Rocket Mortgage Unveils RocketRentRewards: Transforming Rent Payments Into Homeownership

Rhea-AI Summary

Rocket Mortgage (NYSE: RKT) has launched RocketRentRewards, an innovative program offering homebuyers up to $5,000 in closing cost credits based on their rental payment history. The program provides 10% back on the last 12 months of rental payments, which can be applied directly to closing costs. With the national average rent at $1,800, this could mean $2,160 in savings for typical clients.

The initiative aims to address homeownership barriers, particularly for first-time buyers and underserved communities. Since 2020, renter households have grown to comprise over a third of U.S. homes, with nearly half being people of color. The program integrates with Rocket's recently launched all-in-one platform at Rocket.com, where clients can search properties through Rocket Homes and access financing options.

Positive

• Introduction of innovative closing cost credit program worth up to $5,000
• Potential to convert rental payments into tangible financial benefits
• Strategic expansion into the growing rental market segment
• Integration with comprehensive Rocket.com platform enhancing user experience

Negative

• None.

Insights

Financial Services Analyst

Rocket Mortgage's RocketRentRewards program represents a sophisticated market penetration strategy that addresses multiple business objectives. The initiative targets a critical pain point in the mortgage industry - closing costs - while simultaneously building a pipeline of qualified borrowers from the rental market.

The program's structure is particularly noteworthy for three reasons:

• By offering up to $5,000 in closing cost credits, Rocket creates a compelling value proposition without directly reducing their loan margins
• The 10% rental payment credit mechanism encourages responsible payment behavior and helps pre-qualify borrowers
• The integration with Rocket.com's all-in-one platform reduces customer acquisition costs while increasing digital engagement

The timing of this launch is strategic, coinciding with demographic shifts that show renters comprising over one-third of U.S. households. This positions Rocket to capture a significant share of the estimated 50% of first-time homebuyers from underserved communities by 2030.

The program's integration into Rocket's digital ecosystem demonstrates a sophisticated approach to vertical integration, combining property search, financing, and closing services. This end-to-end solution not only improves customer experience but also increases operational efficiency and reduces customer acquisition costs.

RocketRentRewards is the first offer in the mortgage industry to provide up to $5,000 in closing cost credits for rent payments

DETROIT, Feb. 18, 2025 /PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today introduced RocketRentRewards – the homeownership industry's first offer to provide closing cost credits for renters.

With a Rocket mortgage, homebuyers earn 10% back on the last 12 months of rental payments – receiving up to $5,000 in lender credits toward closing costs. With the national average rent at $1,800, that translates to $2,160 applied toward a client's closing costs – one of the biggest financial hurdles for first-time homebuyers.

"This offer is deeply rooted in our mission to Help Everyone Home," said Bill Banfield, Chief Business Officer and Economist.  "Many renters feel like homeownership is out of reach – especially as they try to save money to take to the closing table. RocketRentRewards eases those concerns by rewarding clients for simply doing what they do every month, making their rent payment."

Since 2020, renter households have grown rapidly, now comprising over a third of U.S. homes. Nearly half of renters are people of color – almost twice the rate of homeowners.¹ RocketRentRewards helps bridge the gap by converting rental payments into financial savings, empowering aspiring buyers – particularly in underserved communities, who will represent more than half of first-time homebuyers by 2030² – move from renting to owning. 

The company makes it easy for homebuyers to take advantage of RocketRentRewards. Rent payments from the past 12 months can be verified through documentation confirming their current rental amount. Once validated, the credit will be directly applied to closing costs.

This offer supports Rocket's Own the Dream campaign, which unites Americans in the shared dream of homeownership. Bringing that vision to life, Rocket recently launched Rocket.com, an all-in-one platform that empowers consumers to search, purchase and manage their home financing in one place.  Clients can explore properties with Rocket Homes and get personalized financing options – like RocketRentRewards– from a Rocket Mortgage banker in just a few clicks.

Visit www.rocket.com/mortgage/rocketrentrewards to learn more about RocketRentRewards and to apply for a home loan.

ABOUT ROCKET MORTGAGE

Detroit-based Rocket Mortgage is the largest mortgage lender and is a part of Rocket Companies (NYSE: RKT).

The lender enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. In late 2015, it introduced the first fully digital, completely online mortgage experience. Since its founding in 1985, Rocket Mortgage has closed more than $1.8 trillion of mortgage volume across all 50 states.

J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for both primary mortgage origination and servicing 22 times – the most of any mortgage lender. Rocket Companies, Rocket Mortgage's parent company, has placed in the top third of Fortune's list of the "100 Best Companies to Work For" the list for 21 consecutive years.

¹ America's Rental Housing 2024, Joint Center for Housing Studies of Harvard University
² The Latino Housing Journey 2023, Fannie Mae

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SOURCE Rocket Mortgage

FAQ

How much can homebuyers save through RKT's RocketRentRewards program?

Homebuyers can receive 10% back on their last 12 months of rental payments, up to $5,000 in lender credits toward closing costs.

What is the average closing cost credit for RKT's RocketRentRewards based on current rent prices?

Based on the national average rent of $1,800, typical clients could receive approximately $2,160 in closing cost credits.

How does Rocket Mortgage (RKT) verify past rent payments for RocketRentRewards?

Rent payments from the past 12 months can be verified through documentation confirming the current rental amount.

When did RKT launch the RocketRentRewards program?

Rocket Mortgage launched RocketRentRewards on February 18, 2025.

How does RocketRentRewards integrate with RKT's other services?

The program integrates with Rocket.com, allowing clients to search properties through Rocket Homes and access financing options, including RocketRentRewards, in one platform.