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
Calgary, AB – Zenbase, a leader in flexible rent payments, today announced that it has partnered with Laebon Rental Communities, a premiere rental company, to offer flexible rent payments to its nearly 1,000 luxury rental homes in Central Alberta.
Zenbase enables the most flexible rent payments for Canadians by allowing residents to split their rent into two stress free payments and improve their cash flow. Residents can also budget more easily and avoid late fees which improves overall satisfaction and retention.
Koray Can Oztekin, CEO and Founder of Zenbase, said: “Zenbase aims to build partnerships with like-minded property management companies who are committed to improving the financial health of their residents while striving to get paid on time. Laebon Rental Communities saw an opportunity to deliver rent day bliss with a new level of rent payment flexibility and a meaningful reduction in financial related stress through improved budgeting. We look forward to continuing to offer flexibility and peace of mind to more of Laebon’s residents every first of the month.”
Matthew Lavergne, General Manager of Laebon Rental Communities said: “Laebon Rental Communities is always looking to add value for our residents. We offer such amenities as free coffee stations in our lobbies, community gardens, fitness centres and now flexible rent payments. Our goal is to provide a quality of life that is unmatched anywhere else in Central Alberta. We are proud to partner with Zenbase to offer more financial freedom for our residents which we hope in turn will improve their quality and way of life.”
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 Laebon Rental Communities
Laebon Rental Communities (LRC) provides tenants with safe, affordable, and well-maintained rental buildings throughout Red Deer, Sylvan Lake, Lacombe, and Penhold. When renting with Laebon you know you are renting with a name you can trust. The Laebon name has been known for their high standards and their commitment to quality craftsmanship, design, and innovation in Central Alberta since 1976.
LRC is committed to providing residents with not only the best quality in housing but an enhanced level of community. Each Laebon Rental Community is essentially a community within its-self. LRC holds social events, creates interactions between residents and staff, and always provides open lines of communication.
LRC strives to provide Albertans with a high standard of living and a place they are proud to call home. Learn more: https://laebonrentalcommunities.com
Times are changing, and the ways we pay are no exception. Consumers are demanding — and being offered — flexible payment options across the board and the property management business, an industry that’s been historically slow to embrace technology, is being left behind. Coupled with our current economic climate, this presents an opportunity.
The world today is not the same place it was even two years ago. The pandemic has changed consumer preferences and for many of us, our fortunes as well. In May 2022, the inflation rate in Canada reached a 33-year high, at 7.7 per cent while wages have only grown by roughly three percent in the past year. Coupled with a rise in interest rates, consumers are paying more for everything. With day-to-day essentials, like food, gas, and rent becoming more costly it’s no surprise people are looking for ways to make their money last the whole month.
The current environment has resulted in solutions like “buy now, pay later” or BNPL payment plans that offer greater financial flexibility for consumers. And BNPL is being applied to the housing industry to manage rents, too — a Motley Fool survey suggests over half of renters would “probably” or “definitely” pay more for flexible payment options in a rental property. This move towards flexible payments, which allows consumers to split their rent up into smaller installments throughout the month, is part of a growing demand for enhanced services, including digital rent payments, according to a report from insurance company Entrata.
Flexible Payments to Support Improved Financial Health
Flexible payment options benefit both property owners and renters. Renters have the ability to break up their rent payment into smaller installments, while property owners can maintain more reliable collections and better renter retention. The financial wellbeing index from LifeWorks, released in October 2021, suggests that almost 30 per cent of Canadians live paycheck to paycheck, and roughly 26 per cent say they can’t come up with $2,000 in an emergency if they needed to. Giving renters a flexible solution to pay their rent, even if faced with a sudden financial emergency, can help them avoid late payment fees, which can add up to $150 a month on a $1,200 rent. It also helps renters avoid the financial stress of falling behind.
Avenue Living Communities + Zenbase: A Benefit for All Residents
For Avenue Living Communities (ALC), a partnership with Zenbase is just another way to enhance the resident experience and provide exceptional customer service. ALC is focused on providing top-quality management to its residents across the Prairies, and offering a flexible payment service has been a key differentiator. For a small fee, Avenue Living Communities residents can use Zenbase to split their rent into two payments, dividing their rent to match their pay schedule. Zenbase covers the monthly rent up-front, and residents have an extended window to pay it back in full and avoid the service fee. Zenbase also offers a $100 cash advance, to provide support with groceries or other expenses on months when budgets are tight. “Splitting your rent into two payments is awesome,” writes Diane in a Zenbase Google review. “You don’t feel stranded at the end of the month.”
A Win-Win
“Rent is due on the first” is one of the last, albeit stubborn, remnants of the past, and we may be seeing the beginning of its extinction. Avenue Living Communities, in partnering with Zenbase, is offering their residents flexibility, freedom of choice, and another way to take control of their finances. We all deserve options, whether we rent or own our homes, and flexible rent payment services like Zenbase provide property managers with the technology to make those options a reality.
Learn more about Zenbase, and how we can help property managers offer exceptional customer service.
Toronto, ON – The Canadian Lenders Association (CLA) is pleased to welcome Zenbase as a new member. Zenbase is a company committed to economic inclusion in order to foster financial empowerment for renters. Its solutions improve the financial wellness of renters while improving operational efficiency for property managers. Zenbase was founded with the vision of becoming a trusted partner in managing household finances while eliminating late fees and predatory financing.
“We are thrilled to welcome Zenbase into the Canadian Lenders Association and look forward to integrating them into the CLA’s Roundtables and webinars.” says Gary Schwartz, President of the CLA. “Zenbase offers a vital service for Canadians, and we look forward to seeing what the future holds for them.”
In a time in which more Canadians are struggling to meet rent payments and there’s a housing crunch in major cities, socially responsible finance has never mattered more. Currently operating across Alberta, Manitoba, Saskatchewan, soon, Zenbase plans to expand into Ontario and British Columbia.
“Zenbase and the CLA share similar objectives. We are both committed to growing financial literacy and promoting financial empowerment through responsible lending. We look forward to working with industry leaders to develop unique partnership opportunities and provide hard working Canadians a better solution to manage their largest monthly expense: rent.” says Philipp Postrehovsky, COO at Zenbase.
Rent is usually due on the 1st of the month, but that doesn’t align with most people’s bi-monthly pay cycle. Zenbase has fixed that misalignment and provides other financial tools to help level the playing field. Since Zenbase launched, it has saved more than $700 at an annualized rate per resident by avoiding late fees and overdraft fees, and growing its active renters by more than 50% MoM. In addition to the rent product, more than 40% of our members are also using its fee-free cash advance service to cover their utilities, groceries and gas.
Zenbase’s mission is to ensure that no one is ever behind on their rent payments or gets evicted. Zenbase also offers other financial solutions that empower users to better navigate financial challenges that life may throw at them.
About Zenbase
Our 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 users to better navigate financial challenges that life may throw at them.
About Canadian Lenders Association
The Canadian Lenders Association supports the growth of companies that are in the business of lending, or providing other means of credit, to small businesses and individuals by non-conventional or innovative means to exchange ideas and explore ways of improving the sector; encourage principled and professional practices by Innovative Lenders; educate the public at large about Innovative Lending; encourage individual potential borrowers to be informed about the appropriateness of Innovative Lending to the borrowers’ circumstance; and to advocate on behalf of, and represent the interests of Innovative Lenders.