Transforming the rental marketplace, UK-based startup Residently has just scored €5.2 million. The proptech is digitising the rental experience, making it more apt for the modern world and economically efficient.
With rising costs and growing cities, the rental market across Europe is growing increasingly competitive. While the amount of renters is continuing to grow and the market becoming increasingly cut-throat, there has been a need for an innovative solution that can support renters as much as landlords. Enter Residently – the proptech startup shaking up the game that has just secured €5.2 million.
The Funding
The UK-based startup has just secured more than €5.2 million in its latest funding round. Contributions came from Love Ventures, alongside existing investors Felix Capital, LocalGlobe and A/O PropTech as well as a Seedrs crowdfund.
Residently: Renting super-app
Founded in 2017 by Tom Allason, Residently is on a mission to digitise the rental experience, bringing renting into the modern age. The platform operates like a rental marketplace that develops trusted relationships with renters, and it’s claimed it can make big savings.
The Residently app lets renters arrange viewings, take virtual tours, make offers, secure their home, pay deposits and extend or renew their lease all within one app. Broadband and other utilities can be set up in advance along with helpful services like moving, storage, furniture rental, cleaning and digital locks. For any renter, this makes life a whole lot easier and takes away any anxiety renters may have as they can trust that any issues they may have can be resolved simply.
Further, for the agents and property managers, there are benefits too. Digitising the renter’s experiences enables property managers to streamline their operations – saving them around €450 per property per year, whilst also doubling their landlord’s Net Operating Income through void reduction. Residenty’s vision is for a marketplace where homes can be secured months in advance with flexible leases, renter reviews and communications with prior tenants.
Tom Allason, Founder at Residently explained: “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.”
The market
It’s reported that in the UK there are over 5 million rental homes – and this can only be expected to grow. Across Europe, renting is still the popular way ti have a place to live. It’s generally more accessible to people and for younger generations and young professionals, it’s a standard way of living.
But for this digital-native generation, renting has stayed in the past. Renters have had difficulties communicating with their property managers, and there’s a general feeling of discontent with the market. Rising costs and a lack of trust are two of the main problems. Residently is bringing a digital approach to tackle this – streamlining operations for both owners and renters, reducing costs and delays throughout the whole rental experience.
Adrian Love, Partner at Love Ventures commented: “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. Tom and his team have the ambition and understanding to re-shape the customer experience for renters in ways that are long overdue. We’re excited to be working with Residently to help fund their global expansion and create a world leading home brand.”
