The holidays make it painfully obvious that the financial health of many of the residents we serve could use a booster shot. We share here an interview from leaders in payments and banking on market realities and what some companies are doing to turn things around.
“If only my thighs were as thin as my paycheck” – that’s the sentiment uttered universally by working women who have to put more energy into juggling the demands on their time than their time in the gym. Like many of their male counterparts who share a hate/hate relationship with a few extra pounds, these women live paycheck-to-paycheck, even with 71 percent earning more than $50,000 annually, according to the 2014 U.S. Census Bureau. No matter if you favor yoga pants or Brooks Brothers suits, most hardworking Americans agree that paychecks simply don’t stretch far enough to make ends meet.
Put yourself in the shoes of your community manager or assistant manager – the people who shoulder the brunt of dealing with monthly payment problems...
What would you give to make rent delivery timely, seamless, transparent, and generally less problematic? A whole lot we’d say.
And what would you give to reduce your time in court chasing past due rent or filing on residents who skipped out on their lease? A whole lot we’d say again.
It’s simple economics. When rents go up, it becomes harder for people to afford leasing an apartment. But for most typical renters—working class families, recent college graduates, and young professionals climbing the career ladder—qualifying for a new apartment lease just gets tougher as monthly rents increase. And asking applicants for more money in upfront security deposits only shows they can come up with that cash, while likely setting them up to be cash-strapped at some point in the lease. That’s why residents often pay rent late or fall behind completely, resulting in unwanted action by community staff who are just doing their jobs in enforcing a lease.