NEW YORK CITY – RentRedi, a real estate technology startup offering web and mobile applications for landlords and tenants to manage the rental experience, has closed a $1.4 million fundraising round to undergird its growth as it aims at simplifying rental processes nationwide. Venture capital firm TIA Ventures lead the fundraising round that included seed funding and other strategic investors.
RentRedi plans to use the capital to launch new tech offerings and onboard thousands of additional landlords to its platform.
"As the residential rental market continues to evolve, we're looking to continue evolving our landlords' and tenants' experiences as well," Ryan Barone, CEO and CTO of RentRedi, tells Globest.com. "Fortunately, we're very connected and communicative with our users so we have a direct line to how technology can enhance and influence the renting experience."
Founded in 2016, RentRedi has taken aim at hurdles renters face on the apartment hunt, providing them access to a dashboard where they can securely gather and store paperwork as they undergo multiple screenings to qualify and rent the best-fitting apartment.
Landlords can also use the platform to manage their rentals as they secure potential and qualified apartment candidates through tenant screenings, collect rent payments, field maintenance requests, manage lines of communication and listings through a virtual dashboard.
To expedite the rental process for both parties, RentRedi prequalifies tenants through a mobile-submitted ten-question process, one of the only few platforms to do so, to decide whether a candidate meets the income level and the number of occupants required for an apartment unit.
In addition, the start-up has partnered with platforms like TransUnion, Zillow, Trulia, HotPads, and TSYS to create an all-in-one task management dashboard for landlords. And once potential renters sign on as tenants, RentRedi's mobile app allows them to pay rent and submit maintenance requests via a 5-second video that allows landlords to view the issue.
"We're looking to help landlords reduce tenant turnover and improve the renting experience," Barone said. "And most of the new features we add come directly from their qualitative data and feedback."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
