We will guarantee that even if your tenant has not paid rent, you will receive your monthly payment
For just 2% of the monthly rent, in every instance where your tenant is legally obligated to pay rent, you will receive your full monthly payment, on time, every month for up to 3 months
Up to $1,500 in eviction and legal cost coverage
There is no deductible
What is covered
If your tenant defaults on their lease by not paying rent when due, you will receive full rent coverage for up to 3 months, until a new resident can be placed or until the defaulting resident’s lease term expires, whichever comes sooner.
Eviction and legal fees up to $1,500
The cost of sourcing a replacement tenant
Your full monthly rent payment is guaranteed to be credited to your account no later than the 15th of every month
What is not covered
Rent coverage for any rents that cannot be legally recovered, e.g., early lease termination due to military orders, final protective orders, bankruptcy, rent escrow, or other court-ordered deductions and lease terminations
A situation where rent has been paid into rent escrow or withholding due to an alleged condition at the property
Situations where a property is not available for a 12-month future lease
Damages or actual maintenance costs to the property
Utilities that are unpaid by the tenant
Eviction or legal costs above $1,500
What is the cost, and how does it work
For a fee of 2% of the monthly rent, added to the monthly management fee, APS will provide rent guarantee coverage for up to 3 months, until a new resident can be placed, or until the defaulting resident’s lease term expires, whichever comes sooner
Maintenance costs will be processed and paid as normal
APS will pursue late rent and, if necessary, the eviction process
You will not incur any legal costs relating to the non-payment of rent in the judicial process
There is no deductible, and the tenant’s security deposit will be handled per Maryland law requiring prioritization of the deposit to go towards any outstanding rents owed to APS and eviction cost before going towards any damages beyond ordinary wear and tear
Coverage can be terminated by the property owner without penalty but must be initiated before the lease start date or any lease default
