Welcome to Picket.

Keep living costs down. Save up. Build your credit.

When I was a kid, my parents rented an apartment for more than a decade. All of that rent money just disappeared, and we always lived paycheck to paycheck and under the threat of eviction. They were able to buy their house because a builder offered an incentive that helped them save for a downpayment.

My family’s homeownership story is the inspiration for Picket, my first venture into rental real estate. Picket Rentals are designed to make renting a steppingstone to a better future for tenants:

Actually useful amenities

Picket rentals are appointed with amenities that make financial sense. You won’t find overly fancy stuff here, but did you really care about granite countertops? Instead, you’ll find the kinds of amenities that make life easier and less expensive, like in-unit washers and dryers so you’ll never lose an evening (or a sock) to the laundromat again.

Built-in saving for BIG purchases…like your own home

Saving large sums of cash for a down payment is one of the biggest barriers to home ownership, and with most rentals, the money you shell out every month is gone for good. The Picket Longevity & Care Incentive sets aside up to 10% of all the rent you pay while you live in a Picket home – money you can use later for big life moves, like going back to school or buying your own home. (See details below.)

Build your credit

We help you build your credit history by reporting your rent payment to the major credit bureaus each month. If you decide to buy a home (or a car or any other major purchase) you’ll benefit from lower payments later so long as you pay rent on time each month. 

Picket Longevity & Care Incentive

Stay a while and save for a major purchase -- like going back to school or a down payment on your first home!

The Picket Longevity & Care Incentive is designed to help people save for major life changes or big purchases while also learning to care for and maintain a home.

A portion of your rent payment each month is stored in a separate account. When you move out, you will be eligible for a portion of your rent to be returned to you in a lump sum. The amount returned to you depends on how long you stay.

• If you stay 12 months or less…0% returned

• If you stay 13-24 months…2% returned

• If you say 25-36 months…4% returned

• If you stay 37-48 months…6% returned

• If you stay 49-60… months 8% returned

• If you stay 61 months or longer…10% returned

 If you intend to buy a home with your incentive money, we will work with you to release the money up to three months before the end of your lease for earnest money and down payment.

Examples:

Jacob rents with Picket for just one year. His rent is $1400 a month, and he takes great care of the place. At the end of his lease, he gets back his security deposit, or $1,400.

Moraima rents with Picket for three years. Her rent is $1400 a month, and she takes great care of the place. At the end of her lease, she gets back 4% of her total rent paid over the three years, or $672, plus her original security deposit, for a total of $2,072.

Emily and Chris rent with Picket for five years. Their rent is also $1400 a month and they also takes great care of the place. At the end of their lease, they get back 10% of all the rent they paid for the entire five years, totaling $8400, plus their security deposit, for a grand total of $9,800 – enough for a down payment on a starter home, or a year in an associate degree program.

Expanded security deposit

To be able to provide this incentive payment, the Picket Longevity & Care Incentive also doubles as an expanded security deposit. In the event of damage or excessive wear and tear that is not covered by the original security deposit paid at move-in, the cost of repairs may be deducted from the Picket Incentive payout at move out.

Example:

Emily rents with Picket for five years and pays $1400 a month. But during those five years, her dog destroys the floors, and repairing them costs $2,000. When Emily moves out, the damage is subtracted from her security deposit and incentive. She still leaves with $7,800. ($9,800-$2,000=$7,800)

Want to make sure you’re on track to get your full incentive payout? Home maintenance issues get more expensive the longer they go unaddressed. At least once a year, we’ll meet with you to go over potential issues in your Picket rental, identify potential problems early, and work with you to get them fixed. You’ll always have a comfortable, well cared-for home, and you won’t be surprised down the road when you’re ready to take your incentive payment and move on.  (And, of course, you can call or text anytime an issue arises.)

Learn home maintenance

To keep rents low and make this incentive possible, residents are expected to make or coordinate minor repairs and perform a slightly higher level of maintenance than may be expected in other rentals. This may include mowing the lawn, shoveling snow, unclogging drains, replacing batteries in smoke detectors, replacing furnace filters, touching up scuffed or chipped paint, and other basics of home care.