The Kairos portfolio of brands is partnering with a large number of leading real estate owners and operators to launch Bilt Rewards, a program that allows renters to earn reward points on their rent payments—and with it the Bilt Mastercard, which allows cardholders to pay rent and earn Bilt Rewards points with no fees.
Companies participating in the Bilt Rewards program launch include AMLI Residential, AvalonBay Communities, Blackstone, Camden Property Trust, Cushman & Wakefield, Equity Residential, GID-Windsor Communities, Lennar Corp., The Moinian Group, Morgan Properties, Related Cos., SL Green Realty Corp., Starwood Capital Group, Trammell Crow Residential, and Veritas Investments. Together they account for more than 2 million rental units across the country where renters can now earn points for monthly rent payments or other activities, such as referring a tenant or signing a lease.
“GID is always thinking about how we can improve the customer experience at our 140 Windsor Communities so residents can create connections and receive that added value. Our partnership with Bilt Rewards allows us to offer our residents a truly revolutionary product that goes beyond the ordinary resident rewards program. Bilt is a turning point for the multifamily industry, and we are thrilled to be on the forefront of this kind of innovation,” says Greg Bates, president and CEO of GID.
Renters can redeem Bilt Rewards points for travel across major airlines and hotels through 1:1 exchange partnerships. Other rewards include fitness classes, art and home décor through the Bilt Collection, and credits towards rent or a future down payment through Fannie Mae and the Federal Housing Administration.
“Rent is the single largest expense for the vast majority of Americans,” says Ankur Jain, CEO and founder of Bilt. “And until today, it has been the only major expense you couldn’t earn points through. Over a renter’s lifetime, that’s thousands upon thousands of dollars that they’ve never been able to earn something back on. With the launch of the new Bilt Rewards program, renters will now be able to travel, shop, or even start thinking about purchasing a future home just by paying their rent.”
Bilt Rewards participants who also register with the Bilt Mastercard can pay their rent with the card at any apartment or rental unit in the U.S. without incurring fees, and earn up to double the points on rent purchases. (For units that do not accept credit card purchases, users can send a physical check to their landlords after payment through the Bilt app.) To ensure renters aren’t using up their credit line on rent purchases, the card incorporates a “BiltProtect” system, which allows it to function as a debit card for rent transactions only from a limited bank account.
Renters at the program’s affiliate companies will be among the first to receive invitations to apply for the Bilt Mastercard.
“At Morgan Properties, we are always looking for unique and innovative ideas and technology to provide our residents with the best and most convenient experience possible,” says Amy Weissberger, senior vice president of corporate strategy for Morgan Properties. “… We look forward to officially rolling out the Bilt Rewards program to select communities this fall.”