Landlords are using rewards system to retain tenants

Paying your rent on time or renewing a lease can earn you 2% cashback, concessions, and even gift cards.

To retain tenants, landowners are devising unique ways to incentivize renters.

The move comes as rents continue to stay high in the country. A Harvard report states that as of 2022, around 12 million US renters spent over 50% of their earnings on housing.

Feeling the heat of high rents, people say even the smallest of rewards ease their burden as it can contribute to other housing charges like electricity bills.

Several companies, including Stake, Incentco, and Pinata, are behind these incentives. They note that renters enjoying such benefits are more likely to renew leases, even when rents rise.

Over 2 million US renters participate in these programs, which offer perks like cashback, gift cards, or credit score boosts.