Top financial amenities to attract and retain the best renters   - Roost
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Top financial amenities to attract and retain the best renters  

Over the past couple of years, the number of—and demand for—apartment amenities have dramatically increased. A new class of apartment amenities has emerged called Financial Amenities.  Why? Properties are looking to attract strong applicants, boost resident loyalty, and improve renter financial health. But unless you spend all day researching this kind of stuff (like we do!), you might not yet know your options. Here are the top resident financial amenities for property owners and managers.

What are financial amenities vs other apartment amenities?

As a property owner or operator, you have limited time and money to spend on implementing resident amenities. The question is: Are financial amenities optional? Not really. Your residents are modern day consumers, and their expectations are set by the experiences, features and rewards they enjoy in other parts of their life. Ninety-two percent of renters use digital payment apps like Venmo or Paypal, and 25% use Buy Now Pay Later (BNPL) products. For renters, this means offering services like roommate split payment options or flexible ways to meet security deposit requirements. 

Now there’s a wide range of financial amenity options—security deposit interest rewards, rent rewards, flexible budgeting, rent payments and more. Some of these amenities may be included as part of a service you’re already considering. 

Top financial amenities for properties and renters

We’ve compiled a mighty list of resident financial amenity providers. In general, these providers offer apartment amenities that directly support residents, but there’s always an upside for you as a property owner or manager, too. Once you’ve explored the options below, make sure to scan the last part of this article on how to evaluate and select resident financial amenities.  

Roost: top financial amenity provider for properties and renters

Roost (obvious disclosure alert: that’s us!) takes over managing all deposit and refund management on behalf of the property. This “unlocks” financial amenities that help residents leverage their deposit and turn compliance requirements into perks. 

  • Interest rewards
  • Instant emergency fund via deposit advance
  • Ways to save with guidance and discounts 
  • Credit history building
  • Rent reporting for credit history building
  • Roommate payment/refund splits
  • Same-day security deposit refunds
  • Refund status tracker

Bilt rent loyalty and payment platform

Bilt is a rent loyalty program and payment platform. Residents pay their rent through the Bilt App and earn points redeemable towards rent, future home down payment, travel, fitness and more. Since it’s a Mastercard, it can be used anywhere cards are accepted. Financial amenities stack up with each swipe: 

  • Bilt points for paying rent, new leases, renewals
  • Earn points for spend on dining, travel and all other purchase
  • Rent reporting for credit history building
Circa flexible rent payment options

Circa gives residents the options to pay their rent in multiple, flexible payments throughout the month. As a financial amenity it also helps to improve collections and reduce bad debt through flexible late payments. 

  • 1, 2 or 4 rent payment options 
  • Flexible second payment date
  • Rent reporting for credit history building
Esusu rent payment reporting to major credit bureaus

Esusu reports rent payments to major credit bureaus to help renters boost their credit scores. 

  • Rent reporting for credit history building
  • Financial education & resources
  • Rent relief fund
Flex rent payment spits plus rent reporting for credit history building

Flex gives renters the option to split their rent into two payments – residents pay half when rent is typically due and finance (and then repay) the other half with a Flex line of credit. 

  • Two split rent payments
  • Flexible second payment date
  • Rent reporting for credit history building

Jetty security deposit alternative product

Jetty is best known for their security deposit alternative product but provides additional financial amenities to help lower move-in costs and improve financial flexibility.

  • Option to replace upfront deposit with non-refundable monthly or one-time fee
  • Rent reporting for credit history building
  • Renters insurance
  • Flexible rent payments – have until the 24th to pay Jetty back 
Leaselock lease insurance

LeaseLock is an apartment amenity that provides properties with lease insurance so they can remove the upfront security deposit requirement for their residents.  

  • Renter pays the property a monthly fee in lieu of upfront security deposit
Obligo security deposit product

Obligo is a security deposit deferment product. Residents pay a small monthly fee to avoid paying the upfront deposit and have a hold (similar to hotel credit card hold) placed on their checking account. Financial amenities include: 

  • Deferred security deposits
  • Payment plans for damage charges
  • Electronic deposit refunds
Pinata rent rewards membership program

Pinata is a rent rewards membership program. Members use the app to keep tabs on their rent payments and earn Piñata Cash to spend on brands within the Piñata app marketplace. Properties offer it as a financial amenity to incent and reward resident behavior. 

  • Pinata cash for paying rent
  • Rent reporting for credit history building
  • Deals & giveaways

Automated & centralized security deposit management

Rhino security deposit insurance, security deposit replacement product

Rhino gives residents the option to replace their security deposit with a monthly fee. 

  • Security deposit insurance
  • Renters insurance
Stake cash back for rent payments and lease renewals

Stake provides renters with cash back. It’s a financial amenity that helps properties incentivize key resident actions. They also provide some financial services.

  • Cash back for behaviors like on-time rent & lease renewals
  • Banking services & financial tools
  • Cash-back debit card
The Guarantors security deposit replacement product and lease guarantee service

The Guarantors offer both a security deposit replacement product and a lease guarantee service to help renters qualify and move into an apartment.  

  • Option to replace upfront deposit with non-refundable fee
  • Lease guarantees
Till flexible rent payment schedules and budgeting tools

Till helps renters budget, save and pay for rent on time and provides flexible rent payment schedules. It’s an apartment amenity for renters that provides,

  • Custom rent payment schedules
  • Budgeting tools
  • Rent reporting for credit history building

How to evaluate and select resident financial amenities

With a wide variety of options now available, look for apartment amenity products that are a financial win-win for both properties and residents. As you evaluate your options, make sure to keep the following tips in mind:

  1. Be clear about your objectives. Is it resident loyalty, lower vacancies or ancillary revenue?
  2. Know your demographic. Match your offering to the needs and interests of your residents, on a per building basis.
  3. Review your product options. There are a wide range of amenities now available—flexible rent, deposit perks, rewards, credit building. Shop around.
  4. Survey residents for what matters most. Before you roll out a new apartment amenity, test the waters to see which ones your residents will use and value most.
  5. Evaluate the ROI. Partner with the vendor to evaluate the ROI, including cost savings for both you and your residents. Make sure the financial amenity benefits you both.

Apartment amenities can help you improve loyalty and NOI

Resident financial amenities can help improve move-in affordability and long term renter financial health. This means you’ll spend less time trying to fill vacancies or evict delinquent residents, and you’ll be developing a more qualified pool of applicants for the future. In addition, when residents feel like you’ve got their back, they take better care of your asset and leave better reviews.

Automated & centralized security deposit management