Utah-based multifamily operating system provider Entrata announced on Thursday that it will acquire resident rent reporting and financial resources provider Rent Dynamics. The terms of the deal were not disclosed.
Rent Dynamics’ product offering promotes economic inclusion and financial health for residents. Entrata’s acquisition includes 100% of the company’s equity, and the deal will make it possible “to provide residents with increased access to financial tools designed to impact their financial future positively,” the companies said in an announcement about the deal.
“The combination of Entrata and Rent Dynamics will deliver a huge advance in providing much-needed tools to address a gap that has prevented millions of residents from building credit and long-term financial health,” said Entrata CEO Adam Edmunds. “We believe this acquisition will give property owners and operators what they need to drive loyalty, financial well-being, and, ultimately, the very best resident experience.”
The addition of Rent Dynamics’ products to Entrata’s existing resident services offerings will support resident-focused owners and operators through expanded operating system functionality, the companies stated.
“Rent Dynamics functionality will be partnered with Entrata’s existing features, enabling property owners and operators to provide their residents the capability to streamline utilities, obtain renters insurance, and build credit by making on-time payments, all through Entrata’s single-sign-on platform,” the announcement states.
For Rent Dynamics, the deal will allow the company to scale its efforts to meet more renters, according to Quincy Rich, the company’s CEO.
“Together, Rent Dynamics and Entrata will continue to build the most comprehensive, all-in-one operating system to create a better experience for every resident,” Rich said. “We couldn’t be more excited to join a leader like Entrata to help residents take ownership of their financial situation to provide more rent payment options and get credit for paying rent on time – all through one application workflow.”
Existing Rent Dynamics employees will assume new roles under the Entrata umbrella, the announcement states.
“We look forward to Rent Dynamics complementing our product portfolio for years to come,” said Catherine Wong, COO and Chief Product Officer at Entrata. “The interoperability of both platforms will drive increasing benefits for our customers and their millions of residents around the world, furthering our commitment to elevating the resident experience.”