Esusu and the National Rental Home Council Unlock Unprecedented Economic Opportunity for Single-Family Rental Home Residents Nationwide
June 17 2024 - 9:00AM
Today, Esusu, a pioneering company revolutionizing rent reporting
and financial health data solutions, and the National Rental Home
Council (NRHC), the trade association representing the
single-family rental home (SFR) industry, are proud to announce the
results of a collaborative effort to improve and enhance the credit
profile of single-family rental home residents.
Single-family rental homes, accounting for more than one-third
of the nation’s available rental housing stock, are critical to
ensuring neighborhoods and local communities maintain a vibrant and
affordable mix of diverse and accessible housing opportunities. One
year ago, Esusu and NRHC launched a groundbreaking partnership
aimed at enhancing the credit, financial stability, and overall
economic mobility of single-family rental home residents. This
collaboration has had a transformative impact on hundreds of
thousands of residents. In addition to establishing 17,121
first-time credit scores, enrolled residents have unlocked over
$10.3 billion in car loans, education, mortgages, and other
financial products.
“The profound early outcomes from the Esusu and NRHC partnership
serve as a resounding reminder of the prosperity that is possible
when we invest in and strengthen our communities across the
nation,” said Samir Goel and Wemimo Abbey, Co-Founders and Co-CEOs
of Esusu. “We are committed to deepening our partnership with NRHC
to unlock transformative economic opportunities for renters through
our robust platform for renter financial health. This is a
win-win-win: a win for the renter, a win for the owner, and a win
for society at large.”
The Esusu and NRHC collaboration includes many of the leading
single-family rental homeowners in the industry, such as ARK Homes
for Rent, Brandywine Homes, Evergreen Residential, Invitation
Homes, Kairos Living, Lafayette RE, Man Group, My Community Homes,
Progress Residential, SimplyHome, and The Promise Homes Company,
all of whom are dedicated to pioneering resident economic
mobility.
“NRHC is proud to be at the forefront of this transformative
partnership with Esusu,” said David Howard, CEO of NRHC. “Together,
we are ushering in a new era of financial empowerment for residents
of single-family rental homes. By embracing rent reporting, we are
laying the foundation for a housing landscape that ensures all
residents have the opportunity to achieve their financial
goals."
Residents who have improved their credit scores because of
on-time rent payments reflected in their credit reports may also
benefit from increased access to lines of credit with better terms.
Esusu analyzed anonymized data from participants in the initiative
and found that, since enrollment, residents have experienced:
- 17,121 initial credit scores established
- An average credit score increase of 39 points
- Over $10.3 billion in capital access created
- Over $6.9 billion in mortgage loans received
- 55,635 auto loans, 15,302 mortgage loans, and 18,817 student
loans accessed
- Deployment of $1,479,570 in rent relief, preventing 656
households from facing financial evictions
“We are pleased to work directly with Esusu on free reporting of
positive rent payments for our residents, and this partnership
between NRHC and Esusu is a powerful build that provides many SFR
residents the full suite of financial planning tools that Esusu
offers,” said Dallas Tanner, CEO of Invitation Homes. “More than
190,000 of our residents are building their credit while leasing
with us, with more than 7,000 establishing credit for the first
time. Our residents appreciate the choice and flexibility offered
by a single-family rental home, and the partnerships with Esusu
offer tools that can further help SFR residents realize their
financial goals.”
"Progress Residential is proud to have been a pioneer in
offering positive rent reporting in the single-family rental
industry through our partnership with Esusu," said Hila Roberts,
Chief Commercial Officer of Progress Residential. "Since launching
in March 2022, 53 percent of our participating residents have seen
increases in their credit scores, and more than 8,000 residents
established first-time credit scores, unlocking greater financial
potential. We commend NRHC for advocating for the expansion of
positive rent reporting, and we are excited about the
transformative impact our collective support of this important
program will have on the financial well-being of so many
individuals and families."
“We are proud to partner with Esusu to offer not only free
positive rent payment reporting but also comprehensive financial
wellness resources for our residents,” said John Isakson, CEO of
ARK Homes for Rent. “This partnership has unleashed the power of
data to bridge the racial wealth gap and provide equitable
financial access for all. Over 60% of our residents have achieved
an average credit score improvement of over 40 points, empowering
them with new financial opportunities and stability. At ARK Homes
for Rent, we are dedicated to transforming lives, fostering
financial resilience, and building a more inclusive community where
everyone has the chance to thrive.”
About EsusuEsusu is the leading financial
technology platform that leverages data solutions to empower
residents and improve property performance. Esusu's rent reporting
platform captures rental payment data and reports it to credit
bureaus to boost credit scores. Founded in 2018, Esusu reaches over
5 million rental units across all 50 states in the United States.
Learn more at www.esusurent.com and follow on Instagram @myesusu
and on Twitter @getesusu.
Press Contact:Small Girls
PResusu@smallgirlspr.com
About NRHCThe National Rental Home Council
(NRHC) is the nonprofit trade association representing the
single-family rental home industry. NRHC members provide families
and individuals with access to high-quality, single-family rental
homes that contribute to the vitality and vibrancy of neighborhoods
and communities. For more information on NRHC or the single-family
rental home industry visit www.rentalhomecouncil.org.
Press Contact:Kelley
Shortkshort@rentalhomecouncil.org