In light of the ongoing pandemic and its economic impact across the U.S., Yardi, a real estate technology provider, has launched a rental assistance software called Rent Relief. This comes as an effort to help governments properly manage the distribution of federal emergency rental assistance by providing an all-in-one platform. It can be used to get payments, in an efficient and expedient manner, to households struggling to pay rent as well as to landlords who have not been able to make their mortgage payments due to renter delinquency. $25 billion were made available for this endeavor, with additional funding expected to be allocated by Congress.
“We worked rapidly to create an easy-to-use and quick-to-implement platform that will make distribution of emergency rental assistance straightforward and equitable,” said Chris Voss, vice president of affordable housing and PHA at Yardi.
Funded by federal stimulus money, Rent Relief powered by Yardi is designed to be an online portal where people can apply for rental assistance. For this process, applicants are guided to answer eligibility questions and upload the necessary documentation while at the other end, housing agency staff can log in to verify and communicate with applicants regarding updates or missing information. The software is also configurable as each state has its own set of steps to determine eligibility. Once applicants get approved, the funds are transferred into their bank accounts using secure and transparent transactions through Rent Relief.
The cloud-based platform comes with many other important features, such as an audit functionality that would ensure that the dispersal of funds has been accurate and timely, as well as 24/7 support and an implementation process that takes just a few days instead of months.
As an industry leader, Yardi has been managing over 12 million U.S. residential units and assisting residents with rent payments for more than 8 million apartments. Their commitment to stepping up in situations of crisis has been consistent along the years, with Yardi’s efforts to helping out after 2016’s devastating Fort McMurray wildfire, as well as after 2017’s Hurricane Harvey and Hurricane Irma. Yardi also showed support in combating the effects of COVID-19 last year, when the company donated $1 million for the COVID-19 Rental Housing Support Initiative.
“Yardi is committed to do our part to help agencies keep renters housed as we endure the pandemic. We have nearly four decades of experience developing this type of full-service technology,” added Voss.
Find out more about Rent Relief powered by Yardi or schedule a personal preview by visiting rentrelief.com.