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