NEW YORK, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Today, Esusu, a pioneering company revolutionizing rent reporting and financial health solutions, and Avanath Capital Management, an industry-leading multifamily owner and operator focused on affordable and workforce housing, proudly announce the transformative outcomes of their partnership, offering on-time rent reporting to over 20,000 residents nationwide. The partnership has delivered measurable financial empowerment, with 63% of residents improving their credit scores and $162 million in financial opportunity unlocked for renters.
Rent is the largest and most consistent payment a renting household makes each month and historically renters have not seen this expense reflected on their credit. As an early participant in Fannie Mae and Freddie Mac’s Positive Rent Payment Reporting initiatives, Avanath residents gained access to Esusu’s rent reporting platform at no cost. Esusu’s platform, which reports on-time rent payments to the three major credit bureaus (Equifax, Transunion, and Experian), helps residents establish and boost their credit scores. Renters further benefit from Esusu’s comprehensive financial health platform receiving access to bespoke financial literacy content, individualized financial coaching, curated local resources, and a marketplace of vetted financial products. Avanath and Esusu have turned a renter’s largest monthly expense into an opportunity to build credit and economic stability.
Through this partnership, over 1,300 renters established credit scores for the first time. Residents with established credit scores saw an improvement of 48 points on average, which resulted in hundreds of families graduating from affordable housing to homeownership, demonstrating a clear pathway to wealth creation. Residents across major markets – including California, Colorado, Texas, and New York – are seeing life-changing benefits.
"Esusu is honored to partner with an innovative industry leader like Avanath to drive life-changing outcomes for renters across the country," said Samir Goel and Wemimo Abbey, Co-Founders and Co-CEOs of Esusu. “Through our comprehensive financial health platform, we can have a consequential impact in Avanath communities by unlocking economic opportunity and financial stability for tens of thousands of renters. We applaud Avanath’s long-standing leadership in the multifamily industry and their commitment to doing right by their residents.”
“Avanath has always pioneered the idea that your zip code should not determine the opportunities available to you. By providing attainable housing with world-class services and support, we give our residents the opportunity to transform their lives for the better,” said Daryl Carter, CEO at Avanath. “Our partnership with Esusu has been an integral part of that mandate – empowering our residents with financial tools and services that are a pathway to wealth creation. We could not be more thrilled by the outcomes our communities are seeing and look forward to Avanath and Esusu’s shared impact for years to come.”
Avanath residents also have access to the free Esusu app (iOS and Android) and the Esusu Renters Marketplace, offering a Credit Hub, financial literacy and credit education courses, and free tools to save money and achieve financial goals, and vetted offers from mission-aligned financial companies.
About Esusu
Esusu is the leading financial technology platform leveraging data solutions to empower residents and improve property performance. Its rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. Esusu helps renters build and establish their credit while assisting property owners in mitigating evictions through differentiated data and insights. Founded in 2018, Esusu reaches over 5 million rental units across all 50 states.
Learn more at www.esusu.com and follow us on Instagram @myesusu and X @getesusu.
Media Contact:
Small Girls PR
esusu@smallgirlspr.com
About Avanath Capital Management
Avanath Capital Management is a privately held, vertically integrated investment firm managing real estate and real estate-related investments generating risk-adjusted returns through current income and capital appreciation from its investments. The firm is a Registered Investment Adviser and provides property management services through Avanath Communities, Inc and now development services through Avanath Investment & Development.
Founded by Daryl J. Carter, the firm is led by a management team that averages 25 years of experience and that has successfully guided investment funds in defining growth opportunities. Avanath professionals have real estate operating expertise and long-standing relationships with strong local, regional, and national sponsors that can access investment opportunities aligned with Avanath's initiatives. More information is available at www.avanath.com.
