Entrata has acquired Rent Dynamics to benefit property managers and residents alike, enabling an even more powerful and robust operating system to support resident-focused owners and operators, according to a release.
Entrata says the acquisition can transform how multifamily residents build credit and improve financial health.
Entrata has acquired 100 percent 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, according to the release.
“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,” Adam Edmunds, Chief Executive Officer of Entrata, said in a release.
“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,” Edmunds said.
Together, Rent Dynamics and Entrata will transform the way property managers can help residents create and grow their financial identity. The addition of Rent Dynamics’ RentPlus products to Entrata’s suite of resident services will further cultivate a powerful and robust operating system to support resident-focused owners and operators.
Rent Dynamics functionality will be partnered with Entrata’s existing features, enabling property owners and operators to provide their residents the capability to streamline utilities, obtain renters insurance, and build credit by making on-time payments, all through Entrata’s single-sign-on platform.
“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,” Quincy Rich, Chief Executive Officer of Rent Dynamics, said in the release.
“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,” he said.
The resident amenities are a true differentiator for property management companies—which may themselves benefit through a greater resident retention rate, minimized delinquent rent payments and additional revenue options. Rent Dynamics’ program to help residents build credit has been amplified by its participation in Fannie Mae’s new 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,” said 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.”
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.
This nine-figure, all-cash deal is a game-changer for the rental industry as it will allow more than three million residents to gain financial freedom through access to financial tools that can positively impact their future — with a much broader potential impact for the approximately 43.9 million multifamily residences in the U.S. , according to the release.
For more information about Entrata and its continually expanding platform, please visit www.entrata.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 26 thousand multifamily communities around the globe. Learn more at www.entrata.com.
About Rent Dynamics
Rent Dynamics provides value throughout the resident journey through technology providing solutions for the Multifamily Industry. Our RentPlus product provides rent reporting and financial resources designed to promote economic inclusion and financial health for renters.