Multifamily industry operating system Entrata has acquired Rent Dynamics, a resident rent reporting and financial resources provider that promotes economic inclusion and financial health for residents. Acquiring 100% of the equity in Rent Dynamics, Entrata will now be able to provide residents with increased access to financial tools designed to positively impact their financial future.
“Since Entrata’s founding, we have made tremendous strides in streamlining property operations by creating tools that improve both the operator and resident experience. Today, our vision for how we can drive the industry forward has greatly expanded,” says Adam Edmunds, Entrata CEO.
“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. 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.”
Rent Dynamics’ RentPlus products will be added into Entrata’s suite of resident services to cultivate a resident-focused operating system. Partnering with Entrata’s existing features, Rent Dynamics functionality will allow property owners and operators to provide residents with the ability to streamline utilities, obtain renters insurance, and build credit by making on-time rental payments.
“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,” says Quincy Rich, Rent Dynamics CEO. “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 provide more rent payment options and get credit for paying rent on time—all through one application workflow.”
The company’s program to help residents build credit has been amplified by its participation in Fannie Mae’s positive rent payment reporting program, which aims to improve equitable access to credit for residents by incentivizing owners and operators to support resident participation in reporting rent payments to credit bureaus.
“We look forward to Rent Dynamics complementing our product portfolio for years to come,” says Catherine Wong, chief operating officer and chief product officer of Entrata. “The interoperability of both platforms will drive increasing benefits for our customers and their millions of residents around the world, furthering our commitment to elevating the resident experience.”
The Rent Dynamics team will assume new roles within Entrata to continue innovation and development across the platform.