On July 1, 2021, the State of California began requiring affordable housing owners and operators with more than 15 affordable units to offer rent reporting.
In order to comply with California SB 1157, owners and operators must provide renters with the opportunity to report their rental payments to at least one credit bureau. The law requires operators to offer rent reporting — not require it. And, owners and operators may pass the cost to the renter if they chose to opt-in.
On July 1, 2021, the State of California began requiring affordable housing owners and operators with more than 15 affordable units to offer rent reporting.
In order to comply with CA SB 1157, owners and operators must provide renters with the opportunity to report their rental payments to at least one credit bureau. Renters absorb the cost of rent reporting if they chose to opt-in.
The law requires operators to offer rent reporting — not require it.
However, many of our clients require rent reporting on their California properties, which is easier to manage and still compliant with SB 1157.
We make it painless to report, and can integrate directly with the property management software you use.
We provide all the templated-documents and instructions you'll need, from lease addendums, email templates, and explainers for residents and staff.
We have the compliance certificates and reporting that shows you're compliant.
Choose to have your residents pay Boom directly, or you can opt for full control and charge your renters, with Boom charging you.
We have account executives dedicated to affordable housing providers who are available in case you have questions.