“The combination of Entrata and Rent Dynamics will deliver a huge advance in providing much-needed tools to address a gap that has prevented millions of residents from building credit and long-term financial health,” Entrata CEO Adam Edmunds said in the release. “We believe this acquisition will give property owners and operators what they need to drive loyalty, financial well-being, and, ultimately, the very best resident experience.”
The acquisition will allow residents to have “increased access to financial tools designed to positively impact their financial future,” as well as the ability to pay rent, get renters insurance, and build credit through on-time payments, according to the release.
Rent Dynamics participates in Fannie Mae’s Multifamily Positive Rent Payment Reporting program, the release said. The program works to “improve equitable access to credit for residents by incentivizing owners and operators to support resident participation in reporting rent payments to credit bureaus.”
“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,” Rent Dynamics CEO Quincy Rich said in the release.
Fannie Mae rolled out its Multifamily Positive Rent Payment Reporting program in September to help renters build credit history and improve their scores. It lets eligible multifamily property owners share rent payment data on a vendor network, to go to the three major credit bureaus to incorporate into renters’ credit profiles.
The multifamily arena’s jump to electronic payment acceptance during the pandemic encouraged an acceleration of property management firms’ digitization efforts, Entrata President Chase Harrington told PYMNTS in an interview posted in July 2021.
Meeting these newfound expectations became an opportunity for technology providers to support modernization, Harrington said at the time.