Homebody gives residents an all-in-one offering for renters insurance, deposit alternatives and rent credit reporting, providing extensive financial benefits
LEHI, Utah, Oct. 11, 2023 /PRNewswire/ — Entrata, a leading multifamily industry operating system, today announced Homebody — a fully integrated resident financial services offering. Homebody will initially consist of three core products including rent reporting, deposit alternatives and renters insurance. These products have high resident demand and product market fit and help address common barriers to entry for many residents, including the affordability of the current housing and rental markets. They are now accessible and conveniently integrated directly into Entrata.
“Homebody is one of those rare products where everyone clearly wins — from the property managers to the residents,” said Adam Edmunds, Entrata’s CEO. “Through the offering, property managers will be able to streamline their services while elevating the resident experience, allowing them to add insurance, access deposit alternatives and get their on-time rent payments reported to the major credit bureaus to build their credit score. Together, these products deliver true value to residents to better control their financial identity, particularly in a time where affordability and financial health are top of mind for consumers.”
Homebody is focused on providing renters access to services that help them round out their financial health as a renter, from students looking for their first apartment or long-term residents who already have a more established financial identity. Property managers will maintain a single login for their residents and their teams for a seamless experience. Finally, site teams will now be able to quickly point residents to a single source, in turn streamlining the experience and application process for both renters and property managers.
Entrata recently found in its Resident Report that residents crave convenience and want the entire renting process to be simpler — decreasing both the number of steps and the time and effort to get approved. Also, over 75% of respondents said they’d be interested in purchasing additional products such as renter’s insurance, deposit alternatives, or even rent reporting during the application process — so long as it’s seamless. Homebody solves these core issues, along with one of the biggest traditional downsides of renting — the inability to build credit from rent payments. Entrata’s recent acquisition of Rent Dynamics allows residents to report on-time payments to the top three credit bureaus.
On the resident side, residents will have access to the dedicated financial Homebody mobile app where Entrata will continually enhance service offerings that are strictly relative to resident’s financial well-being. Additionally, access to these products and services will be natively integrated into workflows and ResidentPortal to drive the most seamless experience regarding any and every rental need.
To learn more about Homebody and what it can do for your organization and residents, please visit www.homebody.com.
Entrata is a leading operating system for multifamily communities worldwide. Setting the bar for innovation in property management software since 2003, Entrata offers solutions for every step of the leasing lifecycle and empowers owners, property managers, and renters to create stronger communities. Entrata currently serves over three million residents across more than 26 thousand multifamily communities around the globe. Learn more at www.entrata.com.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.