for 6 months or until a lease has been signed, whichever occurs first.
“Rent ready” means the home is in a condition that allows it to be rented at the predetermined market rent rate and that a tenant is able to move into the property. The status of a home as rent-ready is determined by the preferred property manager.
Only SFRs that are vacant at closing or are subject to a written owner-occupied leaseback agreement of 30 days or less, are eligible for vacancy protection.
If a property does not have a preferred property manager included on the listing, it is not eligible for vacancy protection.
Vacancy protection is not available for duplexes, multiplexes, or homes purchased through Roofstock's portfolio, short-term rentals, or VIP program.
First, decide whether to opt-in to the vacancy protection program by confirming that you have read these terms and conditions and want the house to be considered for the protection. You can do this in the Transaction Tracker.
You always have the option to choose which property manager is right for you -- or to hire no one at all and manage the property yourself. For vacancy protection, however, we rely on the trusted relationships we have with our preferred property managers, who are vetted and experienced in their local markets. To qualify, your choice to work with a Roofstock preferred property manager is a requirement.
You must complete all repairs required to get the property in rent-ready condition (as determined by the preferred property manager) within 90 days of closing escrow in order to qualify.
The Roofstock preferred property manager will advertise the property for rent once it is in rent-ready condition. Vacancy protection is available only if your preferred property manager is unable to find a qualified applicant willing to pay 90% or more of the predetermined market rent rate for your home within 45 days of it becoming rent ready. A qualified applicant is a person who meets all tenant qualifications established by your preferred property manager in compliance with Fair Housing and other applicable laws.
Vacancy protection payments are calculated at the end of each month and remitted the following month. The final vacancy protection payment will be prorated to the date the lease is signed or 6 months after becoming effective, whichever comes first.
Roofstock reserves the right to modify these terms in the future for properties that have not yet entered transaction.
, Roofstock will pay you 75% of the predetermined market rent that was estimated on the Roofstock property listing for up to 6 months or until a lease is signed, whichever occurs first.
date, then your property qualifies for vacancy protection.