OpenProperty is a ratings platform. It was designed to collect data from every lease and use it to build rental history that renters as well as properties can use.
1. PROPERTY PROFILES – Every concluded lease can be reported into OpenProperty and rated. Ratings are based on damage, cleaning, and other security-deposit related charges, if any. Landlords that tend towards modest or minimal charges are highly rated.
2. RENTER PROFILES – Renters are rated similarly; those that avoid heavy security deposit-related charges are highly rated. Renters can access and share this data like a modern rental verification or reference letter.
Pending data availability, renters may elect to have their rent payment history included within their profiles as well. While this will not impact a rating, turning it on should make a renter profile more impactful.
Note that as renter history is tracked, OpenProperty is considered a nationwide specialty consumer reporting agency under the Fair Credit Reporting Act (FCRA). The FCRA offers consumers a number of protections including limiting the ability for others to view their information. Reference "Who can access our reporting?" for additional details.
OpenProperty works automatically by opening up rental related data collected from participating properties’ management systems. See "How do Ratings Work?" for more details on collected data and ratings.
Yes, if you rent at a participating property and wish to do any of the following:
OpenProperty is free for renters. Properties pay!
Search for the property where you rent. If it states 100% reporting since a date on or prior to your security deposit resolution, then yes you were enrolled automatically.
If a property profile states 100% reporting, it will include 100% of leases that have ended and have had their security deposit related charges reported to us. 100% reporting will be as of the stated start date. Exceptions to this if one or more renters requested that their profile be removed; when a renter profile is taken down the corresponding record is also omitted in relevant property/landlord ratings. Also note that some property ratings and history may include "legacy leases" or leases in which renters signed up for OpenProperty prior to the property providing 100% reporting.
Information includes rent amount, lease dates, renewals, and lease-end charges related to the security deposit such as for damage, cleaning, unpaid rent, renter bills paid by landlord, pet related cleaning or damage, and other. Renters can sign up with OpenProperty and have rent payment history included in their renter profiles as well
Property and Landlord Profiles: Open to all. Simply use our search feature.
Renter Profiles: Private. Access is limited to: (1) the renter themselves, (2) a landlord on our system who has a legally permissible reason consistent with the FCRA, i.e. you are applying to rent at one of their properties, and (3) OpenProperty for its own internal use or to comply with a valid government request.
Ratings are helpful. People like ratings. When it comes to property rentals there are just simply not enough ratings. Through automation, OpenProperty can collect and rate data on 100% of leases! And the output is two sided – to hopefully help renters better decide where to rent and provide an edge in hot rental markets and with competed-for rentals.
Money is top of mind for renters. Since landlords have leeway with lease-end charges greater transparency is long overdue.
Ratings are based upon a score out of 5.00. A score of 4.25 or higher is rated GREEN or positive, 4.24 to 3.25 is rated GRAY or neutral, and lower than 3.25 is rated RED or negative.
Scores for renters and properties calculate similarly. The score for a landlord is based on the roll-up of its underlying properties. If there are zero lease-end charges related to the security deposit, both renter and property obtain a score of 5.00. Scores will be reduced consistent with the following ratio: a 0.05 reduction in a score for any charge or charges to the security deposit equivalent to 1% of the monthly rent, with the underwritten monthly rent being the greater of (a) $2,000 and (b) the highest actual monthly rent during the lease. For example, if the monthly rent were $2,000, a $100 cleaning charge would represent 5% of the monthly rent, thereby reducing the score from 5.00 to 4.75. Note that no reduction in a score will be made for a charge marked by the landlord as "no fault". A "no fault" charge means a charge for the payment of one or more utility bills for the final period of a rental as agreed to by the landlord and renter, e.g. every month a utility provider bills landlord who then passes individual bills through to renters with the expectation that after a renter moves out any final landlord-renter reconciliation will be handled out of the security deposit.
Other notes and exceptions:
Renter Rating: History on an individual rental will ultimately appear with a rating that is GREEN ("POSITIVE"), GRAY ("NEUTRAL"), or RED ("NEGATIVE") and/or that is a numerical score out of 5.00. The average of individual rentals produces an overall rating that will appear as GREEN ("POSITIVE"), GRAY ("NEUTRAL"), or RED ("NEGATIVE"), and/or a numerical score out of 5.00, and/or as stars. Renters can benefit from long-term rentals. If a rental went 2 years or longer, then the renter benefits from adjusted scoring as the dollar amount of charges reduces the score per this ratio: a charge equal to 1% of the monthly rent reduces the score by 0.045 (rather than 0.050). If a rental went 3 years or longer, then the renter benefits from a bigger adjustment: a charge equal to 1% of the monthly rent reduces the score by only 0.040. If the security deposit is inadequate and/or the charges result in an unsatisfied collections action then additional notices may appear. Accounts that are not collected in a timely fashion may result in a deeper reduction in the score.
Property Rating and Landlord Rating: History on an individual rental will ultimately appear with a GREEN ("POSITIVE"), GRAY ("NEUTRAL"), or RED ("NEGATIVE") rating. The overall score is the average of individual rentals and appears as a score out of 5.00 that is shown numerically, as stars, or both. To encourage quick turn-around, if the property inputs all information within 20 days of a lease ending, a bonus of 0.10 is given, increasing the maximum score to 5.10. While a property/landlord has leeway with lease-end charges, unpaid rent is viewed as a one-sided failing of the renter. Therefore, if there is a charge for unpaid rent, it will not negatively impact the associated property or landlord score.
Note that the grading system is subject to change. If a property were to drop out of OpenProperty prior to posting all information on a lease, then there would not be a complete record with a grade for that lease.
For participating leases, landlords are required to report any money charged to the renter after move-out that was deducted out of the security deposit or could lawfully be deducted out of a security deposit. If the security deposit was inadequate, the property may also report if charges were paid or went into collections.
If you and the landlord resolve a charge prior to move-out it should not appear in our system. For example, if you put a hole in your wall you could settle the matter with your landlord (pay for the repair) prior to move-out.
Currently, our service area is the United States. Use our search feature to find participating properties.
Yes, a landlord or OpenProperty may elect to remove a property. This may occur for various reasons including those related to a change in ownership and/or management. If a property is removed, and your lease in a unit in that property has concluded, the information reported about you and such unit will not be removed from OpenProperty. If a property is removed, and your lease in a unit in that property has not concluded, the information reported about you and such unit will not be removed from OpenProperty, but there will be no more reporting about you and such unit.
We are designed for all types of landlords – large, small, annual, short-term, vacation – who might benefit from the transparency offered by our service.