Chicago-based Equity Residential is the nation's largest, publicly held apartment owner. It owns 1,103 developments with a combined 227,082 units in 36 states. In California alone, it has 88 properties with 21,264 units: 48 of the developments are in the Southland, including 16 in LA County, 13 in San Diego and nine in Orange County.

Under the plan, tenants at Equity's apartment developments can use 20% of the monthly base rent they pay over the course of their lease as a credit toward buying a house from KB, California's largest homebuilder and one of the nation's Top 10. For example, if a tenant pays $25,000 in rent over the course of a year or two, the tenant would have a $5,000 credit toward the down payment on a KB Home or could use the credit to pay for upgrades.

Fred Tuomi, president of Equity Residential's Western Division, tells GlobeSt.com the program is designed, in part, to encourage tenants to renew their leases and thus avoid costly turnover. But in another unusual twist, tenants who move out can continue earning credits as long as they choose another Equity property as their new home--even if the apartment is in a different state.

Allowing tenants to continue accruing credits when they move from one Equity Residential development to another should help keep the company's overall portfolio vacancy rate low and build more "brand loyalty," Tuomi says. The portability of the credits may become even more important as many companies continue to downsize and workers seek jobs in other cities, he adds.

Equity Residential already offers similar credits with builders in other states, Tuomi says. KB Home and Ryland Homes take part in a Colorado program operated by Equity, while Centex Homes and Beazer Homes are among its partners in other parts of the nation.