NEEDHAM, Mass., Oct. 31, 2020 /PRNewswire-PRWeb/ -- NPS Rent Assurance, the leader in automated employer direct deposit programs for rent, today shared results of a targeted initiative to reverse outstanding rent balances for Atlantic Realty Management, a leading Mid-Atlantic operator where delinquencies were a growing issue. Similar Outstanding Balance Repayment Programs are underway with NPS clients in the hard hit states of Atlanta, Florida, and California.
"In this year like no other, we value the ability to work with our residents who got behind in rent obligations," says Rick Briemann, Vice President at Atlantic. "By offering a structured plan to get caught up on monies owed, we were able to turn potential losses into consistent monthly payments, improving cash flow for Atlantic while helping our residents retain their housing. We're proud of the work we've done with NPS at our Baltimore communities to help essential workers like a radio dispatcher, a bookkeeper, a medical technician, a postal worker, a nursing assistant, and many others. It's a win-win all around."
A representative sample of residents across employment categories at six Atlantic communities in the Baltimore area showed near perfect outstanding balance payback in addition to full rent for the period of November 1, 2019 to October 1, 2020, eliminating the imminent threat of eviction. Starting with a "good faith" upfront deposit of approximately 30 percent of the balance owed, residents agreed to enroll in the NPS Rent Assurance program for delivery of full rent in addition to an average of $100 monthly toward outstanding balances. To date, half of the residents sampled have paid outstanding balances in full while staying current with monthly rent obligations and the other half continue making consistent payments via the NPS platform.
"The results of this initiative are meaningful for multifamily owners and managers who have worked tirelessly to help residents before and during the COVID-19 pandemic and have been left with little recourse for non-payment of full rent since April," says Rich Levitan, president of Neighborhood Pay Services. "We're proud of the assurance that NPS delivers to our property clients of receiving 95%+ of rent due by the second business day of each month, consistently outperforming industry averages by wide margins throughout the pandemic, and in particular when compared to rent payment performance in the B & C asset class."
For additional information on NPS and Outstanding Balance Repayment programs, write to [email protected]
About NPS Rent Assurance
NPS Rent Assurance operates the only rent from payroll direct deposit platform providing the multifamily industry with a proven solution for building incremental occupancy with improved payment performance. The company's simple, 'hands-off' program receives payroll direct deposits from a resident's employer each pay period with built-in safeguards against 'pull back' before rent is due. NPS Rent Assurance is offered exclusively through apartment leasing offices as a key component of conditional lease offers as well as a mechanism to automate outstanding balance initiatives for existing residents who fall behind in their lease obligations.
SOURCE NPS
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