Zenbase, the first service to offer automated and verified rent reporting in Canada, has partnered with Avenue Living Communities to offer over 25,000 residents the ability to build personal credit on existing rent payments. Regardless of payment method, residents can make their single largest monthly payment go further with the help of CreditBuilder to reduce interest payments, access better financial products, and build a verified and sharable rent payment history.
“Avenue Living Communities and Zenbase are creating access to credit and financial opportunities for a significant number of residents across their communities,” said Koray Can Oztekin, CEO and Founder of Zenbase. “As part of our mission to redesign rent payments for the financial health of unbanked or underbanked individuals, including newcomers, this partnership creates a new standard for rental reporting. As a pioneer in the multi-family market and with a consistent focus on delivering positive social impact, Avenue Living Communities’ reach and operations allow Zenbase to propel its vision to provide equitable financial access for over 10 million Canadians who are credit invisible or have thin-file.”
Avenue Living Communities is the first property manager in Canada to adopt a rent reporting program such as CreditBuilder.
“We are pleased to enhance our partnership with Zenbase through the CreditBuilder program, which is available to each and every resident,” says Louise Elsey, COO of Avenue Living Communities. “This significant economic advantage will benefit the financial future of everyone who calls Avenue Living Communities home. With residents always top-of-mind, integrating CreditBuilder into our ever-evolving business aligns with our commitment to providing service excellence and innovative solutions.”
About Zenbase
Zenbase, a leader in rewarding and flexible rent payments, is committed to economic inclusion that fosters financial empowerment for renters. Our solutions aid the financial wellness of renters while improving operational efficiency for property managers. Rent is usually due on the first of the month, but that doesn’t align with most people’s bi-monthly pay cycle. Zenbase fixed that misalignment by offering residents the option to split their rent into two monthly payments and provide other financial health solutions such as rent reporting. For more information on how to get started with Zenbase or CreditBuilder, visit myzenbase.com.
About Avenue Living Communities
Avenue Living Communities was founded in 2006 and is Western Canada’s fastest growing private rental properties operator with an expanding presence in Alberta, Saskatchewan and Manitoba. With over 340 residential properties in more than 20 locations, Avenue Living Communities strives to provide exemplary resident experiences with safe, welcoming and affordable rental communities. By bringing people together across the Prairies via apartment and townhome living, we are committed to addressing every resident’s needs and fostering a true sense of community for years to come. Please visit avenueliving.ca for more information.
Calgary, AB – Zenbase now offers property owners and operators rent reporting to help improve the financial health of their residents and increase their operational predictability through improved payment rates. By reporting rental data to Equifax Canada, Zenbase is helping Canadians build their credit history. With over three million Canadians being considered “credit invisible” and another seven million having “thin” credit files, contributing rental data to the credit data ecosystem creates a significant opportunity to support the “Social” in ESG by helping these Canadians improve their financial well-being.
With deep accounting integrations across the multi-family space, Zenbase is proud to offer the first of its kind landlord-verified rent reporting in Canada that’s completely automated.
Zenbase is a no-lift solution for the landlords. As soon as landlords enable Zenbase for their preferred property management system, residents can sign up and give consent for their payments to be reported. The entire process of monitoring and reporting is handled by Zenbase and it requires zero investment for the landlords.
“Most renters are getting zero acknowledgment in their credit score for paying their biggest monthly expense and we are changing that,” explained Koray Can Oztekin, CEO and Founder of Zenbase. “With our landlord partners we are turning rent reporting into a standard for rent payments which is a key part of our vision to provide equitable financial access for everyone by creating a financial identity and stability toward financial health.”
“Data can be a force for good, and Equifax is hyper-focused on finding alternative sources of data that can help ensure every Canadian has access to the credit they deserve,” said Sandy Kyriakatos, Chief Data Officer for Equifax Canada. “We are so pleased to be working with Zenbase to benefit Canadian renters, who are often underserved by traditional credit. Canadians who rent their homes are often paying more than they would pay for a mortgage, but don’t get credit for consistently making those payments. When this data is reported to us, it helps build a person’s credit history, which can mean more equitable access to credit.”
