New online service will “finally bring renting into modern age”

A digital platform that claims it will “finally bring renting into the modern age” says it has secured £4.5m in funding.

A statement from Residently, announcing the funding, uses familiar terms to say that “by digitising the end-to-end customer experience … Residently will streamline operations for property owners and renters, reducing costs and delays throughout the full 360 rental experience.”

It claims its service will streamline operations and save agents £400 per property per year and double their landlords’ net operating income through void reduction.

Residently’s so-called ‘super-app’ allows renters to 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 moving, storage, furniture rental, cleaning and digital locks.  

In the longer term it describes its vision as “a marketplace where homes can be secured months in advance with flexible leases, renter reviews and communications with prior tenants.”

The platform claims that by 2039 - just 17 years from now - renters will outnumber owners while currently half of all renters in the UK are under 35, ”a segment that is used to seamless digital solutions providing them a high quality service on their own terms.”

Tom Allason, founder at Residently, comments: “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. We’re delighted to have Love Ventures join our existing investors for this next stage of the journey.”

The new investors include Love Ventures alongside existing investors Felix Capital, LocalGlobe and A/O PropTech as well as a Seedrs crowdfund.

Adrian Love, partner at Love Ventures, says: “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.”