New York, Jan. 9, 2023 – Stake, which provides Cash Back and banking services to renters, today announced that it it grew active leases by 309% in 2022, delivering wealth-building solutions to tens of thousands of renters across the country while incentivizing on-time payments, decreasing delinquency, and increasing ancillary revenue for owners and operators. Multifamily, single-family, and student housing owners and operators deployed Stake, providing free, debt-free banking solutions to more than 35,000 renters across the U.S.
With rising mortgage rates, more individuals turned to renting in 2022, and today, 44 million individuals, or 36% of American households, rent. With 20 new product and partnership announcements this year, Stake delivered Return on Rent to residents as well as owners and operators. Recent releases included:
Using Stake, owners and operators receive a 130% return on every dollar spent. Renters earn an average of 4% Cash Back on their rent each month. In the last two month of the year, the total number of renters around the country who earn Cash Back from Stake increased by 32%.
“Our mission to empower renters drives everything we do— from product releases to the Renter Wealth Creation Fund. We are thrilled that our movement is growing and that, together with owners and operators across the country, we are empowering millions of renters to live wealthier, happier lives,” said Rowland Hobbs, Stake Co-Founder & CEO.
Stake’s additional 2022 highlights included:
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.