About Zenbase
Zenbase, a leader in rewarding and flexible rent payments, is committed to economic inclusion that fosters financial empowerment for renters. Our solutions improve the financial wellness of renters while improving operational efficiency for property managers. Rent is usually due on the 1st of the month but that doesn’t align with most people’s bi-monthly pay cycle. We’ve fixed that misalignment and provide other financial tools like rent reporting. For more information, visit myzenbase.com
About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 14,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.
Rent affordability is a major concern for many urban dwellers, especially in Calgary and Edmonton. Housing costs can consume a significant portion of a household’s budget, making it crucial to understand the factors affecting rental prices in these cities.
Calgary is known for its vibrant energy sector, stunning parks, and cultural events. Each neighborhood in the city has its own character and amenities. However, the cost of living in Calgary can be high, especially housing costs. According to the October 2021 Rental Market Report by Canada Mortgage and Housing Corporation (CMHC), the average rent for a two-bedroom apartment in Calgary was $1,319, which is higher than in Edmonton, where the average rent for the same type of apartment was $1,150.
Edmonton is the capital city of Alberta and boasts a thriving arts and culture scene, including the West Edmonton Mall, one of the world’s largest malls. While housing costs in Edmonton are generally lower than in Calgary, the cost of living can still be a challenge for some. As per CMHC’s report, the average rent for a two-bedroom apartment in Edmonton was $1,150.
Several factors determine the cost of housing in these cities, with the location of the property being a significant factor. Apartments in popular neighborhoods or close to amenities like transit or shopping centers tend to be more expensive. Additionally, the type of dwelling can also affect the price.
The COVID-19 pandemic has influenced the rental market in Calgary and Edmonton, leading to fluctuations in rental prices due to the rise of remote work and the subsequent shift in demand for rental properties. It’s vital to stay updated with current market conditions and trends before deciding to rent.
Though the cost of living in these cities can be high, there are ways to find affordable housing options. Some tips include researching different neighborhoods, considering alternative types of housing like basement suites or room rentals, and negotiating rent with landlords. You can also split your rent with a flexible solution like Zenbase, which pays your full rent at the beginning of the month while you make two payments back to them throughout the same month.
According to a recent Equifax report, credit card spending reached historically high levels and caused a year over year increase of 17% in delinquent payments. Furthermore, TransUnion reported that the average monthly minimum payments increased by 9% for credit cards and 35% for lines of credit since Q4’22. Such an increase in financial expenses is impacting the affordability of housing due to limited budgets and deteriorating financial and mental health.
A person’s financial situation and their mental health can have implications not only on themselves but on their communities as a whole. This includes, but not limited to, their engagement at home, at their housing communities and at work. More than 40% of the renters are in core housing need- spending more than 30% of their income on rent – therefore anything that helps them to better manage this expense would create positive ESG value through social / community engagement.
Community engagement is one of the key pillars of Social, the “S” in ESG. Let’s list out all the community members who benefit from the improved financial health of renters:
Financial health can have significant implications on families specifically:
Overall, financial health is critical to the well-being of families. It can impact their relationships, physical and mental health, education, and ability to plan for the future.
Improved housing affordability can also improve relationships in housing communities between neighbours, landlords, and residents. When residents can afford their housing, they are more likely to take pride in their homes, build connections with their neighbors and stay longer as a resident. Additionally, landlords are more likely to invest in maintaining their properties, leading to better living conditions for residents.
in 2022 alone, employees’ financial stress cost employers $40B. Improved housing affordability can provide significant value for employers. When employees can afford their rent with peace of mind, they are less likely to experience financial stress, which can impact their work performance. This, in turn, can lead to increased productivity, reduced absenteeism, and increased employee retention.
Employee retention is a critical factor for employers. When employees have affordable housing options, they are more likely to stay with their current employer long-term. This reduces the costs associated with recruiting, training, and onboarding new employees.
There are two amenities linked to rent payments that build substantial ESG value by enhancing Social impact/ Community engagement.
Zenbase is partnering with mission aligned landlords to offer these two financial health amenities to Canadian Renters. If you have any questions how Zenbase can work with your existing systems please let us know.
