HARLEM, N.Y., June 17, 2024 (GLOBE NEWSWIRE) -- 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 Esusu
Esusu 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 PR
esusu@smallgirlspr.com
About NRHC
The 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 Short
kshort@rentalhomecouncil.org
