How to Rhove
Rent to Earn
There’s a simple new way to take control of your financial future right from your apartment. Rhove is closing the gap between renting and owning, enabling renters to save and invest in real estate through their rent payment.
Rhove enables you to build savings toward important life events, like buying your first home, just by paying rent. Now you can enjoy the accommodating lifestyle of renting while you create a more secure financial future for yourself.
It’s incredibly easy to get started with Rhove. Even if you’re not ready to move to a participating property just yet, you can start saving more with our 1.85% annual savings bonus through your Rhove Rewards account:
- Download the Rhove app.
- Link your bank account to your Rhove Rewards account and set your monthly recurring deposit.
- Every month we’ll automatically transfer your recurring deposit to your Rhove Rewards account from your linked bank account.
Personalize your Rhove profile by telling us what you’re saving for, and easily track your savings progress––research suggests that by simply writing down a savings goal you are more likely to achieve it. You can use your money however you want and, even if you move apartments, the savings and rewards you’ve earned in your Rhove account move with you. No penalties, and no fees attached.
Before long, your goals will be in sight. People spend over a decade on average renting before buying a home. That means the average 32-year-old renter in Columbus––paying $1,500 a month in rent––would save $9,000 using Rhove over a 10 year period, an amount that would significantly contribute toward purchasing a home. Even after just two years of using Rhove that same renter would save close to $2,000. It’s even possible to improve your credit score just by paying rent, with your on-time rent payments reported to the credit bureaus.
Through partnerships across the home buying lifecycle, Rhove will offer exclusive rewards that shorten the path to homeownership for renters.
Rent to Earn
In addition to Rhove’s Rewards account, you can earn a dollar-for-dollar match on your savings, every month, when you live at one of our partner properties––check out all of our properties here.
How do you get cash back on your rent? Follow these steps to Rent to Earn:
- Move to a partner property and download the Rhove app
- Update your profile information to reflect your address at our partner property.
- Set your monthly recurring deposit, and pay rent as usual. Every month you’ll double your savings, earning up to 2.5% cash back on your rent.
Tenants at our partner properties that sign-up for Rhove can earn cash back every month, up to 2.5% of their rent value. For example, as a Rhove user, if your rent is $1,500 per month, you are eligible to receive up to $37.50 in Rhove Savings Rewards per month. Over the course of the year, you would save $900 in your Rhove Rewards account–money that you can continue to save or that you can use for whatever matters most to you. Similarly, if your rent is $2,000 you’ll be eligible to receive up to $50 cash back every month, and save over $1,200 in your Rhove account per year.
It is easy to imagine that $900 isn’t enough to move the needle––it certainly isn’t a downpayment on a home. When you consider the average Millennial has a negative net worth, annually saving an additional $900 can significantly improve quality of life. Over several years, that savings will be enough to help a renter to bridge the gap between renting and first time homeownership.
Keep an eye out for more of our carefully selected partner properties, aligning with our vision to close the gap between renting and owning. Sign-up for our newsletter to stay up to date with our progress, and find out when a property offering Rent to Earn comes online near you.
Don’t just rent. Rhove.