What does waiving Guaranteed Rent entail?

Nomad’s Guaranteed Rent program provides consistent, predictable income by ensuring you receive rent payments even if your tenant doesn’t pay. However, in certain cases, property owners may choose to waive Guaranteed Rent. This article explains when and why that might happen, the process, and what changes when you do.

When Owners Might Waive Guaranteed Rent

- Waiving Guaranteed Rent allows you to send a lease to tenants who do not meet Nomad’s standard screening qualifications.

Potential reasons:
- Insufficient income
- Credit below minimum threshold
- Recent bankruptcies on file
- Eviction history
- Unverifiable identity

Process for Waiving Guaranteed Rent

Sign a Guaranteed Rent Waiver
- This is a formal document acknowledging that you understand you’re foregoing the financial protections offered in and along with Guaranteed Rent.
How to Complete the Waiver
- Upon request, our applications team or your onboarding representative will send this document so long as you have an ineligible applicant. This document will be considered executed once the agreement has been signed and dated.

Implications of Waiving Guaranteed Rent

When you waive Guaranteed Rent, several key elements change:

Category	What Changes
Rent Collection	Rent is paid as a passthrough charge. On the 10th of the month, we will pay you anything that the tenant has paid to us.
Rent Advance	You lose the ability to request rent payments in advance through Nomad.
Eviction Protection	In the event of eviction, you will not have access to the $5,000 eviction cost protection.
Security Deposit Installment	Your tenants will not be able to opt in to Nomad's Security Deposit Installment program.

What Stays the Same

Even after waiving Guaranteed Rent, you’ll continue to have access to:

Nomad’s platform and tools - Retain access to a majority of the tools available through our platform. All tools are supported by our in house team who is available to support during business hours.
Tenant screening services - Receive a summary of your potential future tenant's application, with details around key considerations throughout the screening process.
Payment collection services - While we will not guarantee the tenant's rent, we will still work to collect payment on your behalf if any delinquency is experienced.
Maintenance coordination options - Latchel and their maintenance coordination services are still readily available to you.
Lease management tools - Retain access to our attorney-vetted lease and simple-to-use generation software that prompts you to comply with local regulations.
Eviction support - Should there be a need to evict a tenant while Guaranteed Rent is waived, Nomad will still provide you with human support and resources that help to make this process as smooth as possible.
Platform pricing - All pricing remains the same. 4% upfront billing or 6% monthly.

If you have any questions about your specific situation, please contact Nomad Support or your onboarding representative.