Top Apartment Owners Band Together on Rental Rewards Program

Kairos has announced a partnership with a number of the top real estate owners to launch Bilt Rewards—a rewards program that allows renters to earn points on rent.

In all, the companies Kairos partnered with account for more than 2 million rental units. Those owners include AMLI Residential, AvalonBay Communities, The Blackstone Group, Camden Property Trust, Cushman & Wakefield, Equity Residential, GID-Windsor Communities, Lennar Corp., The Moinian Group, Morgan Properties, Related Companies, SL Green Realty Corp., Starwood Capital Group, Trammell Crow Residential, Veritas Investments and others.

“Bilt has been three years in the making,” Ankur Jain, CEO and founder of Bilt tells GlobeSt.com. “The shared goal of all partners was to make sure the rewards program was compelling enough to actually incentivize resident behavior. As a result, a big part of the past three years has also been developing a rewards program that spans airlines, hotels, art, rent credits, and, of course,  homeownership

Residents in properties owned by these companies can earn rewards through making monthly rent payments or doing other tasks, like signing a lease or referring a tenant. They can redeem these Bilt Rewards points for travel across over 100 major airlines and hotels via a one-to-one transfer partnerships with American Airlines AAdvantage, Emirates Skywards, KLM-Air France FlyingBlue, World of Hyatt and other programs. 

Credit can also be used for fitness classes at boutique studios including SoulCycle, Rumble and Y7; collections of art and home decor through the Bilt Collection and rent credits or towards a future down payment on a home.

Rewards programs aren’t new to the apartment industry. These programs have become popular over the last five years or so as a resident amenity. While some rental owners also offered programs for home ownership as far back as the mid 2000’s, Bilt says it is the first company to win regulatory approval to redeem points towards down payments on home mortgages through Fannie Mae and the Federal Housing Administration.

“Prior to our regulatory approval, Rewards Points were not an approved source of funds for FHA or Fannie Mae mortgages,” Jain tells GlobeSt.com. “Credits earned from rent to own programs are reserved for a specific unit and/or home seller. You are also usually paying a premium above rent for these programs.”

Bilt Rewards isn’t like that, according to Jain. “You earn these points from any property within our network without paying a premium on rent – plus can earn additional points from spending on the Bilt Mastercard,” he tells GlobeSt.com.

In addition to launching Bilt Rewards, Bilt has also partnered with Mastercard to develop a credit card, issued by Evolve Bank & Trust, that enables renters to pay rent and earn points with no fees. Apartment residents who enroll in Bilt Rewards and pay with their Bilt Mastercard can pay rent at any apartment or rental unit in the U.S with no fee.

Bilt Mastercard will pull funds from a linked bank account with each rent charge, keeping credit lines open for other purchases and enabling cardholders to earn points on every rent payment.

If a building doesn’t accept credit cards, Bilt says that customers can pay their rent with their Bilt Mastercard through the Bilt App. Then a check will be sent to landlords on the cardholder’s behalf. Rent payments made through Bilt Mastercard will be reported to credit bureaus, providing an opportunity for residents to build their credit score with each on-time rent payment.

“The Bilt Mastercard is just one piece of the broader Bilt Rewards loyalty program,” Jain tells GlobeSt.com. ‘Residents who rent at a property within the Bilt Rewards Alliance can earn points with or without the card [but obviously more with the card].”