Tenant Equity Vehicle
A Shared Prosperity Model
We are a social enterprise committed to supporting the financial well-being of residents in our Portfolio Properties.
The Wealth-Building Challenge That Renters Face
Renters as a whole have a significantly less wealth than property owners, and the disparity grows for lower income renters (who are also disproportionately BIPOC households). As of 2021:
- The median total wealth of homeowners was $98,500, approximately 15x that of the typical renter.[1]
- White families had on average 2.5x the savings of Black or Latinx families.[2]
- Fewer than half of Black households (44 percent) and Latinx households (49 percent) owned a home, compared with 74 percent of white households.[3]
- More than a third (35 percent) of Americans could not handle an unexpected $400 emergency expense. [4]
"Tenant Equity" as a Part of the Solution
We offer a “Tenant Equity Vehicle” Program to support residents of select Portfolio Properties. The purpose of the TEV Program is:
- Provide residents of portfolio properties with the opportunity to share in the profits generated by their housing (see The Path to Financial Well-being);
- Address wealth disparities & advance equity for renters and low- and moderate income households;
- Increase financial resilience and support tenants’ path to financial well-being & homeownership; and
- Demonstrate a model of shared prosperity in real estate investment.
The Path to Financial Well-being
[1] Joint Center for Housing Studies of Harvard University. The State of the Nation’s Housing 2021.
[2] Urban Institute, Community Wealth Building Models.
[3] US Census Bureau, Current Population Survey/Housing Vacancy Survey, November 2, 2021.
[4] Economic Well-Being of U.S. Households in 2020 – May 2021. Federal Reserve