Rent with Equity Rewards® FAQ's
Find answers to the most frequently asked questions about the Rent with Equity® Rewards program. Simply click on any of the questions below.
General Questions. Answers
What is Rent with Equity® Rewards?
Rent with Equity® Rewards is a comprehensive home buying program designed to help our residents realize their dream of home ownership. Equity Residential has partnerships with leading companies across the home buying industry that allow us to offer you special services and financial rewards toward the purchase of a home.
How can I sign up for Rent with Equity® Rewards?
All Equity Residential residents nationwide are automatically enrolled in this program for free.
Can my friend or family member take advantage of Rent with Equity® Rewards?
Rent with Equity® Rewards can only be used by a resident of an Equity Residential community. An Equity Residential resident must be one of the purchasers of the home to use the rewards.
What realtor services are offered through the Rent with Equity® Rewards program?
Home buying counselors can provide you with one-on-one consultation and home buying reference materials. You’ll be referred by a home buying counselor to a real estate agent in your area to help you find your new home. When you close on your new home with your referred agent, you’ll get up to $1600 cash back (in most states) based on the purchase price of the home.
Can I use my own real estate agent and still receive a cash back bonus?
In order to receive the cash back bonus, you must use the real estate agent referred by your home buying counselor.
What states do not allow cash back?
Real estate settlement laws vary by state. Cash back is not available in Alaska, Louisiana, Mississippi, New Jersey or Oklahoma. The realtor assistance offer is not available in Iowa.
What are the hours of operation for home buying counselors?
Monday through Friday 7:30 a.m. to 6:30 p.m. CST, and Saturday 8:30 a.m. to 5:00 p.m. CST.
How long will it take for the real estate agent to contact me?
Once you’ve spoken with a home buying counselor, your assigned real estate agent will contact you within one business day.
Can I use my rent credits for a new home in conjunction with the realtor assistance offer?
Rent credits cannot be used in conjunction with the realtor services offer. Rent credits can only be used toward the purchase of a new home with a participating builder when you work directly with that builder. In order to use your credits, you cannot be represented by a real estate agent.
Can I use a real estate agent assigned by a home buying counselor when I choose to work with one of your participating builders?
Rent credits translate into a discount given by the participating builder to you for working directly with them. Equity Residential residents cannot use a real estate agent assigned by a home buying counselor when redeeming their credits with a participating builder.
How can I find a participating builder in my area?
Your property management office has information on the participating builders in your area, or you can search by state to find the participating builders for your area.
Can I use my rent credits with a builder of my choice?
Only builders who participate in the Rent with Equity® Rewards program will honor your rent credits.
Can I purchase a new home anywhere in the U.S. using my rent credits?
Your rent credits can be applied toward the purchase of a newly constructed home in any market where our participating builders are located.
How are my rent credits calculated?
Equity Residential grants credits to you every month based on 15% to 20% of your base rent (accrual percentage varies by market). One dollar equals one rent credit. For example: if your monthly rent is $1000 and the accrual percentage is 20%, you’ll earn 200 rent credits each month.
How soon will I begin accruing rent credits?
You start earning credits as soon as your first month’s rent is paid.
Where can I find out how many credits I’ve earned?
Call or visit your leasing office during business hours to find out how many rent credits you’ve earned.
I’m ready to buy a home with a participating builder. How do I use my rent credits?
When you’re ready to buy a home, visit your property leasing office to obtain your Rent with Equity® Rewards Certificate. Then present your certificate to the participating builder’s sales agent at the time you sign your purchase agreement. Credits can be used toward the purchase price, options and upgrades or closing costs. The participating builder will determine the best way to apply your credits, but you’ll get the full value of your credits, up to the maximum 2% to 3% of the purchase price (maximum percentage varies by builder). After you sign the purchase agreement, you will not be able to add additional credits to the purchase of your home. The credits do not have any cash value.
How do I accrue credits if I share my apartment with roommates?
Roommates earn credits independently based on the total rent paid for the apartment. For example: if the monthly rent for an apartment is $1000 and the accrual percentage is 20%, each roommate receives 200 Rent with Equity® Rewards rent credits per month. Please note: only one Rent with Equity® Rewards Certificate can be used per home purchase. Credits cannot be combined toward a single purchase.
What happens to my rent credits if I move to another Equity Residential apartment community?
Your rent credits move with you and continue to accrue as long as you continue to live in an Equity Residential community.
Do my rent credits expire?
Rent credits expire 120 days after you move out of an Equity Residential community. If Equity Residential has sold the community you currently live in, your credits will be valid for one year from the date of sale.
Do I have to use a specific mortgage lender in order to redeem my credits with a participating builder?
No. Many of our participating builders have mortgage lenders that you can use for your new home purchase. And we understand participating builders may offer special incentives in exchange for using their preferred mortgage company, but use of your rent credits with a participating builder is not contingent upon using the builder’s mortgage lender.