Pioneering the Renting Cooperative™
The Renting Cooperative™ housing model fills a missing place in the economy for renters striving to invest in their communities and become more financially secure. Renting Partnerships has three main purposes:
The Renting Cooperative™ offers renters the stability of homeownership and control over management decisions affecting quality of life. Prospective residents commit to stay at least five years, attend monthly meetings, and fulfill upkeep assignments in addition to paying rent on time and other typical lease responsibilities. These actions reduce expenses budgeted for vacancy and turnover and the savings is used fund financial credits or "rental equity." A renewable agreement in the lease allows residents to earn up to $10,000 in ten years. After five years, residents may withdraw funds to use as emergency savings and continue earning credits. Expanding the model will help narrow the gap in wealth between households that own real estate and those who do not.
- To take housing out of the real estate market, owning in it trust so that it stays affordable in the future,
- To allow people to build financial savings through cooperative management, and
- To build communities that work together to care for their housing and environment.
The Renting Cooperative™ offers renters the stability of homeownership and control over management decisions affecting quality of life. Prospective residents commit to stay at least five years, attend monthly meetings, and fulfill upkeep assignments in addition to paying rent on time and other typical lease responsibilities. These actions reduce expenses budgeted for vacancy and turnover and the savings is used fund financial credits or "rental equity." A renewable agreement in the lease allows residents to earn up to $10,000 in ten years. After five years, residents may withdraw funds to use as emergency savings and continue earning credits. Expanding the model will help narrow the gap in wealth between households that own real estate and those who do not.
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The Legal Structure of the Renting Cooperative™
The legal framework not only maintains affordability but also provides a path to financial growth without requiring ownership—a structure entirely unique to the Renting Cooperative™ model.
Outcomes
Developed over 22 years, the Renting Cooperative model has shown that renters can create and capture value in ways beyond traditional leasing:
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Closing the Wealth Gap
Founded in 2014, Renting Partnerships is a (501-c-3) nonprofit incorporated in Ohio. Renting Partnerships is excited to work with organizations and partners to scale this unique housing model. Together, we can redefine the role of renters in affordable housing and foster greater economic equity for communities everywhere.Expanding renting cooperatives will strengthen the economy by building wealth among households that don't own property. Rental equity can grow up to $10,000 in ten years and continue building. This is significant for overcoming racial economic inequities, particularly for black households. The net worth of black households in the U.S. is about 1/10th the net worth of white households. The median income of black households is $35,000 per year less than the median income of white households. Fewer build assets through ownership and home prices are rising faster than income. A new approach is necessary to create opportunities for all households who do not rent by choice.
Founded in 2014, Renting Partnerships is a (501-c-3) nonprofit incorporated in Ohio. Renting Partnerships is excited to work with organizations and partners to scale this unique housing model. Together, we can redefine the role of renters in affordable housing and foster greater economic equity for communities everywhere.Expanding renting cooperatives will strengthen the economy by building wealth among households that don't own property. Rental equity can grow up to $10,000 in ten years and continue building. This is significant for overcoming racial economic inequities, particularly for black households. The net worth of black households in the U.S. is about 1/10th the net worth of white households. The median income of black households is $35,000 per year less than the median income of white households. Fewer build assets through ownership and home prices are rising faster than income. A new approach is necessary to create opportunities for all households who do not rent by choice.
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