Bonaventure Sees 80% Adoption of RentPlus in Less Than 12 Months
Overview
As part of the luxury market in multifamily, Bonaventure was looking to level up their resident amenity offering with a program that provided tangible, lifelong value to their residents.
After being introduced to the RentPlus program from Rent Dynamics, they were ready to onboard the credit building and financial services suite across their portfolio.
"The most surprising part was how well RentPlus was adopted by the residents. We were concerned that any time you change the pricing structure it may not go well, but we were happily mistaken. The residents do see a value in RentPlus and maintaining the coverage and getting credit for something they already were planning on doing, and that was to pay their rent on time. It's gone over extremely well and we are very happy with RentPlus and Rent Dynamics." Sarah Bernier
"We rolled out in October 2021, I was nervous about essentially rolling out our entire portfolio at once. Rent Dynamics made it easier than any small pilot we had done in prior time and even since then. There was almost no lift on our part for implementation and with Rent Dynamics' established partnership with our utility billing provider, billing was a breeze to integrate and set up." Sarah Bernier
"Bonaventure works in the luxury market, anyone that chooses to rent with us is in fact choosing to rent with us. They are renting for flexibility, convenience, sociability, there are a multitude of reasons to rent. We like the Home Buying Program because at some point in their lifecycle may decide it's time to buy a home. So at no cost to us or to them, we are able to say, 'Hey, when you're ready, no pressure, please stay as long as you'd like. We've got this partnership that allows you to get some help with the purchase of a home.' Sarah Bernier
Residents increased credit score
Enrollment in 12 months from initial rollout
Residents went from unscorable to scoreable
The Smoothest Integration To-Date
"We rolled out in October 2021, I was nervous about essentially rolling out our entire portfolio at once. Typically we like to fail small so we normally only pick a few properties so we can get a feel for the impact and success. Instead we decided to pull the bandaid off to roll out 21 properties at the same time" noted Sarah Bernier of Bonaventure.
She went on to share how the onboarding process and implementation from RentPlus was easier than any other small pilot program they had released. There was virtually no lift on the part of their on-site team and with Rent Dynamic's established partnership with their utility provider, billing was a breeze to integrate and setup.
How Rent Dynamic's Brought Value to Bonaventure Residents
Bonaventure communities saw instant success from their residents immediately following the rollout of RentPlus across their portfolio. They were concerned with the change in pricing structure since typically residents push back on excess charges, however their anxieties were quickly put to rest as residents began sharing positive feedback almost immediately.
From the initial rollout of 16 properties, there was a steady climb to 80% adoption at the first-year mark. RentPlus has been slowly integrated in phases with additional communities in the Bonaventure family over the later course of 2022 and into 2023. Enrollment numbers for communities who entered later on are also beginning to climb at the rate of the initial communities that were rolled out.
RentPlus Home Buying Program Creates Sustained Value
In addition to the seamless onboarding and well-received feedback from residents, Bonaventure especially appreciates the Home Buying Program as part of the newest line of services included in RentPlus premier financial suite for residents.
"Bonaventure works in the luxury market, anyone that chooses to rent with us is in fact choosing to rent with us. They are renting for flexibility, convenience, sociability, there are a multitude of reasons to rent. We like the Home Buying Program because at some point in their lifecycle may decide it's time to buy a home. So at no cost to us or to them, we are able to say, 'Hey, when you're ready, no pressure, please stay as long as you'd like", Sarah mentioned.
"We just think it is a win-win and we're excited to see how the program is received by our communities." she concluded. We couldn't agree more.
