Rent Dynamics has joined Entrata to benefit property managers and residents alike, adding to their suite of services to create an even more powerful operating environment and full residential financial solutions.
Rent Dynamics, a leading provider for lead management and resident rent reporting and financial resources that promote economic inclusion and financial health for renters, today announced that it has been acquired by Entrata, a leading multifamily industry operating system. Entrata has acquired 100% of the equity in Rent Dynamics and will be able to provide residents with increased access to financial tools designed to positively impact their financial future.
“We’re proud to have helped hundreds of thousands of residents to date and are excited to be able to accelerate that effort by pairing with Entrata’s extensive suite of services,” said Quincy Rich, Chief Executive Officer of Rent Dynamics. “Together, Rent Dynamics and Entrata will continue to build the most comprehensive, all-in-one operating system to create a better experience for every resident. We couldn’t be more excited to join a leader like Entrata to help residents take ownership of their financial situation to arrange flexible rent payment options and get credit for paying rent on time – all through one application workflow.”
As a customer, here are a few things you can expect from this transaction:
Native integration into workflows and reporting
Connecting disparate systems is one of the most significant challenges companies face today. Through deeper technological integration, Rent Dynamics tools will be integrated into the Entrata operating system to improve reliability and performance across workflows and reporting. This will make for the smoothest leasing experience available to equip residents from the very beginning with the tools they need for a seamless lease.
Expanded focus on economic inclusivity and financial identity for residents
One of the most influential variables to achieving home ownership is a person’s credit history. With an average minimum credit score of 620 to obtain a mortgage, owning a home may seem impossible for many. However, a person’s monthly rent payment is generally the most consistent payment they’ll make, making it a prime candidate for reporting to credit bureaus and therefore improving credit scores. In turn, an improved credit score enhances their ability to qualify for a mortgage or increased rent, gain greater access to affordable credit, and enjoy improved overall financial health.
Increased ancillary revenue opportunities for owners and operators
One of the rare scenarios is a true win-win for every party involved. With rent payment reporting, both the resident as well as the owner and the operator benefit from rent payments being reported to credit bureaus. Rent Dynamics’ experience in resident participation and activation, paired with Entrata’s broad base of more than three million residents, will allow owners and operators additional ancillary revenue streams while providing residents tools to improve financial health.
These benefits will be amplified with Rent Dynamics’ participation in Fannie Mae’s new program, which aims to increase resident participation in reporting rent payments to credit bureaus by incentivizing owners and operators.
Address the current financial and housing crisis head on
The U.S. is currently in a monumental time of high inflation, high rent rates, and affordable housing shortages. While these times are trying for everyone, they are particularly difficult for the resident. Pairing rent payment reporting with existing Entrata resident tools, residents will be able to take advantage of their financial situation to pay rent on their own terms, obtain compliant insurance, gain easier access to housing through alternative forms of deposit, and get credit for paying rent in a timely manner – all through one application workflow on Entrata.
Accelerate the platform through strategic, well-supported acquisition
Entrata’s technology and acquisition philosophy is different. We believe that this acquisition will enable us to supplement our offering to help us go faster and accelerate the roadmap in providing valuable tools to make property operations more efficient and elevate their resident experience. In order for us to bring this company into our single login, we have conviction in their ability to be fully integrated to grow and thrive within the platform.
Expand the capability and value of the Entrata Operating System
Entrata’s theory, vision, and focus will always be on property operations and resident experience. That means continually improving the capability of the operating system and the value it provides to every party interacting with Entrata. Together, Rent Dynamics and Entrata will continue to create the most extensive and all-in-one Operating System to create a better living experience for every resident.
Financial terms of the transaction were not disclosed. The Rent Dynamics team will assume new roles within Entrata to continue innovation and development across the platform.
To read the full release from Entrata, click here.
Wilson Sonsini Goodrich & Rosati is serving as legal counsel to Entrata. Raymond James & Associates serves as financial advisor to Rent Dynamics, and Mayer Brown serves as legal counsel for Rent Dynamics.
About Rent Dynamics
Rent Dynamics provides value throughout the resident journey through technology providing solutions for Marketing, Leasing, and Retention to the Multifamily Industry. Our intuitive CRM makes it easy to turn marketing into move-ins, while our Contact Center is there to be an extension of your team. Our RentPlus product provides rent reporting and financial resources designed to promote economic inclusion and financial health for renters.
For more information about Rent Dynamics, please visit RentDynamics.com.
Entrata is a leading operating system for multifamily communities worldwide. Setting the bar for innovation in property management software since 2003, Entrata offers solutions for every step of the leasing lifecycle and empowers owners, property managers, and renters to create stronger communities. Entrata currently serves over three million residents across more than 20 thousand multifamily communities around the globe. Learn more at www.entrata.com.
For more information about Entrata, please visit Entrata.com.