Tricon Announces Resident Bill of Rights, a New Standard for Single-Family Rental Housing

Rhea-AI Summary

Tricon Residential (NYSE: TCN) has introduced an innovative Resident Bill of Rights, the first of its kind for single-family rental providers in the U.S. This initiative highlights the company's commitment to a resident-first approach.

The Bill outlines essential rights, including the right to fair renewals, moderated rent increases, and participation in financial programs. Additionally, Tricon has invested millions in home revitalization efforts and offers unique financial support initiatives aimed at improving residents' lives.

Positive

• Launch of the first Resident Bill of Rights in the single-family rental sector, enhancing service commitment.
• Investment of millions in home revitalization in 2022 to improve resident quality of life.

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• None.

Bill of Rights Reinforces Tricon’s Commitment to Providing Residents with High-Quality Service and Experiences

TORONTO--(BUSINESS WIRE)-- Tricon Residential Inc. (“Tricon” or the “Company”) (NYSE: TCN, TSX: TCN), an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, announced an industry-leading Bill of Rights for residents, the first of its kind among single-family rental housing providers in the United States. This measure underscores Tricon’s resident-first approach and highlights the Company’s core value of supporting the well-being of Tricon residents.

The Tricon Resident Bill of Rights outlines the Company’s commitment to providing quality, move-in-ready homes with caring and reliable service. The rights described within the pledge are:

• Right to Shelter
• Right to Renewals
• Right to Fair Advance Notice
• Right to Moderated Rent Increases
• Right to Participate in Financial Health and Credit Builder Programs
• Right to Buy Your Home if We Decide to Sell
• Right to Our Support if You Buy Another Home
• Right to Respect

"Tricon has always been a different kind of housing company,” said Gary Berman, Chief Executive Officer and President of Tricon. “For us, that starts with being distinctly resident-centric in our approach. Today, we are proud to strengthen our commitment to our residents by releasing our Resident Bill of Rights; in doing so, we stand firmly behind our belief that residents deserve transparency and dedication from their housing provider.”

The Company takes its commitment to residents extremely seriously, investing millions in home revitalization efforts during 2022 to improve the quality of life for Tricon residents, neighborhoods, and surrounding communities. In addition to providing responsive and caring maintenance services, Tricon offers residents unique assistance to help them achieve their financial goals, through credit builder programs, financial literacy workshops, and one-on-one coaching through its Tricon Vantage program.

“Whether we’re saving families money each month by moderating rent increases or empowering our residents to make their financial futures brighter through credit builder programs, it’s our goal to be more than a housing provider,” said Kevin Baldrige, Chief Operating Officer of Tricon Residential. “The announcement of our Bill of Rights further demonstrates our steadfast commitment to positively impact the lives of our residents and the communities we serve.”

For more information on Tricon’s single-family home Resident Bill of Rights, visit triconresidential.com/bill-of-rights.

About Tricon Residential Inc.

Tricon Residential Inc. is an owner and operator of a growing portfolio of approximately 34,000 single-family rental homes and multi-family rental apartments in the United States and Canada with a primary focus on the U.S. Sun Belt. Our commitment to enriching the lives of our residents and local communities underpins Tricon’s culture and business philosophy. We strive to continuously improve the resident experience through our technology-enabled operating platform and innovative approach to rental housing. At Tricon Residential, we imagine a world where housing unlocks life’s potential. For more information, visit www.triconresidential.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221020006031/en/

Investors

Wissam Francis

EVP & Chief Financial Officer

Wojtek Nowak

Managing Director, Capital Markets

Email: investorsupport@triconresidential.com

Media

Tara Tucker

Vice President, Communications

Email: mediarelations@triconresidential.com

Source: Tricon Residential Inc.

FAQ

What is Tricon Residential's Resident Bill of Rights?

It's an initiative outlining essential rights for residents, including fair notice and moderated rent increases.

When was the Resident Bill of Rights announced by Tricon Residential?

The announcement was made recently, reinforcing Tricon's commitment to residents.

How does the Resident Bill of Rights benefit Tricon's residents?

It ensures transparency, fair treatment, and access to financial support programs.

What investments has Tricon Residential made for its residents?

In 2022, Tricon invested millions in home revitalization efforts to enhance the quality of life.

What rights are included in Tricon's Resident Bill of Rights?

Rights include the right to shelter, fair renewals, moderated rent increases, and participation in financial programs.