A new lease on renting
It's no secret that young people are facing challenges when it comes to affordable housing. Despite signs that rent prices have finally stopped rising, prices remain so far out of reach that many have no choice but to move back in with their parents to save money. However, in an effort to reinvigorate the market, it's now possible to earn rewards when making a monthly rental payment and even redeem them towards a down payment on a home. Ahead, we take a look at the tools making this step up on the housing ladder possible.
Bilt Rewards was created to change the renting experience and help renters earn something back on their largest monthly expenses. Taking inspiration from the loyalty programs of hotels and major airlines, these loyalty programs have their own co-branded credit cards. The Bilt Mastercard was created so that anyone renting an apartment in the country could earn points on rent with no fees and then use those points on travel, local gyms and fitness, credits toward the next rent payment, or even redeem them towards a down payment on a home.
— Alys, 22, MD (Cassandra Collective)
Available by invitation only and backed by Visa, - Piñata, one of the nation's fastest-growing reward and credit building platform for renters, is looking to revolutionize the rental industry with the launch of Piñata Pay. This new debit card payment solution, supported by AI technology, rewards renters with cash back for on-time rent payments, automated rent credit reporting, thousands of dollars in monthly giveaways, and more. In return, landlords should see increased on time rent payments and renter satisfaction.
— Ruth, 21, CA (Cassandra Collective)
In Canada, Chexy is on a mission to empower Canadian renters to achieve their financial goals sooner. As the first tenant-facing payments platform that allows renters to build credit & earn rewards, tenants can earn rewards by using their preferred credit cards for rent payments and earn additional cashback towards their rent through everyday spending with popular Gen Z brand names Nike, Sephora, Apple.