We love finding ways to make our money work harder for us. We love rewards, but just because our money is working harder, doesn’t mean we should be working harder, too. At Piñata, we make it easy to get rewarded for your single, biggest monthly expense: your rent! According to a new Piñata survey, conducted among 1,000 renters, 84% of renters wish they could get rewards for the money they spend on rent each month; and 74% purposely seek and use credit cards, rewards apps, discount sites or coupons to save money and get rewards like cashback, points, gift cards, etc.
Historically, homeowners are the only group to get financial benefits from paying their mortgage, while renters haven’t been able to boost their financial health for paying rent. Not fair, right?
With more and more people choosing to rent instead of purchasing a home, Piñata is changing the status quo for renters by offering rewards and financial resources.
After all, the reasons for renting aren’t just financial, they are about the lifestyle. According to the same survey, 23% of renters plan to rent forever, 28% don’t want the responsibility of owning a home and 21% aren’t committed to their location long term. Only 24% of respondents are renting while they save to buy a home.
Not only do we believe renters should be able to build financial health for paying rent on time, but it should also be easier than ever to pay rent. According to the survey, a surprising 68% of landlords still require their tenants to pay rent by check or cash, but nearly 50% of renters prefer to pay their rent through an app or online.
Not only do we believe renters should be able to build financial health for paying rent on time, but it should also be easier than ever to pay rent. According to the survey, a surprising 68% of landlords still require their tenants to pay rent by check or cash, but nearly 50% of renters prefer to pay their rent through an app or online.
We’re adding new features for renters to boost financial health, play games to earn more rewards throughout 2020.
More to know...
The survey also asked renters about their financial health and resilience:
31% of renters are worried that they might not be able to pay rent on time and in full at some point over the next six months
41% of renters have $500 or less saved for immediate needs and emergency expenses; 17% have between $501–$1,000 saved; 21% have between $1,001–$5,000; 22% have more than $5,000 saved
Tools and strategies that renters are using to build financial health and resilience:
52% building savings in a savings account
42% cutting back on everyday expenses or hunting for savings
37% knowing and reviewing their credit score
23% building credit history
18% investing in stocks and/or bonds in a personal investment account
14% investing in stocks and/or bonds in an employer-sponsored retirement account
4% investing in real estate by buying securities
3% investing in real estate by buying, selling or renting property
Resources/support renters have received during the pandemic:
12% have received food from a food bank, nonprofit or community organization
11% have received a grant, donation or zero-interest loan from family, friends, a government agency or community organization
9% have received a loan with interest or fees from family, friends, a bank or payday lender
9% have received rent relief from their landlord (extended due date, decreased rent or payment plan)
6% have received mental health support or counseling
69% have not received any resources/support
Methodology
The Piñata survey was conducted online by Dynata on August 13, 2020, among 1,000 American renters, ages 18+. Respondents to the survey were selected from among those who volunteered to participate in online surveys. One thousand complete surveys were collected using the sample framework based on U.S. Census data for age, ethnicity, gender, region, and income.
