Rhove offers an alternative to buying or renting a place of residence that promises to be particularly appealing to young adults. The start-up reimagines renters as stakeholders, recognizing that the average young person spends hundreds of thousands of dollars on rent without any of the benefits of owning property. In partnership with Rhove, a new complex in Columbus, Ohio is giving renters the ability to get a financial stake in the building, offering both financial benefits and flexibility.
The rise of everything from P2P car sharing start-ups to furniture rental services acknowledges that Millennials are embracing co-ownership opportunities. Since buying a house is one of the most expensive purchases that the average person makes, this model offers an appealing hybrid of renting and homeownership—or "rentership."
Image Credit: Norman Ai
Rhove's Model Gives Apartment Renters a Stake in the Building
1. Stakeholder Renting - Exploring ownership models for renting that allow tenants to become stakeholders presents innovative opportunities to attract younger generations of renters and provide an experience closer to home ownership.
2. Flexible Housing - Harnessing technology and novel approaches to provide renters with greater flexibility in housing options can disrupt traditional residential real estate models and create new business opportunities.
3. Co-ownership Networks - Developing co-ownership networks that offer access to shared assets and property to younger generations can tap into growing demand for more social and collaborative living arrangements.
1. Real Estate - The real estate industry has an opportunity to innovate by exploring new hybrid models of renting and ownership for younger generations of renters.
2. Fintech - Fintech companies can disrupt the traditional ownership and financing options by developing new financial models that allow renters to become stakeholders in the properties they occupy.
3. Sharing Economy - Models of co-ownership and stakeholder renting present opportunities to expand the sharing economy into the residential real estate sector, creating new business models and revenue streams.