Rhove and Kaufman Development Launch Rentership
Announcing the First Ever Renter-Owner Community
July 2, 2020
COLUMBUS, OH – Rhove, a technology company that turns renters into owners, in partnership with real estate developer Kaufman Development, today announced the launch of Rentership, the world’s first solution that gives renters the ability to own a fractional stake in their apartment community.
Rentership will initially launch at Gravity, a Kaufman-owned community of apartments, offices, retailers and gathering spaces located in the Franklinton neighborhood of Columbus, OH, where Rhove is headquartered. The ethos-driven Gravity community – built around well-being, expression and impact – will officially begin offering Rentership on July 4.
“Being a stakeholder is more than financial. Ownership expands our sense of citizenship and social responsibility,” said Rhove CEO and Founder Calvin Cooper. “Millennials have zero net real estate wealth, much less than previous generations. Growing student debt and two once-in-a-lifetime economic downturns have left many without the ability to own in our communities. Further, systemic inequality in housing has created a wealth gap in America. The time for change is now. We’re creating a world where every renter is an owner. This will be available in every major U.S. market in less than five years.”
Every resident living at a property offering Rentership will be granted a stake in their building. Renters can grow their stake by purchasing additional Rentership units (RNT). Each RNT represents a percentage of the sale value of the property and can be bought for as little as $1. Since the value of RNT is tied to the value of the entire property, renters will participate in the value of their community if it appreciates. In addition, each RNT earns a 5 percent RNT return, meaning renters earn cash distributions annually just for being stakeholders and holding RNT. Renters who buy RNT can hold on to it, continue earning cash distributions, and have their RNT redeemed if the property is sold. Or, they can sell RNT at anytime without penalty using Rhove’s app.
“Rentership delivers on our promise to awaken new possibilities of living with intention. We’re creating an alternative housing arrangement that unlocks unforeseen potential,” Brett Kaufman, Founder and CEO of Kaufman Development and Co-Founder of Rhove, said. “The binary choice between renting and homeownership has not met the needs of everyone in society. There is room for a solution that gives financial value without the barriers of entry to homeownership. To that end, Rentership is transformational and extremely timely.”
Rhove is turning every renter into an owner. Headquartered in Columbus, Ohio, Rhove’s app is available in the Google Play and Apple App stores for download. Rhove enables renters to own a stake in their apartment, and find communities that contribute to their financial well-being. For more information and a list of properties offering Rhove, download the Rhove app or visit Rhove.com
About Kaufman Development
Founded by industry pioneer Brett Kaufman, Kaufman Development creates communities for individuals who seek something more. Driven by core values in well-being, expression, and impact, Kaufman’s communities foster intentional living that nurtures balance, celebrates the authentic self, and pursues social engagement to positively impact the world. https://livekaufman.com/