Income Property Specialists, Palomar, and Revona roll out Stake1 to boost renters’ financial health across New York, Florida, and California
NEW YORK, (February 7, 2023) -- Stake, which provides Cash Back and banking services to renters, today announced new partnerships with property owners and operators Income Property Specialists, Palomar, and Revona. With super app Stake1, property owners and operators address renters’ financial needs in one place at one low cost. Renters receive Cash Back on every purchase and access free banking services. With Stake’s new Credit Builder, which reports on-time rental payments to credit bureaus, renters boost their credit.
Today, 30-year mortgage rates are approaching 7% – and 18 million fewer households now qualify for a mortgage than at the end of 2021. Forty-four million, or 36% of American households, currently rent. Through partnerships with property owners across the country, Stake empowers renters with Cash Back and savings, while also mitigating property owner challenges, increasing lease-ups, reducing economic vacancy, and increasing ancillary revenue. From November to December 2022, the total number of renters around the country who earn Cash Back from Stake increased by 32%.
“We’re thrilled to see property owners’ increased commitment to their residents’ financial health — and to prove that empowered renters are renters that pay and stay,” said Stake Co-Founder & CEO Rowland Hobbs. “Banking for renters is a brand new concept — and residents are moving quickly to sign up for Cash Back, grow their savings, and pay their rent on time.”
“Stake is a perfect fit for our tech-savvy community,” said Doug Hirsh, Palomar President. “Stake not only provides easy access to financial wellness for renters, it’s the only app that makes it possible for renters to build wealth.”
“Today, residents aren’t just looking for a place to live — they want to feel connected to their community. Stake makes it possible for us to give back to our residents and to incentivize them to share their great living experiences with their friends and families,” said Revona Director of Leasing Nathan Tondow.
“Landlords genuinely care about their residents and want them to feel good about where they live. Now, with Stake, they can give back to their residents in real, wealth-building ways,” said Income Property Specialists Founder & President Robert Salwasser.
Using Stake, property managers receive a $2.11 return on every dollar spent. Across Stake’s 30,000 homes in the U.S., 65% of renters have more money in their Stake account than in any other banking account.
Stake is building the financial infrastructure for the next generation of rentals. Stake aligns incentives between renters, operators, owners, and investors, so everyone earns the Return on Rent™ they deserve. Stake’s revenue management tools outperform, returning $2.11 on every dollar spent. These savings return millions of dollars to renters each year in the Stake app. Thousands of renters use Stake to earn Cash Back, grow their savings, and access free and equitable banking services. Headquartered in New York City and Seattle, Stake is on a mission to empower wealthier, happier, and more resilient renters. For more information, please visit https://www.stake.rent/
Stake is a financial technology company and is not a bank. Banking services provided by Blue Ridge Bank N.A; Member FDIC. The Stake Visa® Debit Card is issued by Blue Ridge Bank N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.