As home prices soar and Americans gorge on mortgage debt, legions of younger Millennials and Gen Zers are stuck renting and wondering how they’ll ever afford a home of their own.
To tap into this lucrative potential future mortgage revenue stream, a new startup called Bilt has come up with an intriguing long game: court today’s renters. “It’s about building that kind of locked-in relationship with somebody from a young age, not just trying to spend a bunch of money acquiring them and finding them when they're 35 and ready to buy,” says Bilt’s founder Ankur Jain.
Though the U.S. rental market is anything but uniform, Bilt says its Mastercard-backed product works for every renter. One group of users will be tenants of the approximately 2 million units run by a slew of big property managers including Blackstone, Starwood and Equity Residential that Bilt has already struck up partnerships with. These renters can use a Bilt card to pay their rent directly, and even earn bonus rewards points for resigning their lease, for example.
To prevent renters from plunging into debt, the New York City-based company requires that all users pay off their rent bill each month before charging another month to the card. And users who are at “higher risk” will still earn points on rent, Jain says, but the card will function like a debit card and automatically and immediately pull the funds from a linked bank account to cover the rent.
This won't solve the housing problem. Make housing more affordable.
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