Entrata acquires Logan-based apartment financial firm Rent Dynamics

Entrata, a Lehi-based company specializing in technology for the multifamily housing industry, has acquired Logan-based Rent Dynamics in a move it says will benefit property owners and operators and their residents.

Financial terms of the transaction were not disclosed, although Entrata confirmed it was a nine-figure, all-cash transaction in which Entrata acquired 100 percent of the equity in Rent Dynamics. Providing resident rent reporting and financial resources, Rent Dynamics has 180 employees in Logan. They will assume new roles within Entrata to continue innovation and development.

Entrata has been producing property management software since{mprestriction ids="1,3"} 2003, helping owners, property managers and renters during each step of the leasing lifecycle. It serves over 3 million residents across more than 26,000 multifamily communities worldwide. Rent Dynamics’ RentPlus product provides rent reporting and financial resources designed to promote economic inclusion and financial health for renters.

With the acquisition, Entrata said it will be able to provide residents with increased access to financial tools designed to positively impact their financial future.

“Since Entrata’s founding, we have made tremendous strides in streamlining property operations by creating tools that improve both the operator and resident experience,” said Adam Edmunds, Entrata’s chief executive officer. “Today, our vision for how we can drive the industry forward has greatly expanded.

“The combination of Entrata and Rent Dynamics will deliver a huge advance in providing much-needed tools to address a gap that has prevented millions of residents from building credit and long-term financial health. We believe this acquisition will give property owners and operators what they need to drive loyalty, financial well-being, and, ultimately, the very best resident experience.”

Entrata said the addition of Rent Dynamics’ RentPlus products to Entrata’s suite of resident services will further cultivate a powerful and robust operating system to support resident-focused owners and operators. Rent Dynamics’ functionality will be partnered with Entrata’s existing features, enabling property owners and operators to provide their residents the capability to streamline utilities, obtain renters insurance, and build credit by making on-time payments, all through Entrata’s single-sign-on platform.

“We’re proud to have helped hundreds of thousands of residents to date, and are excited to be able to accelerate that effort by pairing with Entrata’s extensive suite of services,” said Quincy Rich, Rent Dynamics CEO. “Together, Rent Dynamics and Entrata will continue to build the most comprehensive, all-in-one operating system to create a better experience for every resident. We couldn’t be more excited to join a leader like Entrata to help residents take ownership of their financial situation to provide more rent payment options and get credit for paying rent on time — all through one application workflow.”

Property management companies likely will benefit through a greater resident retention rate, minimized delinquent rent payments and additional revenue options. Rent Dynamics’ program to help residents build credit has been boosted by its participation in Fannie Mae’s new positive rent payment reporting program, designed to improve equitable access to credit for residents by incentivizing owners and operators to support resident participation in reporting rent payments to credit bureaus.

“We look forward to Rent Dynamics complementing our product portfolio for years to come,” said Catherine Wong, chief operating officer and chief product officer of Entrata. “The interoperability of both platforms will drive increasing benefits for our customers and their millions of residents around the world, furthering our commitment to elevating the resident experience.”

Wilson Sonsini Goodrich & Rosati served as legal counsel to Entrata in the transaction. For Rent Dynamics, Raymond James & Associates served as financial advisor and Mayer Brown served as legal counsel.{/mprestriction}