Zenbase has partnered with VIDA to offer a flexible rent payment option to over 2,000 households in Nova Scotia, New Brunswick and Manitoba. Zenbase continues to be the leader in flexible rent payments across Canada empowering residents to split their monthly rent into two, stress free payments while building their credit. This combination creates a powerful financial tool that supports the ESG initiatives of multifamily owners and operators like VIDA.
Hugh Goodday, VIDA’s Chief Growth Officer said: “Zenbase has an impressive model that is perfectly aligned with VIDA’s objective of enhancing our residents’ financial wellbeing. We have received a wave of positive feedback since launching the program. Flexible rent payments that enable easier budgeting and decreased financial stress on the 1st of the month? What’s not to like! Simple, convenient and responsible.”
Koray Can Oztekin, CEO and Founder of Zenbase, said: “VIDA is an industry leader in their commitment to improve the financial position of their residents. We’re proud to partner with them to help their communities better manage household expenses. They have embraced our solution to empower their residents to make budgeting easier with increased cash flow for other expenses between paychecks while never having to worry about paying their full rent on the 1st of the month.”
About Zenbase
Zenbase, a leader in flexible rent payments, is committed to economic inclusion that fosters financial empowerment for renters. Our solutions improve the financial wellness of renters while improving operational efficiency for property managers. Rent is usually due on the 1st of the month but that doesn’t align with most people’s bi-monthly pay cycle. We’ve fixed that misalignment and provide other financial tools to help level the playing field. Learn more: https://myzenbase.com/
About VIDAVIDA’s mission is to revolutionize affordable communities around the world by providing socially responsible rental housing founded on four pillars: safety & security, cleanliness, opportunity and community. VIDA’s residents enjoy dignified rental accommodation that they are proud to call “home” and that helps them get ahead in life. Learn more: https://www.vidaliving.ca
Canadians from coast to coast are falling in love with not having to pay their full rent on the 1st of the month. We call it RENT DAY BLISS!
We asked our members on Instagram why they ❤️ Zenbase and being able to split their single biggest monthly expense:
I love it because it takes away unnecessary stress. It helps you create and stick to a proper budget.
Megan D.
The communication and ease of paying rent at your convenience with customer support that gets back to you ASAP!
Cam T.
The relief of stress and having access to more of our paycheck to pay bills and get groceries. It’s truly taken a lot of stress away day to day.
Debora A.
Stress relief of not having to juggle so many competing financial needs at the beginning of each month. And the custom service!
Candice P.
Zenbase is awesome! I love it because it gives us the option to pay other bills and just makes life so much easier.
Layne L.
The ❤️ for flexible rent payments doesn’t end there. Here are some of our most recent Google Reviews:
Zenbase’s mission is to ensure that no one is ever behind on their rent payments or gets evicted. Our solution enables the affordability of the primary need of every person, housing, which is why we built a solution that offers the most flexible rent payments ever. We also offer other financial solutions that empower residents to better navigate financial challenges that life may throw at them.
Calgary, AB – Zenbase has partnered with Mainstreet Equity (TSX: MEQ) to offer flexible rent payment options to all residents across its over 16,500 units across British Columbia, Alberta, Manitoba, and Saskatchewan. Zenbase is a leading provider of flexible rent payments, and their personal budgeting tool allows residents to split their monthly rent into two payments. This allows Mainstreet to offer even more value to their residents while reducing residents’ financial stress.
Trina Cui, CFO of Mainstreet Equity said: “Zenbase has delivered an easy-to-use and convenient payment option that has proven to be valuable for our residents, helping to relieve financial pressures by splitting rent payments throughout the month. Our residents are important to us, so Mainstreet will continue to explore innovative means to support the communities we serve and improve the housing affordability experience for our residents.”
Koray Can Oztekin, CEO and Founder of Zenbase, said: “We collaborate with like-minded companies who want to improve the financial health of their residents by offering our powerful budgeting tool. Mainstreet has embraced our solution to empower their residents to make budgeting easier with increased cash flow for other expenses between paychecks while never having to worry about paying their full rent on the 1st of the month.”
