All tenants must be approved by SingleKey before a landlord can sign up for the Rent Guarantee program. The good news is that almost all tenants can qualify. The qualification process depends on a few factors including whether your tenant is new or mid-lease.
A "New Tenant" is any tenant who has lived in a unit for eleven (11) months or less. If a landlord has a "New Tenant" moving into their unit, the landlord needs to collect and submit the following tenant documents to SingleKey so the tenant can be approved because the landlord can enrol in the Rent Guarantee program
- Equifax or TransUnion credit report from tenants on the lease (including any co-signers or guarantors). Note that we do not accept credit reports from Kredit Karma or Borrowell report.
- Proof of income from at least one tenant (this can include a recent pay stubs, T4 statement, or an employment letter)
A member of the SingleKey team will then review the documents to see if the tenant meets the criteria for approval. For new tenants to qualify for the Rent Guarantee program, they must meet the following approval criteria:
- At least one member of the household must be employed,
- In the last three (3) years, there have been no judgements, eviction orders, or bankruptcies showing on the tenants credit report, and;
- The amount of rent cannot exceed 45% of the tenant(s) gross household income. (ie: if the rent is $2000 per month, the tenants must make a minimum of $4500 per month in gross income.)
Existing / Mid-lease Tenants
An "Existing or Mid-Lease Tenant" is any tenant who has rented the landlord's unit for 12 months or longer. To qualify an "Existing Tenant" for the Rent Guarantee program, SingleKey only requires the following documents:
- Copy of a legal lease agreement signed between the landlord and tenant
- Evidence that the tenant has paid rent for the last twelve (12) months and is not behind on rent payments. This includes receipts, bank statements, e-transfer records, etc.
We do NOT require a credit check or proof of income from tenants who have lived in the unit for twelve (12) months or longer.
If your tenant is approved for the Rent Guarantee program, the next steps to complete your sign up are the following:
- Sign and submit the Tenant Service Agreement (TSA)
- Upload a copy of the signed lease agreement (signed by both parties)
As soon as the first Rent Guarantee payment is collected, the Rent Guarantee program is officially activated and the protection has begun!