Following the pilot program's success, Jetty Deposit will be available throughout the entire Gables multifamily property.
FREMONT, CA: Jetty, a financial services business with a goal to make renting a home more affordable and flexible, established a new relationship with Gables Residential, a multifamily apartment community management, and development leader. Gables will implement Jetty's security deposit replacement solution, Jetty Deposit, throughout the entire Gables portfolio as part of the collaboration.
Gables' rigorous selection process began with a competitive examination before shifting to a pilot program across Gables-owned assets. Gables will now make Jetty Deposit available throughout all owned and third-party managed communities following a successful test.
According to the most recent data, around 43.3 million families in the United States that rent, up from 34.6 million shortly before the Great Recession. The overall market share of the US rental market is 36.6 percent, which is somewhat lower than the 37 percent recorded in 1965. With the installation of Jetty, Gables will be able to optimize protection in terms of security deposits for all new leases while substantially decreasing move-in expenses for new residents.
"With so much uncertainty facing renters today, using hard-earned savings on a cash deposit simply doesn't make sense," said Greg Gasior, Senior Vice President of Operations at Gables. "Jetty Deposit offers renters the opportunity to keep more cash in their pocket while making it possible for us to improve NOI. Through the pilot program, we saw a meaningful uptick in lease conversions while significantly increasing our levels of protection."
Jetty collaborates with leading property managers around the country to improve lease conversion rates, minimize bad debt, and streamline operations, resulting in higher net operating income. Greystar, LivCor, MG Properties, Related, Cortland, Griffis Residential, and many more partners, in addition to Gables Residential, represent over two million units nationally.