The article states that approximately 50% of renters are unaware that paying rent on time can build credit, many residents (87%) believe their on-time rental payments should help to build their credit score. But according to the Urban Institute (https://www.urban.org/), rental data appears in credit files in fewer than 5% of the 80 million adults in rental housing. Wow. The article makes an extremely compelling case for owners and operators to make rent reporting standard operating procedure at multifamily properties. Rent reporting software is available and can be integrated as a part of the online rent payment protocol. Some 58% of renters say they would be more inclined to rent from a property offering rent reporting. Further buoying rent reporting is the fact that it promotes increased on time payments and attracts more responsible renters. Seems like a win-win for everyone.

 

 

Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.

 

Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters.