion is being covered by a traditional housing voucher

*Nomad can assist with processing specific vouchers from select non-traditional rental assistance organizations or third-party organizations (i.e. insurance companies, one-time emergency funds, etc.). The determining factor will be whether or not the organization type has been verified to be able to pay Nomad, as opposed to only the landlord or a company with a management agreement. These non-traditional vouchers can be used for either rent or a security deposit.