Landlords Can Now Purchase Rent Reporting for Tenants, Offering an Attractive Amenity That Increases Their Competitive Advantage
NEW YORK, Oct. 31, 2023 /PRNewswire/ — RentRedi, a leading property management software that simplifies the renting process for both landlords and renters, has added the option for landlords to purchase the software’s Rent Reporting feature for their tenants. The Rent Reporting capability has been a popular add-on component in the RentRedi Tenant App, with tenants using the feature to boost their credit scores. Now landlords can include Rent Reporting in their property management suite to encourage on-time rent payments and provide an attractive credit boosting amenity to their tenants.
When tenants pay rent through the RentRedi mobile app, the Rent Reporting feature reports all on-time rent payments to TransUnion. This feature is equally appealing to landlords and tenants, as TransUnion reports that 7 in 10 renters are more likely to make on-time rent payments when their landlords report payments to a credit bureau.
As an additional incentive, 67% of renters said they would choose an apartment that offers payment reporting over one that does not offer that feature, according to TransUnion. Reporting 12 months of monthly, on-time rent payments can improve credit scores by up to 26 points, with 60% of renters even seeing improvements after the first month. By offering this benefit as an amenity, landlords can make their properties more attractive to current and prospective renters.
“Rent payments are a household’s largest expense, so it makes sense that tenants would want to use them to boost credit scores,” said RentRedi Co-founder and CEO Ryan Barone. “We found that a sizable amount of our landlords wanted the option to purchase credit boosting on behalf of their tenants. It’s a good business decision on their part, with benefits for both parties. We love to give our customers what they want, so it was natural to make a feature so popular with tenants available to landlords as well.”
In addition to providing credit boosting through the Rent Reporting feature, landlords that use RentRedi have a competitive advantage because they can offer their tenants the convenience of 24/7 maintenance management and the RentRedi Renter Perks Program. This program offers hundreds of discounts and special deals from local and national brand name companies ranging from groceries and home decor to storage and pet insurance.
RentRedi offers an award-winning, cloud-based rental management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. For landlords, RentRedi provides all-in-one web and mobile apps to collect rent, list and market vacancies, find and screen tenants, sign leases, and manage maintenance and accounting. For tenants, RentRedi’s easy-to-use mobile app allows them to pay rent, set up auto-pay, build credit by reporting rent payments to major credit agencies, prequalify and sign leases, and submit maintenance requests.
Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market, being named a GetApp Category Leader, a Capterra Established Player, and a G2 High Performer and Momentum Leader based on the software’s user ratings and popularity. To date, RentRedi has more than $18 billion in assets under management with nearly 200,000 landlords and tenants using the platform. The company partners with technology leaders such as Zillow, TransUnion, Realtor.com, Plaid, Stripe, and Sure Insurance to create the best customer experience possible. For more information visit RentRedi.com.
Originally published at https://www.prnewswire.com/news-releases/rentredi-rent-reporting-feature-boosts-on-time-rent-payments-and-tenant-credit-scores-301972234.html
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