RISK MITIGATION FEE
The Risk Mitigation Fee is to be used in lieu of the double or one and a half security deposit to adjust for the changes in the economy and projected inflation rates and impact on potential tenants.
What is the credit risk mitigation fee?
Just like when leasing or buying a car or buying a house, we have found that people with lower credit scores are at higher risk of not paying rent and/or being evicted. In the auto industry and housing industry, this risk is covered by an increase in the interest rate. At Nest Managers, this risk is covered by the credit risk mitigation fee.
Who is being charged the credit risk mitigation fee?
This policy is being implemented for new tenants with a less than 650 credit score and to existing tenants that have had a late payment in the past.
How much is the credit risk mitigation fee for new tenants?
The fee is $20 a month if score is 630-650
$40 a month if score is 610-629,
$60 a month if score is 600-609
If there are multiple people together the risk mitigation fee will be assessed based on the AVERAGE score of all applicants (excluding co-signers). Applicants who do not have a score may be assigned a score of 600 for the purposes of determining the credit contingency fee.
Nest Managers Rental Criteria
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