RealPage, Bilt Offer Renter Rewards in Bid to Unlock New Revenue Streams

Financial constraints on consumers and such market conditions as record new unit inventory growth and relatively high interest rates are creating challenges for rent growth and vacancy rates. The landscape is one in which landlords, investors, and developers need new approaches to strengthening their returns.

Real Page and rewards company Bilt are betting that a proper combination of behavioral economics and digital delivery can improve multifamily profitability by enticing and directing beneficial renter behavior.

The idea is to directly reward timely payments and also offer free credit reporting. The main motivation will be Bilt points that the companies say are “coveted by residents.”

“Convert points 1:1 into their favorite airline & hotel miles, or use towards everyday expenses like rent, groceries, Amazon, dining, and more,” they say. This would be similar to rewards points on a credit card or other frequent user programs. Bilt claims to have a “network of 3.5M+ premium rental homes across the country.”

There are incentives “for residents to leverage the RealPage ActiveBuilding resident portal, utilize rewards points, and drive KPIs and revenue generating behavior like early lease renewals.”

The system integrates with RealPage OneSite, a property management tool “to drive efficiency, operational visibility, and reduced risk.”

The intent is to help drive more desirable behaviors for faster payments and earlier lease renewals, which cuts time during which a unit is unprofitable. What isn’t clear is the degree of additional profitability through directed actions.