What is Passport Lease and how does it work? 

What is Passport Lease?

Jetty's Passport Lease is a revolutionary service that satisfies the guarantor or co-signer requirement on an apartment lease. If you don't meet the landlord's salary requirements to sign the lease (in some geographies, that can be as high as 30-40x the monthly rent), instead of tracking down a guarantor who meets even stricter income requirements (generally 80-100x the monthly rent), signing up for Passport Lease will satisfy that requirement for the duration of your lease.

Jetty's Passport Lease is what's known as a surety bond, which is a special type of 'insurance-like' product that's a three-way contract (in this case, between us, you and your landlord), vs. the two parties to a true insurance contract. You can learn more about surety bonds at our Insurance 101 section, and Investopedia has a good (if somewhat technical) article on the subject, too.

 

How much is Passport Lease and how does it work?

Passport Lease is issued at the beginning of your lease and covers you throughout each lease term. For a 12-month lease, for example, Passport Lease is a one-time fee that will come in at around 5-10% of your annual rent.

Keep in mind that this isn’t an excuse to not pay—you’re still responsible for making rent payments (not that you'd ever dream of not paying, right? 0=)) and your fee won’t be returned—but we’ll take care of meeting your landlord’s guarantor requirement so that you can move in without any hassle.

 

Do I need Passport Lease?

We’re here to help you beat the city, and that starts with finding a great place to live. Jetty’s Passport Lease offers a trusted, institutional alternative to the guarantor requirement on most leases. Anyone can apply for Passport Lease as an alternative to bringing on a guarantor. Renters who are international students or employees, new graduates, the self-employed, or anyone who doesn't otherwise meet income or co-signer requirements for whatever reason often find Passport Lease to be a great way to secure an apartment with minimum hassle.

 

What do I need to apply for Passport Lease?

 Having the following materials will help us process your application as quickly as possible:

  • Your lease amount
  • Your intended lease duration
  • Your social security number, or proof of residency if you are not a US citizen
  • At least two of the following (the more the better):
    • A pay stub
    • Letter of employment
    • Bank statement(s)
    • Proof of assets
    • Financial sponsorship 

The specific requirements may vary by the state you live in (and, don't worry, it'll all be clear when you apply in terms of what's needed).

Sometimes, the simpler it is, the more you have to explain it. We're happy to do so: just shoot us a note at help@jetty.com and we'll get you sorted.

 

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The content available on this page is provided for information purposes only. Jetty makes no representations or warranties as to the accuracy, completeness or timeliness of the information. The information is not intended to provide legal, tax or accounting advice. Each person should consult a qualified advisor for advice specific to their circumstances. Jetty assumes no liability for actions taken in reliance upon the information contained herein.

  
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