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Are your properties ready for CA Assembly Bill No. 2747?

The landscape of credit reporting is evolving, and it's time for property managers to embrace a powerful tool that benefits both residents and their bottom line. With Assembly Bill No. 2747, California is leading the way in empowering renters to build credit through their rent payments.

The law, which went into effect January 1, 2025, will require property owners with 15 or more rental units to offer residents the option to have their on-time rent payments reported to credit bureaus. All leases signed after the effective date must start reporting rent payments no later than April 1 for those who have opted in, while also giving all residents the option to report rent.

This groundbreaking legislation promotes financial inclusion and fairness, recognizing that rent payments are a significant financial responsibility that should be acknowledged in credit reports. By participating in rent reporting, renters gain greater control over their credit history and can build a stronger financial foundation for the future. This law also benefits landlords by encouraging on-time rent payments and reducing delinquencies, leading to improved financial stability for both renters and property owners.

Benefits Beyond Credit Scores

Reporting rent to credit bureaus does more than just help residents build or improve their credit. By incentivizing on-time rent payments, properties can experience:

Improved NOI: Reduced delinquencies translate to healthier financial performance.
Enhanced Resident Relations: Offering rent reporting as a valuable amenity strengthens resident satisfaction and loyalty.
Competitive Edge: Attract and retain residents with a benefit that directly impacts their financial well-being.

Rent Reporting by Homebody stands out from the competition

Rent Reporting is a win-win ancillary revenue amenity. Your residents can build their credit by simply paying rent on time, and you get a boost to your bottom line without distracting your onsite team. You don’t have to manage the service thanks to Entrata workflows and integrations and the fact that residents can sign up as part of the application process.. At student properties, guarantors love Rent Reporting because it helps their applicant build credit without needing to open up a credit card account.

Benefits for Properties

Stay competitive in your amenities
Encourage on-time payments
Improved property NOI
Put the Social in Environmental, Social, and Governance

Rent that rewards residents

Residents want financial flexibility when it comes time for them to buy a house or car, or even take out a business loan. With Rent Reporting, you enable residents to build credit through something they are already doing, paying the rent. And it works—80% of consumers improved their credit scores when their on-time rent payments were reported to the major credit bureaus. Embrace the power of Rent Reporting with Entrata and transform it into a mutually beneficial situation for your residents and your business. Empower your residents to achieve their financial dreams, enhance your property's financial health, and solidify your position as a leader in the multifamily industry.

Benefits for residents

Build credit while renting
Manage in the Homebody app
Financial literacy resources
Free budgeting tool

Request a demo today to learn more about how Rent Reporting will drive more on-time payments from residents while also helping them build credit.

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Are your properties ready for CA Assembly Bill No. 2747?

Benefits Beyond Credit Scores

Rent Reporting by Homebody stands out from the competition

Rent that rewards residents

Request Demo

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