The Australian rental market is set for a period of change with both interstate and domestic movement around the country impacting property markets. But through the economic uncertainty, tech company Rent.com.au (ASX: RNT) has emerged as the primary destination for tenants and landlords with a 13% increase in revenue for FY20.
The largest dedicated rental site which serves the 30% of Australians who rent, has now recorded more than 860,000 tenant profiles and delivered FY20 revenue of $2.5 million for a 47% improvement in EBITDA to a $1.1m loss for the disruptive tech company.
As a one-stop shop for renters and landlords, the Rent.com.au app has now been firmly planted as the #1 rated real-estate sector app in the Apple and Google stores, with it enabling renters to create tenant profile, view and apply for property listings, and contact landlords.
Rapidly increasing in adoption, there were 760 renter resumes created daily in July. The company is also deep in development with digital payments company Novatti Group (ASX: NOV) for its RentPay platform which will offer renters and landlords a tool for seamless management of rental payments – a longstanding issue within the sector.
Having been very little change in the rental payments industry for decades, changing customer needs will see Rent.com.au further disrupt the market in coming years through innovative payment, communication and lifetime user functionalities.
Within their improved financials for FY20, RentBond proved highly popular with renters, giving them a buy-now-pay-later option for bond payments which delivered Rent.com.au $423k revenue from the division.
Offering financial flexibility to the renter and agent, RentPay is set to break the noise between tenants and agents which will offer cost savings to both sides as well as communication efficiencies expected to further drive audience uptake towards the platform.
A launch date for RentPay has not been confirmed but development is nearing completion and will soon be available to the 750,000 unique users that browse Rent.com.au monthly who are seeking rental properties or tenants.
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