The Columbus startup Rhove is partnering with the developer Borror to offer apartment dwellers a way to save money for a down payment on a house.

Under the arrangement, Borror will contribute to a savings account that its tenants have established with Rhove. The money becomes available after one year and can be used for any purpose, though Rhove founder Calvin Cooper anticipates tenants using it to help buy a home.

"We’re enabling renters to save more and accelerate the path to homeownership," said Cooper, 31, who is a renter himself.

The program works like this:

• Tenants at several Borror properties who sign up for a Rhove savings account through the company's app can contribute any amount they like into the account. Borror will match that contribution to a maximum of 2.5% of the tenants' monthly rent. If a tenant pays $1,400 a month in rent, for example, and contributes the equivalent of 2.5% of their monthly rent — $35 — into the Rhove account, Borror will add $35 a month, or $420 a year.

• Tenants can withdraw their money at any point, and can access Borror's contribution when a year is up if they renew for another year.

• After two years of renting, all the landlord's contribution becomes fully available to the tenant.

Rhove pays 1.85% interest on the money, Cooper said.

Borror plans to launch Rhove in several of its complexes by June.

“Helping our residents save for a home allows us to give back in a unique and meaningful way, as well as provide a benefit that renters can’t get anywhere else in the Short North,” said Kaileigh Steiner, director of marketing and community engagement at Borror.

Rhove also partnered with the Franklinton apartment complex Gravity. Cooper said he's pleased with the interest in the program among tenants.

"We’ve been excited about the traction there," he said. "Last week, tenants received their first rewards."

jweiker@dispatch.com

@JimWeiker