Philadelphia-based company Nido partners with landlords, such as the HOW Group, to help renters become homeowners, writes Courtney DuChene for The Philadelphia Citizen.
Nido assists landlords in allocating five percent of a tenant’s monthly rent into a home savings account. The organization’s app also helps renters read relevant articles and to find resources that help them save additional money.
“Nido and the HOW Group as a whole, accelerated our home buying process,” said Heather Lorincz, who was able to close on her first home last year.
Nido is the brainchild of real estate developer John Pack, who conceived the idea in 2023 after hearing countless renters express how rising living costs made homeownership unattainable. He also knew several Philadelphia landlords who were having trouble keeping tenants in their units.
He came up with a tool to help tenants save money for a home while also incentivizing them to stay in the same apartment.
The system is simple: if a tenant pays rent on time, five percent is put into a home savings account. When they are ready to purchase their home, they use Nido to find a partnered lender or realtor. The money cannot be paid in cash, it has to be used for a home purchase.
Read more about Nido and how it helps create more homeowners in The Philadelphia Citizen.
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