Dive Brief:

• Property data provider CoreLogic has teamed up with RentTrack to offer an online rent payment system that allows residents to build credit by making rent or homeowners association payments online.

• CoreLogic Payments brings together RentTrack's existing platform for rent payment and reporting with CoreLogic's Rental Property Solutions system.

• Clients using CoreLogic's system have access to data, resident screening and renter performance tools, while renters can build credit through a typical online payment platform, according to the companies.

Dive Insight:

First-time homebuyers continue to struggle to gain a foothold in the market amid rising home prices, particularly in the country's largest metro areas where tight inventory has boosted competition for homes and helped underpin firmer market conditions.

This is affecting younger buyers, in particular. Figures show that the national homeownership rate sits near a 51-year low as many young, first-time buyers are unable to save up for a down payment in the wake of rising rents and the prevalence of student debt among them. As a result, more than 20% of those between the ages of 25 and 34 (8.8 million) lived with their parents or in-laws as of 2014, compared to 12% (4.6 million) who did so in 2000, according to the National Association of Home Builders.

And even when they go to purchase a home, younger buyers are more likely than older ones to consider renting as an alternative. In a recent analysis of U.S. Census Bureau Data by real estate listing website Zillow, 66% of millennial homebuyers said they had thought about renting instead, versus 54% of Gen-Xers and 32% of baby boomers.

The trend has sparked a push for new methods to build and assess credit. Earlier this month, SoFi Lending Corp. and Fannie Mae launched a loan option that allows homeowners to refinance their mortgage and use that equity to pay down their student debt. By combining mortgage and student loans into a single payment, the Student Loan Payoff ReFi lets borrowers capitalize on lower mortgage interest rates, resulting in a lower monthly payment.

For more housing news, sign up for our daily residential construction newsletter.