Bottom Line: Why Financial Literacy Matters for Property Managers

Financial literacy isn’t just about managing money; it’s about making informed decisions that impact long-term stability and success. As a property manager, understanding the financial health of your tenants can directly affect your business. Here are the primary ways financial literacy can benefit you:

Improved Rent Payment Reliability

Tenants with better financial literacy are more likely to manage their budgets effectively, leading to timely rent payments and fewer late or missed payments. According to Forbes, 52% of renters in the U.S. spend over 30% of their income on rent, making them "rent-burdened." Enhanced financial literacy can help reduce this burden, ensuring consistent rent payments.
Reduced Eviction Rates

Educated tenants are less likely to face financial crises that lead to eviction, maintaining stable occupancy rates and reducing turnover costs. The 2024 TIAA Institute-GFLEC Personal Finance Index found that 27% of U.S. adults report that debt prevents them from addressing other financial priorities, increasing eviction risks.
Enhanced Tenant Relationships

Supporting your tenants' financial education builds stronger, cooperative relationships, fostering a positive community environment. This increases tenant retention and satisfaction, as tenants feel supported and valued.
Increased Property Value

Properties with stable, financially responsible tenants tend to maintain their value better. Stable tenants who manage their finances well are less likely to cause property damage and more likely to report maintenance issues promptly, preserving property conditions.

Ensuring Tenant Stability Benefits Everyone

The Urban Institute’s research highlights ongoing financial struggles among renters, emphasizing the widespread need for financial assistance across all income levels. Many renters, especially those earning below $25,000 annually, frequently experience pressure to vacate due to potential evictions, and late rent payments. A significant 44% of renters feel this housing instability, with approximately 23% ultimately moving, primarily due to limited affordable housing options. Among those who relocate, the highest proportion comes from the lowest-income households, often forced to move involuntarily because of overdue rent or eviction notices.

How You Can Help

Here’s how you can support tenant stability without it feeling like an extra burden:

Partner with Housing Solutions' Landlord Tenant Resource Center

Stay informed about current rental assistance programs, tenant education programs, and other relevant resources. This includes:
⇒ Current rental assistance programs: Many low-income households require significant housing subsidies, such as housing choice vouchers or public housing units. Only a quarter of eligible households benefit from these federal programs, highlighting the need for increased funding. Emergency rental assistance plays a crucial role in preventing homelessness during financial crises.
⇒ Tenant education programs: Conducted by the Landlord Tenant Resource center and other relevant community agencies.
⇒ Access to community resources: Such as The Financial Empowerment Center (FEC), which offers valuable financial counseling services.

Housing Solutions’ Landlord Tenant Resource Center

We provide information on rental assistance programs, landlord and tenant education programs, landlord and tenant rights and responsibilities, and other relevant resources to help maintain housing stability.

Location: Iron Gate, 501 W. Archer Street, Tulsa, OK 74103
Hours: Monday – Thursday, 1pm-4:30pm
Contact: (918) 218-4138
Website: www.tulsaltrc.org

Promote Financial Literacy Resources

Share information about community resources like The Financial Empowerment Center with your tenants.

The City of Tulsa, in partnership with Goodwill Industries of Tulsa, operates the Financial Empowerment Center (FEC), providing free one-on-one financial counseling to all residents.

The FEC offers services in multiple languages, including Spanish, Zopau, Dari, and Pashto, with additional interpreters available if needed.

Tulsa FEC Information

Create a Supportive Environment

Encourage open communication about financial issues and advocate for increased funding for rental assistance programs and other financial aid.

Community Resources

Landlord Tenant Resource Center

Location: Iron Gate, 501 W. Archer Street, Tulsa, OK 74103
Hours: Monday – Thursday, 1pm-4:30pm
Contact: (918) 218-4138
Website: www.tulsaltrc.org

Financial Empowerment Center

The City of Tulsa, in partnership with Goodwill Industries of Tulsa, operates the Financial Empowerment Center (FEC), providing free one-on-one financial counseling to all residents.

The FEC offers services in multiple languages, including Spanish, Zopau, Dari, and Pashto, with additional interpreters available if needed.

Tulsa FEC Information

Misti Daigle

Landlord Liaison
Landlord Tenant Resource Center