A London-focussed ‘rental brand’ called Residently has just secured £2.5m in funding.
Residently manages houses and flats for landlords, letting them directly to tenants on leases of up to five years, with management handled electronically through apps on tablets and smartphones.
The service will handle the finding and vetting of tenants and viewings for properties, and tenants can then use it to manage cleaning and other concierge-style services.
Residently does not levy tenant fees and enables renters to switch to other properties it manages - in London or some overseas cities.
Its new £2.5m funding complements £1.5m invested by founder Tom Allason who launched the platform in January 2017 in response to his frustrations renting homes in London, Silicon Valley and Seattle and the experience of being a London landlord.
“I was surprised by how the rental market had failed to move with the times. Why was it you could book an Airbnb in seconds but renting your next home would take weeks full of friction, stress and hidden costs? I realised that generation rent would, for the rest of their lives, be spending the greatest proportion of their income on something that had a horrible customer experience and enjoyed no brand loyalty. The idea for Residently was formed from this insight, with the mission of building a rental brand designed around the renter but which also benefited landlords” says Allason.
The firm says that for investors, Residently means “achieving better yields over the long-term and protecting their investments for the future.”