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The Round-Up Volume 13: Finding Common Ground

Our generation is experiencing a second "once-in-a-lifetime" calamity, in this edition we'll point out some noteworthy ways to help you come out of this on the right side.

August 17, 2020

Welcome to the Round-Up.

In this edition, we’ll point you to some noteworthy reading on the coronavirus, the economy, and how renters are being impacted. We’ll tell you how Millennials are experiencing a second “once-in-a-lifetime” economic calamity, and about political wrangling over economic relief programs.

And we’ll talk about the incredible sense of urgency we feel in turning every renter into an owner.🏡

Read on for more insights!

Interesting Reads

RNT Making Waves

It’s a tall task finding something people can agree on in an election year. Where have we found that mythical place known as “Common Ground?” With Rentership, of course. Renters, property owners, podcasts hosts, news outlets... Everyone’s loving it.

Rhove Co-founder and CEO Calvin Cooper appeared on the Grower Croud Podcast where he talked about the genesis of Rhove, and how it’s really an idea hundreds of years in the making. Seriously. The philosopher Aristotle, political theorist James Harrington, and even the second U.S. President John Adams talked about land ownership being critical for democracy 🤯. Little did they know, technology would bring their vision into the world. “It’s something that is so important,” Calvin says.

Rentership got a big shout-out from The Collective. Calvin talked about the $60 billion wealth transfer from Main Street to Wall Street after the last recession as hedge funds and private equity managers cashed in on real estate investment opportunities. Calvin asks listeners to imagine if the average American participated in that value creation. They would have built a significant nest egg to serve as a bridge through a difficult time like a pandemic, or simply to generate wealth. It’s no longer an unrealistic idea. It’s possible now with Rentership. Everyone can own a stake in where they live and generate value based on those holdings.

Lastly, Spectrum News 1 has a great video feature with some footage of Gravity and interviews with excited Rhovers! Check out the link below.

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More Relief (Maybe?)

With lawmakers on Capitol Hill at an impasse over additional coronavirus relief, President Trump issued an Executive Order aimed at providing assistance for renters and homeowners. Forbes notes the order doesn’t renew a federal eviction moratorium that applied to about one-third of renters and expired on July 25th.

As the effects of coronavirus continue to be a drag on the U.S. economy, housing concerns are coming to the fore. An estimated 27% of Americans missed their rent or mortgage payment for July, Bloomberg reports. And more than one-third of renters said they’d have trouble making their August rent payment. This comes after the expiration of eviction bans around the U.S., making the situation more dire for American households struggling with unpaid bills.

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Defaults Looming

Americans definitely need the government relief, but it’s not going to be a cure-all. Bloomberg writes that “even if Congress passes a new rescue package with more unemployment benefits, the cumulative effect of the ongoing economic catastrophe may finally trigger that default deluge.” A survey cited in the article indicates that more than half of consumers with credit card debt will need additional financial support to make their minimum payments over the next three months. 

However loud the roar of the stock market may be, it’s clear that the value of America’s largest corporations is increasingly untethered from the financial health of everyday Americans.

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Twice in a Blue Moon

The coronavirus-induced recession is challenging for a lot of people. But especially for Millennials, who are experiencing their second “once-in-a-lifetime” economic calamity. The Wall Street Journal has some eye-opening stats regarding the 24-to-39 age cohort.

  • The demographic’s 12.5% unemployment rate is higher than the rate for both Gen X and Baby Boomers.
  • Over the decade that ended in 2017, Millennials missed out on an average of more than $25,000 in pay (13% of total earnings). Gen X had their earnings reduced 9%, and Baby Boomers saw just a 7% reduction. 

For a generation who had just begun to trend toward pre-Housing Crisis income levels, the pandemic has been a significant blow. 

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Rents in Flux

Despite the broader economic turmoil, apartment rents in Columbus are growing faster than just about anywhere in the country, according to Columbus Business First. The average rent for a studio apartment has risen about 23% to $1,138 a month. Nationally, rent prices are creeping up, with the notable exception of some on-and-off coronavirus hotspots. Prices decreased between April and June in Los Angeles (-5.42%), Miami (-3.97%), Seattle (-2.33%), and Houston (-1.69%).

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Featured Property

The Beeker

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Check It Out

Parting Thoughts

There’s a lot of economic uncertainty these days. Inequality is being exacerbated by the economic fallout of the coronavirus pandemic. Millennials—“the unluckiest generation in history”—have zero net real estate wealth and they’re facing a second once-in-a-lifetime economic downturn. Homeownership, already out of reach, now feels all but impossible for many of us.

That’s why we created Rentership. It’s more important now than ever.

Our vision for the world is simple: turn every renter into an owner. And we’ve started with Gravity in Columbus, where renters can claim their first 50 Rentership (RNT) at no cost. Just for being a resident. They’re all stakeholders by default.

The only thing better than claiming a stake in the place you call home is growing your stake 🌱. Residents at Gravity can grow their stake anytime in our app in as little as $1 increments. 

It’s all part of our mission to turn every renter into an owner 🚀. We’re bringing Rentership to renters across the country. If you want to join us, refer your apartment to Rentership and we’ll do the rest.

Quote of the Week

“Just imagine if every renter was an owner. That's the world we're going to create."

Calvin Cooper, Co-founder and CEO of Rhove, featured in the 614startups Podcast.