Marketed as “the first cashback app that pays your rent”, My Rent Rewards has been launched for the UK’s social housing tenants. The app is free for tenants and is available from Apple iTunes and Google Play Store.
All the cashback raised from tenants’ purchases from My Rent Rewards’ retail partners is ring-fenced and paid directly to their housing provider. For housing providers, in addition to making their rental income a little more secure, they can gain insight into the financial behaviours of their tenants and understand more about the reasons why tenants fall into arrears.
Nicola Fahey, co-founder, My Rent Rewards, said, “With changes in the housing sector, such as universal credit, we thought that tenants would be interested in a product that helped them to save money towards their rent. We believe that an app is the best way to deliver the cashback, due to the popularity of smartphones and apps.”