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record rent price and low homeownership in US drive new industry of lenders to finance rent

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A 2017 survey of more than 100,000 renters by the National Multifamily Housing Council, a landlord group, showed 3% of those surveyed paid rent with credit cards and 16% said they would do so if their landlords agreed.

“As rents have gone up, we get more and more emails and phone calls where people would ask us if they could pay their rent over time,” said Tony Diamond, founder of StayTony, which manages upscale apartments in the Los Angeles and Atlanta areas.

The company recently joined with loan vendor Uplift—which made a name for itself financing family vacations—to allow its tenants to finance up to three months of rent over a 12-month period.

StayTony hopes its renter loans will appeal in particular to recent college graduates. Through Uplift, it offers loans up to $16,000 that carry no interest for the first six months and an annual interest rate of 15% to 17% on average after that.

https://www.wsj.com/articles/as-more-millennials-rent-more-startups-want-to-loan-to-them-11557739800