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Startup Eases Stress on Renters Nationwide Amidst the Housing Crisis
Since the COVID-19 pandemic began in early 2020, Americans have been forced to completely adjust how they go about their daily lives.
One of the most damaging and persistent consequences of the pandemic has been its effects on the economy. Unemployment claims have continued to soar, and more than 5 million Americans are receiving unemployment benefits right now.
The economic pressures have affected Americans' abilities to pay costs that were previously not an issue. This has had a major impact on the largest cost faced by many: rent.
While laws have been passed to ensure vulnerable Americans are not evicted during this difficult time, those protections do not mean that rent payments have been forgotten. The result is that 12 million Americans are more than $5,000 behind on rent payments. Many landlords have dropped late fees and have worked on additional solutions to assist renters as best they can, but the core problem remains. Paying rent is an unrealistic burden for many.
Thankfully, a spirit of generosity and innovation have led to creative solutions to the rent crisis. Pinata, a startup that seeks to bridge the gap between property managers and tenants, has taken a no-strings-attached approach to rent relief. Via the Pinata website, landlords nominate deserving tenants through Pinata's website, and Pinata covers the rent of the most deserving nominees. Better yet, Pinata's program does not require a landlord to use the startup's lease management service in order to make a nomination.
While Pinata has made headlines for their rent relief program, their mission to make life easier for renters extends into their core services as well. Their service offers renters rewards such as gift cards and discounts for making rent payments on time.
Lily Liu, CEO and Co-Founder of Pinata, explains, “Pinata gives renters rewards for paying their rent. We also provide the option to have those payments reported to the credit bureaus to build credit. We believe that renters should be getting credit for the biggest expense they're paying every month.”
Both renters and landlords are aware of how the pandemic has impacted the tenant's ability to pay rent on time, and Pinata seeks to make the situation more manageable for everyone involved.
Since the beginning of 2020, millions of Americans have lost their jobs, and roughly half of those who lost their jobs have struggled to find new ones. This has made the issue of rent an intimidating and seemingly impossible one for many. Through their efforts to improve the lives of renters, Pinata seeks to give something that everyone could use a bit of right now, hope.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes