There are currently over 5 million rental homes in the U.K. but as people seek greater flexibility, renters are forecast to outnumber owners by 2039. A larger number of renters in the U.K. are under 35, a segment that is used to seamless digital solutions providing them a high-quality service on their own terms. And yet, the long-term home rental market remains the largest and least served segment of consumer spending.
The UK-based proptech Residently is attempting to cater to this set of new-age renters by digitalising the entire rental experience. The company has raised £4.5 million in funding to streamline operations for property owners and renters and reduce costs and delays.
The round was backed by Love Ventures and existing investors Felix Capital, LocalGlobe, A/O PropTech and a Seedrs crowdfund.
The platform is digitising the end-to-end customer experience in a $2 trillion market. The renting super-app lets renters arrange viewings, make offers, pay deposits and even renew their lease all within the app. According to the company, digitising the renter’s experience will save agents £400 per property each year – while doubling the net operating income for landlords through void reduction.
Tom Allason, founder at Residently said: “In a world where we can secure a taxi, takeaway or trip away in seconds it is nuts that we tolerate friction and uncertainty where we spend most of our time and money. We’re here to transform the experience and economics of renting. We started by digitising the rental journey, next up is solving the greatest problem with renting. Letting renters secure their next home more than a month in advance will eliminate unnecessary stress and double rent for them and costly voids for landlords.”
Adrian Love, partner at Love Ventures added: “There’s a gap in the market for a property platform that radically transforms renting, that’s also truly aligned with both renters and landlords. The startup aims to re-shape the customer experience for renters in ways that are long overdue. We’re excited to be working with them to help fund their global expansion.”
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