A NEW ECONOMIC MODEL

Founders

The Rental Equity model was created by the co-founders of Renting Partnerships, Margery Spinney and Carol Smith.  We are inspired by a long history of new economic thought (Click Timeline) as well as contemporaries working for social and economic justice.  This includes Co-op Cincy in Cincinnati which launches worker owned businesses.  Rental Equity is is the first housing model that makes it possible for long-term renters to earn financial equity by participating in the business of management.  

Building on Success 

The prototype for Rental Equity was created by Margery Spinney in 2000, when she was the Executive Director of Cornerstone-Homesource Community Loan Fund (now Cornerstone Renter Equity).  She partnered with the Franciscan Friars to organize residents for a housing redevelopment project they sponsored in the Over-the-Rhine neighborhood of  Cincinnati.  The new residents moved in during 2002.  In 2012, an independent study published by the Ohio Housing Finance Agency proved her theory that "When properly organized, renters can reduce the costs of operating rental housing enough to offset the payment of financial credits worth up to $10,000 in ten years." The evaluation confirmed that "costs were comparable to those of similar properties that did not offer renter equity credits." ​

2002-2012 Evaluation

Built to Last

Rental Equity produces financial equity through resident participation in community management.  It is designed to reach households that cannot build wealth because they are left out of ownership.  Rental Equity shares characteristics with other community ownership models.

• Like Cohousing, Rental Equity is an intentional community in which neighbors collaboratively plan and manage shared space, such as a community room, green space, and hallways.  
• Like Land Trusts, Rental Equity housing is owned by a nonprofit corporation so that rents are independent of the real estate market.  Households receive a long term lease.
• ​Like Cooperatives, Rental Equity operates on cooperative management principles.  
• Participatory Management practices help guide decision making.  

Our Organization

Renting Partnerships is a private 501.c.3 charitable organization.  Two thirds of our Board Members are residents or elected by residents.  One third are advisors in business and property management.  

The nonprofit organization holds the housing in trust for current and future residents.  In that way, we are a type of community land trust.  We act as stewards for each resident community by providing support and guidance in maintaining the property, assuring that all legal and financial responsibilities are fulfilled, and that management is efficient.

Currently, Board Members do the work of the organization as volunteers.  As we increase the number of housing units, income from management fees will enable us to hire paid staff and be self-sustaining.

We are proud to report donations this year from the Greater Cincinnati Foundation and the Ira Block Foundation.  

More detailed information and financial records are available upon request.