- What is the Rent Rewards program?
– Rent Rewards is a subsidy distribution platform that helps tenants earn rent credits through everyday purchases like groceries, utilities, and fuel. - How does Rent Rewards work?
– Tenants opt-in to the program, and their essential purchases are tracked. Rent credits are then applied to their rent ledger, reducing their monthly rent. - Who pays for the Rent Rewards credits tenants receive?
– Rent Rewards credits can be funded through various sources, including Public Housing Agencies (PHAs), State and Local Government departments, and eligible Nonprofits utilizing Continuum of Care (CoC) funding or private funding to administer rental assistance programs. Additionally, local businesses and corporations can contribute by advertising to Rent Rewards users, helping to support the program and provide rent credits. - What types of purchases qualify for rent credits?
– We can customize your Rent Rewards programs to include the purchase categories most important to your organization. Purchases in categories like utilities, groceries, fuel, childcare, and pharmacy expenses can all be eligible for rent credits. Merchants can also create qualified Rent Rewards purchases through our loyalty marketing platform. - Can Rent Rewards help me achieve HUD’s affordability standard?
– Yes, Rent Rewards is designed to help reduce tenants’ rent-to-income ratio to 30% or less by offsetting rent costs with credits. - How do landlords and property managers benefit from Rent Rewards?
– They benefit from increased tenant satisfaction, reduced turnover, and additional income through partnerships with our advertising partners. The rent credits your tenants earn are paid to you directly from the subsidy source (ie. Public Agency/Nonprofit). - Is there a cost to join Rent Rewards or use the data platform?
– There is no cost for Tenants, Landlords, Property Managers, or Nonprofits to use the Rent Rewards platform. However, there is a cost for Public Agencies, Local Businesses, and Corporations based on the campaign size and budget. - How can nonprofits and public agencies use Rent Rewards?
– Nonprofits and public agencies can use Rent Rewards to distribute subsidies more effectively, monitor participant spending, and achieve a greater impact in their housing programs. - How are rent credits applied to a tenant account?
– Rent credits earned are tracked throughout a given month and then applied to the following month’s rent as a credit. - Is this platform only for renters or can homeowners participate?
– Currently our Rent Rewards solution only facilitates rental residents as users. Stay tuned for our next software solution, Equity Rewards, that will help reduce the cost of living expenses for homeowners!