There’s a simple new way to take control of your financial future right from your apartment. It’s the first cash rewards program for renters. Live at a property that offers Rhove and you can make money on rent every month. Keep reading to learn how it works.
Loyalty programs exist in almost every industry you can think of. Airlines, gas stations, grocery stores, retailers, and hotels are among a few of the industries that reward their customers for their loyalty. Despite the widespread nature of loyalty rewards programs, the largest monthly expense for many–– rent––has been excluded from this list. Until now.
Introducing Rhove. Live at any property that offers Rhove and you can make money on rent, earning up to 2.5% cash back rewards on your monthly rent. Empower yourself to build significant savings toward important life events by doing something you already do every month, paying your rent.
“So…How Does it Really Work?”
Residents living at a property that offers Rhove just need to download the app and sign-up. Signing-up takes less than 2 minutes and, once complete, you’ll start making money on rent.
Let’s take a look at an example — if your rent is $1,500 per month, you would be able to earn $37.50 every month when you sign-up for Rhove. Over the course of the year that means you’ll have earned $450, just for paying rent on time.
In order to earn your cash back reward you have to save an equal amount (in this example that would be $37.50) to be deposited into your Rhove account. Every month you save with Rhove and pay your rent on time, you’ll earn your cash back reward––an additional $37.50 from your property owner––effectively doubling your savings. Over the course of the year, you would have saved over $900 in your Rhove account — money that you can continue to save or that you can use for whatever matters most to you.
Does $900 Really Move the Needle?
The short answer is yes, it’s just math.
On average, Millennials will spend over a decade renting before they can afford to purchase a home. That means the average renter is projected to spend over $200,000 in lifetime rent in Columbus. In coastal cities where rent is more expensive that number is likely to eclipse $500,000 in lifetime rent.
It is easy to think that earning 2.5% of your rent back isn’t a significant enough amount to really move the needle — it certainly isn’t a downpayment on a home — but consider this statistic for a moment. The average Millennial has a negative net worth, and the average American doesn’t have $400 in their total savings. The average Rhover will have saved more than the average American in the very first year of the program. Over several years, that savings will be enough to help you bridge the gap between renting and first time homeownership.
What’s the Catch?
That’s the thing, there isn’t a catch. There are zero fees and zero penalties. Rhove is designed, like every loyalty program, to reduce the cost of marketing and retention. We help property owners share some of the savings they receive from using Rhove with you. That’s how they finance the program.
In the first lease term of living at a property and using Rhove you will earn your rewards but you can’t withdraw them. You need to renew your lease in order to unlock your rewards. After you renew your lease once, you’ll earn all of your cash back rewards instantly. That’s why Rhove gets better the longer you stay, and that’s how property owners benefit from offering Rhove.
When Can I Get Started?
It’s incredibly easy to get started with Rhove. Here’s how:
- Live at a property that offers Rhove
- Download Rhove and create your account.
- Link your bank account and setup your monthly recurring savings.
- Make money on rent, every month! We’ll take care of the rest.
Personalize your Rhove profile by telling us what you’re saving for, and easily track your savings progress — research suggests that by simply writing down a savings goal you are more likely to achieve it. You can use your money however you want and, even if you move apartments, the savings and rewards you’ve earned in your Rhove account move with you. No penalties, and no fees attached.
Interested in checking out a property that offers Rhove for your next home? Don’t forget to keep an eye out for more of our carefully selected partner properties, we’re constantly expanding our portfolio.
Don’t just rent. Rhove.