After running a successful pilot program, the owner and operator of leading professionally managed apartment communities in the Midwest announced plans to integrate the NPS Rent Assurance payroll direct deposit platform into their lease acceptance strategies at up to 40 additional communities.
Gene B. Glick Company says the move will help more applicants who have credit issues move into a new apartment at a lower upfront cost.
The company recently completed the pilot program with NPS Rent Assurance, and found a significant increase in move-in rates and perfect on-time rent payment performance from enrolled residents.
Recognizing the impact of the ongoing economic challenges faced by millions of working Americans, David Barrett, president and chief executive officer of Gene B. Glick Company, says that he is gratified to find a financial solution that addresses the companys business need to be paid rent on time while also meeting the applicants personal needs to overcome credit hurdles in order to gain access to a new apartment. As a company, we recognize the realities of the marketplace that have left a large percentage of our rental applicants with credit scores below our standard requirement, Barrett says. We know these people are employed and can afford the rent, but we also need a way to increase the probability of on-time rent payments and consistent performance through the life of the lease. The NPS Rent Assurance platform does both.
Richard A. Levitan, president of NPS Rent Assurance, adds that his company is seeing enrolled residents performing better than residents accepted without conditions. He points out that his company impacts bottom line performance for their clients from a renter base that typically underperforms as compared to the rest of the resident population. The conditionally approved applicants are usually penalized with higher upfront costs because of credit; and those higher costs, coupled with the other costs of moving, often begin a cycle that causes renters to fall behind at some point in the lease. We feel very positive in knowing that our platform helps more people get approved for a lease, saves them money at move-in and throughout the lease, and even helps them to build their credit score as we report to a credit bureau that tracks recurring payments. We value our partnership with the Gene B. Glick Company and appreciate their vote of confidence in our product.
NPS Rent Assurance is the only multi-family program to provide a proactive solution to assure rent will be paid on time. The program operates with a proprietary payroll direct deposit platform that receives funds for rent on a pay period basis from residents employers. This built-in assurance enables property clients to convert more applicants through conditional acceptances to capture incremental economic occupancy and reduce payment issues while helping more families get approved for an apartment lease where they want to live.
Founded in Indianapolis in 1947, the Gene B. Glick Company is a property management and development company with over 20,000 apartment units in 10 states. The company, a recognized leader in the apartment industry, is one of the largest privately held multi-family owners in the United States.
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