What we’re seeing

As the 2024 Alkami Telemetry Data Report shows, rent payments have increased substantially in recent years. Luckily for renters, renter’s insurance premiums have held steady, averaging just over $20/month.

Takeaway and Call to Action

Renter’s insurance is a recurring payment – make sure those payments are on your financial institution’s debit card or credit card to capture interchange fees and deepen engagement. More importantly, renter’s insurance transactions are strongly indicative of a renter persona. Financial institutions can help renters continue on their financial journey towards home ownership. Suggest beginning to save for a down payment by creating automatic savings transfers each month. Remind renters about any mortgage products designed for first-time home buyers.