About Zenbase
Zenbase, a leader in flexible rent payments, is committed to economic inclusion that fosters financial empowerment for renters. Our solutions improve the financial wellness of renters while improving operational efficiency for property managers. Rent is usually due on the 1st of the month but that doesn’t align with most people’s bi-monthly pay cycle. We’ve fixed that misalignment and provide other financial tools to help level the playing field. Learn more: https://myzenbase.com/
About Mainstreet
Mainstreet is publicly traded on the Toronto Stock Exchange (TSX: MEQ). As at Q4 2022, assets were valued at CDN $2.9B. Since going public, Mainstreet has continued to grow its assets organically; its double-digit compounded annual growth continues today. Current holdings consist of over 16,500 apartments across western Canada (BC, AB, SK, MB). Along with this healthy balance sheet success, Mainstreet is a proud champion of affordable housing. Learn more: https://www.mainst.biz
According to Equifax, more than 7 million Canadians may have 2 or less credit accounts on their credit file, meaning they are considered to have limited credit history or are classified as a “thin” credit file. Therefore renter payment history reporting presents a great opportunity for both operators and renters(particularly for students, young professionals and newcomers) to kickstart an individual’s financial profile and help them secure other credit opportunities while improving timely payments. According to the studies conducted by Equifax:
70% of the GenZ and Millenial renters state that rent reporting would be a key differentiator when choosing their rental home. 73% of renters are more likely to pay rent on time if property managers reported rent payments.
Equifax
During this high interest environment, rent payment reporting provides residents the opportunity to build credit and reduce cost of financing.
Zenbase is SOC 2 Type 2 certified and integrated with all the major property management systems so there is no heavy lifting needed by operational or technical teams.
It’s in the best interest of all residents to have their payments reported since unpaid balances owed can be reported without needing the consent from the resident. By partnering with Zenbase, you can incorporate rent reporting into your new lease workflow and also onboard existing residents.
If you have any questions around rent reporting how it works with your existing systems please let us know.
As the cost of living continues to rise, it’s important for households to have a budget in place to manage their expenses. One area where a lot of households are feeling the pinch is in their rent payments which increased by 12% nationwide in 2022.
According to the 2021 Census, almost 5 million households rented the home they lived in last year—up from 4.1 million a decade earlier, approximately 36% of the population in big cities are renting. Rent is a significant portion of most household budgets, often taking up a large chunk of monthly income. 1/3 of the renters are spending more than 30% of their income on rent and they are considered to be in core housing need.
How can households manage this rent burden and still stay within their budget? Since we are already 3.5M units short in the housing supply and renters are not moving anywhere it’s unlikely that moving to a more affordable home is an option. Luckily it is still possible to optimize for the rent payments while staying in the same residence and here are three tips:
In addition to the increasing ratio of renters, Canada is also expecting 500K newcomers in 2023 who will most likely rent which will likely increase rent prices further since only about 260K new units are built per year. This means that we will continue to need tips like above to optimize for rent payments and stay on top of household finances.
According to Financial Consumer Agency of Canada 48% of Canadians say they’ve lost sleep because of financial worries, distantly ahead of personal health, work or relationships. Among the money worries, the sources of financial stress are listed as:
44% of Canadians say it would be difficult to meet their financial obligations if their pay was late.
Financial Consumer Agency of Canada
Rent is the biggest line item in a household budget, accounting for 30% or more in total expenses for millions of households. We asked Zenbase members how financial stress is impacting their overall wellbeing and how they feel about flexibility around their rent payment schedule. The results are below:
Personal finances are, well, personal. When life happens people may not feel comfortable or be embarrassed to ask for a lifeline including asking for a delay in their rent payment or asking for an advance from an employer or a friend. Flexible rent payments are designed to make it easier to budget while providing the safety net for timely rent payments and avoiding financial stress. Here’s what one of our members had to say about that:
Zenbase has literally increased my lifespan. My stress level has been reduced ten fold because I now do not have to worry about rent and payments. These guys give great service and will change your life. I promise you that!
Claude Thorimbert – Zenbase Member
Our property management partners allow us to offer flexible rent payments to their communities and deliver rent day bliss on the 1st of the month, boosting their ESG initiatives. In the current inflationary environment, all households are squeezed with rising cost of household expenses. With flexible rent payments residents have an option to split their rent payments when needed to free up cash between paychecks and avoid reliance on credit cards and other debt products.