Responsible Tenant Rewards: Aligning the Interests of Landlords and Tenants
In recent years, the number of people renting homes has risen dramatically. According to Zillow, in 2014 alone the number of renters nationwide increased by nearly 2%. This increase is due to a variety of factors, including more stringent requirements to qualify for home financing. While many Americans have not given up on the dream of homeownership, they are finding it more difficult than ever to qualify for a mortgage and have turned to the home rental market as a necessity.
The Responsible Tenant Rewards ("RT Rewards") program is a way for a landlord to offer incentives to a tenant contingent upon the rent being paid in full and on time, the rental property being maintained in good condition, and the tenant’s contact, credit and other information being updated on a regular basis.
LVG administers the program on behalf of the landlord, and the program works as follows:
- LVG establishes a RT Rewards account in a tenant’s name
- RT Rewards points may be added to the account each month the tenant:
- Makes a full monthly rent payment on time
- Maintains the rental property in good condition; and
- Responds to LVG requests to update and confirm certain information from time to time
*RT REWARDS IS NOT A LEGAL OPTION TO BUY A HOME OR ACQUIRE A HOME, NOR IS IT IMPLIED.