“The benefits of rent from payroll are clear – our communities improve conversions and economic occupancy and enjoy better payment performance, while prospective residents obtain a lease with a lower upfront move-in cost..."
Boston, MA (PRWEB) June 03, 2014
Neighborhood Pay Services (NPS), the leader in rent assurance for multifamily housing industry and the originators of rent from payroll, announced today the signing of three new leading multifamily clients: Camden Property Trust, CFLane and Trinity Property Consultants.
These companies, which own and/or manage over 110,000 apartment units throughout the U.S., have deployed the NPS Rent Assurance payroll direct deposit platform at targeted communities within their portfolios as a more effective option to increased security deposits to make leases more attainable for prospective residents who have been approved with conditions. NPS Rent Assurance is also being used by CFLane and Trinity Property Consultants as a new tool to help existing residents who have fallen behind in their rent payments to get caught up and stay on-time for the remainder of their lease, greatly reducing costly skips and evictions.
“We are excited to be working with such well respected industry leaders who have placed their trust in our proprietary rent from payroll direct deposit platform to significantly improve performance of their conditionally approved resident populations,” said Richard A. Levitan, president of NPS. “These companies recognize the value in capturing 1-2 percent incremental occupancy with increased move-ins in addition to significant cost savings from reductions in skips and evictions with a tool that minimizes defaults and, ultimately, increases revenues and net operating income. The rapid adoption of rent from payroll continues to affirm the value of providing both residents and leasing staff with an assured payroll direct deposit tool to outperform traditional tactics for conditionally approved residents.”
Residents enroll in NPS Rent Assurance prior to lease signing by initiating prorated payroll deposits directly from their employer every payday that are secured for rent and aggregated by NPS over the course of each month. The company reports on all funds received throughout the month and then disburses electronically to communities for on-time and in-full rent payments.
“We spend a lot of time, effort and money marketing to prospective residents and helping them find a new apartment home, but the prospect’s excitement about finding the perfect home can quickly turn to frustration when they are conditionally approved and can’t meet the additional deposit or guarantor requirements,” says Kip Zacharias, vice president of business services for Camden. “It’s disappointing for the prospective resident, it’s disappointing for the site staff, and it’s lost revenue for the company.” Zacharias says that NPS Rent Assurance helps solve this problem for Camden. “The NPS solution enables more prospective residents who want to live in our communities say ‘yes’ to the lease offer without requiring additional upfront funds at the time of the lease. It also helps the resident avoid future payment issues since it automatically prioritizes funds for rent before they can be used on discretionary expenses. It ultimately benefits Camden because we end up with more people moving into our communities. That’s a win for the resident, a win for the community, and a win for Camden.”
Rick Jones, Asset Manager at CFLane , who launched the NPS Rent Assurance program in the Atlanta market agrees, “The benefits of rent from payroll are clear – our communities that offer it improve conversions and economic occupancy and enjoy better payment performance, while prospective residents obtain a lease with a lower upfront move-in cost and the added convenience of knowing rent will be delivered consistently via deposits from employer payroll, which saves them additional money on late fees.”
About NPS Rent Assurance
NPS Rent Assurance is the originator of rent from payroll and the only rent from payroll direct deposit platform providing the multifamily industry with a proven solution for building incremental occupancy with improved payment performance from conditionally approved residents. The company's simple, ‘hands-off’ program receives payroll direct deposits from a resident's employer each pay period with built-in safeguards against 'pull back' before rent is due. NPS Rent Assurance is offered exclusively through apartment leasing offices as a key component of conditional lease offers as well as a mechanism to automate work-out plans for existing residents who fall behind in their lease obligations.
The NPS rent from payroll platform is now offered across the U.S. by eight of the NMHC 2014 Top 50 Owners and Managers.