NEW YORK, Oct. 21, 2019 /PRNewswire-PRWeb/ -- HelloRented, a data-first real estate technology company, today announced its namesake Lifecycle Rental Platform. The online service aims to reinvent the residential rental process for landlords, brokers and tenants. It circumvents onerous screening limitations imposed by regulators while expanding the opportunity for all tenants, including foreign applicants and students with low or no FICO scores, to gain access to rentals while also dramatically reducing the upfront costs needed to secure and finalize rental agreements. The Platform, likewise, generates a new pool of cash funds for landlords, one that goes beyond capped security coverage and serves as their own contingency capital.
The current U.S. residential rental market is fraught with complications for both tenants and landlords. From the broken tenant evaluation paradigm that over-relies on FICO scores, to the hassles of managing security deposit escrow accounts, the rental process poses an array of challenges to landlords and tenants alike. HelloRented cuts through these challenges and eases the paperwork and processes, while also providing landlords access to more color and insight on their tenants to serve them better, unlocking upsell and renewal opportunities and providing tools to better manage their rental business.
"We're creating a reliable and effective rental process for landlords and tenants by ensuring a fair, smart and friendly on boarding process," said Guy Wollmann, CEO of HelloRented. "We enable landlords to make smarter tenant decisions while maximizing profitability and property values, creating new revenue streams, and providing risk protection against tenant damage. The demographics of freelancers, immigrants, students (national and international) are 85% more likely to be rejected for lack of credit information or funds needed during the rental process. For them, our platform increases the chances for application acceptance while dramatically lowering the cash outlay needed to secure an apartment."
HelloRented solves challenges in the rental market with the following key features.
For Tenants:
- Takes care of security deposit
- Offers rental guarantees
- Dramatically improves the opportunity for application approval
- Creates an easier and quicker application process with results back in seconds
For Landlords:
- Free data to identify best tenants instantly
- Helps indicate good tenant renewals
- Guarantees for damages far exceeding the one-month security deposit, in cash
- Manages application process thereby removing fees
- Increases in Net Operating Income (NOI) through multiple programs
"About half of our members are foreign nationals, for whom access to quality housing can be challenging," said Sergii Starostin, co-founder and CEO of Outpost Club. "HelloRented has allowed us to move in about 60 people per year who might otherwise have had trouble accessing good rental opportunities and helps us to confidently onboard members — furthering our goal of making it easier than ever to move to high-demand urban areas."
"HelloRented got me into the apartment I deserved to be in and wanted to be in by ensuring a review of my background that took my whole self and history into account," said Matthew Attalla, a HelloRented customer. "Due to my background as an international applicant, I have always struggled with rental applications. HelloRented has solved this problem for me. It also took away the stress of sourcing security deposit funds by serving as a guarantor and offering me an easier and pocket-friendly monthly payment model."
About HelloRented:
HelloRented is the only data-first real estate technology company that is disrupting the residential rental life cycle for landlords and tenants alike. The company offers a data and analytics-driven platform that enables landlords to make smarter tenant decisions, maximize profitability and property values, create new revenue streams and provide risk protection against tenant damage. HelloRented empowers tenants with the greatest opportunity for application acceptance while dramatically lowering the cash outlay needed to secure an apartment.
To learn more about HelloRented, please visit http://www.hellorented.com
SOURCE HelloRented
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