Ontario-based tech service allows people to pay rent with their credit cards
Published March 22, 2024 at 4:53 pm
Ontario is, for the most part, not cheap, and there is no greater indicator than the increasing cost of rent.
In defiance of this, an Ontario-based tech platform called Chexy is offering Ontarians the chance to get a little bit of something back from their rent payments each month.
Launched last year, Chexy is a Canadian online payment platform that offers renters the chance to make their rent payments via credit card applications.
As of its launch in March 2023, Chexy representatives have indicated that $30 million worth of payments have been made through the platform, with a value of $1 million worth of rewards relayed back to users in the form of cashback and other premiums.
According to Chexy’s CEO Liza Akhvledziani, the purpose of the product is to help Canadians manage their expenses and worry less about what has become the largest expense for most households across the country.
“I’ve been renting in Canada for 11 years, ever since I came here as an international student. So I believe the need for a product like ours that enables users to build credit, pay online and get rewards back has been needed for almost 10 years,” Akhvledziani told insauga.com.
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Akhvledziani indicates that all across Canada, both the cost of living and the price of rent have been steadily increasing over the last decade, creating a sense of urgency for new applications to manage spending while offering tools to help build credit for potential home ownership.
“What has been created as a result of the current state of things, is a renter who is doing everything right, they’ve been educated, they’re making okay money but they’re still so far away from being able to own property at some point,” says Akhvledziani.
As indicated in a recent report by Rentals.ca, some of the highest national averages for rent are located in Ontario.
Rental costs from the report for one-bedroom and two-bedroom units in Ontario are as follows:
| City/Town | Average 1-Bedroom ($) | Average 2-Bedroom ($) |
| Toronto | 2,495 | 3,287 |
| Mississauga | 2,294 | 2,722 |
| Oakville | 2,268 | 2,684 |
| Etobicoke | 2,255 | 2,799 |
| Scarborough | 2,194 | 2,519 |
| Burlington | 2,193 | 2,591 |
| Brampton | 2,155 | 2,398 |
For Chexy users like Mississauga’s Bhagrav Mehta — who has been using the service since its beta stage — the service gives him a chance to get something back from Ontario’s dire renters market.
“Every little bit helps, rents in Southern Ontario can be crazy, and saving even a bit on it really helps,” Mehta told insauga.com.
According to Akhvledziani, much of Chexy’s user base is based in Ontario and may increase, as they plan to expand into larger rental markets in the coming year.
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