What is the Lease Guaranty Program?
The Lease Guaranty program is offered by local hospitals for incoming medical residencies and fellowships. It's meant to reduce moving costs.
What hospitals offer it?
Quite a few - Boston Childrens', Spaulding, Bringham and Womens', Beth Israel, Mass General, etc.
What costs does it cover?
The Guaranty Program 'guaranties' last month's rent and a full month rent's amount of security deposit (up to $3600.00 rent amount as of 2015) for the landlord. This means the hospital will cover the costs if required. Tenants eligible are only responsible for payment of the Brokers' Fee and First Month's Rent costs up front, and/or sometimes a 'Good Faith' deposit, depending on the hospital program requirements (Often it'll be $100 or $200).
When do residencies start/end?
Depends on the program on hospital. Some are June, MANY are July, other are August. In the past we have also on occasion seen September.
Do all landlords accept it?
Most landlords we work with DO accept the program, and those who are new to it, we've highly encouraged.
How long have you worked with the Guaranty Program?
We've built and sustained a strong relationship with the local hospitals for many, many years. As the go-to agency for Jamaica Plain apartment rentals, we're knowledgeable of the program and process, and are even featured on some of their housing websites.
How do I know if i'm eligible?
Contact your hospital program to see if you qualify.
If I want to renew my lease, do I have to renew my Guaranty too?
Yes, you do. The Guaranty only covers the lease you have now, until it expires. For any questions and/or concerns, please contact your program director.
My lease ends in June, but my program ends July/August - can I extend my lease?
That is up to your landlord - unfortunately not up to us or the program. But we can always ask that question ahead of time for an apartment you're interested in to see if that option's a possibility for you.
For more information on each hospitals' program, please review their websites below;
BETH ISRAEL DEACONESS MEDICAL CENTER - (JULY)