We all know that Vancouver’s rental market is competitive. And perhaps you’ve already experienced the struggle of trying to find a place firsthand.
By the time you get to see a potential apartment, someone has already made a great impression on the landlord. Then you’re back to scrolling through PadMapper once again. But it doesn’t have to be that way when you have the help of a guarantor.
Interestingly, guarantor services are not as common here in Canada as they are in the US or Europe (they have a 30% market share in Switzerland). That’s because each Canadian province has its own governing body and set rules for rental housing. But there’s a service that can help — Locnest.
As the first guarantor service to come to market in Canada, Locnest is providing both tenants and landlords with a ton of benefits. Here’s a look at how it works.
When it comes to searching for a place to rent, you’re generally thinking about the monthly cost it will incur, and the security deposit that you’ll have to pay out right before you move in (sigh). But Locnest allows you to free up the money that you would be using for a security deposit by providing your prospective landlord with financial protection. They offer a guarantee (making them a guarantor, get it?) to the landlord so you don’t have to worry about paying half a month’s rent just because you’re moving in.
This allows you, as a tenant, to be more credible, while also giving the landlord peace of mind. If you’re a skilled newcomer with little rental experience, using Locnest can help your application stand out while giving you access to the housing you deserve. Basically, the service is set to streamline the overall rental process.
In order for a guarantor service to work effectively, rental applicants must be screened before they are approved to use the service. Locnest vets applicants with multiple checks including credit history and references.
For those who are new to Canada or applying from outside the country, Locnest will treat each application on a case to case basis. If this applies to you, you’ll have the opportunity to provide additional information that will help build your case to be a great tenant.
Locnest understands that prospective renters have to act fast in order to secure the home they desire, that’s why they’ve created a system that lets you sign up and apply for a guarantee quickly through their website.
If you’re a prospective tenant, you can initiate the process by filling out the tenant application. Alternatively, if you are a landlord, you can go to “apply for a guarantee” underneath the landlord section of Locnest’s website and fill out the required information to receive a response within 24 hours.
It doesn’t matter if you don’t have a rental home in mind right now, Locnest can help you maximize your chances of finding a place by pre-approving your lease guarantee. And it costs only $25 to get pre-approval which is valid for 60 days.
When Locnest is your guarantor, your landlord has more value than they would if you provided them with a credit score or a reference. This is because Locnest assumes the risk and takes all risks away from a landlord. Plus, the service is able to provide landlords with financial protection of up to $5,000.
In all, Locnest offers a win-win situation for both you as a tenant and your new landlord, all while saving you money at the same time. It allows you to improve your chances of finding that dream apartment so you can continue to live and thrive in Vancouver.
For more information and to have a guarantor for your new place, visit Locnest now.