Rentership Takes Flight in Dayton
Every Renter Will be a Stakeholder at Park Layne, Rockwood, and Riverstone Downtown Apartment Communities
November 10, 2020
DAYTON, OH – Rhove, a company that turns renters into owners, announced a partnership with Peak 10 Properties to launch Rentership in Dayton. For the first time, renters will have the opportunity to own a stake in the apartment buildings they call home. Introduced in July 2020, Rentership is a new category of housing that makes the value of ownership more accessible to everyone in the community. The Park Layne, Rockwood and Riverstone apartment communities are located near Downtown Dayton, in the Grafton Hill neighborhood, and represent Rhove’s first expansion outside their home market of Columbus.
“We’re proud to offer quality, safe and affordable housing to hundreds of families in Dayton, and we’re taking it to the next level by providing our renters a stake in the success of our communities,” said Nate Fisher, CEO and Founder of Peak 10 Properties. “We see this as an opportunity to add extraordinary value to our portfolio of properties by attracting and retaining the best residents, while aligning interests in a way that’s beneficial for everybody involved.”
Every resident at Park Layne, Rockwood and Riverstone will be granted an economic stake in their apartment community simply for living there. Residents can grow their stake anytime using the Rhove app to purchase additional Rentership units (RNT). The value of RNT is a function of the sale value of the property, and individual units can be purchased for as little as $1.
Never before have renters been empowered to participate in the value of their community if it appreciates. Additionally, stakeholders earn a fixed 5 percent return––known as an RNT Return––in the form of annualized cash distributions in proportion to their RNT holdings. Distributions are paid for by the property owner out of the rent that has been collected every month. Residents who buy RNT can hold it—even if they move—until the property is sold. Or they can sell their stake at any time without penalty using Rhove’s app.
“Millennials have zero net real estate wealth, which is a shocking statistic and a barrier to progress for our generation,” said Rhove CEO and Co-founder Calvin Cooper. “The binary choice between renting and owning has left most of us without any choice at all. Turning every renter into an owner is solving more than a financial challenge— it’s about citizenship and social responsibility,” said Cooper. “I am excited for Rentership to take flight in the birthplace of aviation and to bring a new housing category to this great city. This is particularly meaningful since I was also born in Dayton and have family who still live in the Gem City.”
Dayton is the second market where Rentership is offered. The concept was first introduced on the 4th of July in Columbus, Ohio. Adoption has been rapid and Rhove is preparing to selectively offer Rentership in cities throughout North America.
About Peak 10 Properties
Peak 10 Properties was founded in 2004 to quickly react to opportunities presented in a dynamic and ever-changing real estate industry. Peak 10 Properties has partnered with a diverse portfolio of new ground-up construction, administering operationally challenged assets in need of efficient and professional experience and providing necessary capital for original projects.
Rhove is turning every renter into an owner. Headquartered in Columbus, Ohio, Rhove enables renters to own a stake in their apartment and to find communities that contribute to their financial well-being. For more information and a list of properties offering Rhove, download the Rhove app in the Google Play or Apple App store, or visit Rhove.com.