MRI Software has announced the acquisition of Insurent, a New York City-based provider of lease guarantor services, for an undisclosed sum.
Insurent caters to renters, landlords, property owners and real estate brokers.
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This move is expected to create a comprehensive insurance offering aimed at increasing occupancy and eliminating rent loss for multifamily landlords and owners.
Insurent’s lease guarantor insurance is said to play a pivotal role in mitigating rent loss risk at no cost to landlords and property owners.
By acting as the institutional guarantor on leases, Insurent enables a broader segment of creditworthy renters to secure apartments, thereby improving cash flow and expediting the lease closing process for all involved parties.
MRI Software said the demand for lease guarantor policies in the New York City rental market has increased, particularly after the Housing Stability and Tenant Protection Act of 2019 came into effect.
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By GlobalDataThis legislation has limited landlords’ ability to request additional security or rent prepayment, highlighting the need for innovative risk management solutions.
Insurent’s services are designed to address this gap, allowing landlords and property owners to mitigate rent loss and enhance occupancy rates.
The services meet the needs of a wide range of demographics including college graduates, international students, self-employed professionals and corporations.
Founded in 2008, Insurent has guaranteed more than $1bn in rent exposure and is accepted in more than 9,000 buildings, managing more than 800,000 apartments.
MRI Software president and executive managing director of North America John Ensign said: “The combination of Insurent’s lease guarantor offering and MRI’s existing resident insurance and fraud mitigation offerings will redefine what is possible for risk protection, providing property owners and residents with the ultimate peace of mind.
“The strategic alignment of our businesses paves the way for the future integration of Insurent’s offerings into the MRI Living suite of multifamily solutions, enabling an enhanced user experience across the residential life cycle.”
Insurent vice-chairman and chief operating officer Jeffrey Geller said: “We are excited to join forces with a PropTech industry leader. Bringing together two forward-thinking category founders will drive leasing confidence and ensure that Insurent’s clients and applicants benefit from the latest technology and innovation.”
In other renters insurance industry news, Urban Jungle, a UK-based insurance technology start-up, recently raised £11.2m ($14.05m) to expand its operations and explore new markets.
