Bilt Rewards reshapes rental payment industry

Bilt Rewards reshapes rental payment industry

"Rental Payment Reshape"

Ankur Jain, the CEO of Bilt Rewards, has revolutionized the real estate industry by allowing renters in the U.S. to earn rewards through its rent payments. This ingenious business model has disrupted the rental sector and catapulted Jain into billionaire status.

Bilt Rewards has transformed rent payments from a monthly obligation to an opportunity to earn various perks. Just look at Tyler and Brian Albritton, who have exploited Bilt Rewards to pay their rent and accumulate points towards a Caribbean vacation. They also earn additional rewards by frequenting local businesses within the Bilt Rewards network.

Introduced in 2019, Bilt Rewards was inspired by loyalty programs prevalent in the hospitality industry. Jain saw the potential for a similar system for the estimated 44 million rents in the U.S. Not only did the tenants embrace this innovative concept, but landlords of 4 million properties quickly adopted it, enhancing their tenant relationships and loyalty.

Earning perks with Bilt Rewards rental payments

Despite starting operations only recently in 2021, Bilt Rewards shows immense promise. Jain, who owns a 36% stake in the company, has seen his net worth explode to approximately $1.2 billion. The company’s current reach is less than 10% of U.S. rental properties, but Jain plans to double or triple this reach in the coming year.

Apart from the primary points program, renters enjoy additional benefits Bilt provides. Tenants can report their rent payments to the three major credit reporting agencies free of charge, boosting their credit scores. With these services and an optimistic projection of a whopping $200 million in revenue this year, Bilt Rewards is setting the bar high in the rental industry.

See also  Apple's new Beats Solo Buds offer affordable audio quality

About Our Editorial Process

At DevX, we’re dedicated to tech entrepreneurship. Our team closely follows industry shifts, new products, AI breakthroughs, technology trends, and funding announcements. Articles undergo thorough editing to ensure accuracy and clarity, reflecting DevX’s style and supporting entrepreneurs in the tech sphere.

See our full editorial policy.

About Our Journalist