Mandating renters insurance
The company, called Jetty, offers a three-in-one product to apartment applicants — Jetty Renters Insurance; Jetty Passport Deposit, which essentially gives renters the option to replace the expensive security deposit with a cheaper, one-time payment to Jetty; and Jetty Passport Lease, a fancy way of saying Jetty will serve as guarantor for applicants who need it.
Jetty CEO Mike Rudoy, who founded the startup alongside President Luke Cohler, said the purpose of the company is to make buildings more attractive by being more accessible to the average renter.
“The Passport Deposit is obviously the biggest perk,” said Benjamin Schor, vice president of acquisitions of Inter Capital Group, an affiliate of Dayrise Residential.
“Without having to amend our leasing standards, we can offer residents more choice and flexibility — helping them get into an apartment more quickly and with less effort.
In addition to Stuy Town, Jetty’s product is being used by property manager Dayrise Residential, based in Houston, and has been incorporated into an off-campus housing platform, Loft Smart, which aims to help students find and secure affordable leases in university towns.“The security deposit product is the one property managers care about most.They see it as a tool to attract tenants and close leads,” Rudoy said.[The] underwriting is more loose.” But Can It Scale?
To expand its business and build relationships with major property managers across the country, Brewer said Jetty would benefit from bolting its platform onto one of the dominant systems already used in the industry, such as Yardi or Real Page.A similar product, called The Guarantors, aims to help tenants lease apartments by selling payment insurance and picking up the slack should residents fall short and become delinquent. ET: A previous version of this story did not clearly explain Jetty’s Passport Deposit product.