RentSpree, the industry’s premier end-to-end rental management software provider, is proud to announce we’ve reached two million users on our platform, effectively doubling our user base in less than two years.
“It took us more than five years to get to the first million mark and less than two years to add the second million,” says Michael Lucarelli, CEO and co-founder of RentSpree. “This is a testament to the power of our platform, our prolific industry partnerships and strong demand for smart rental solutions.”
Since 2017, RentSpree has raised a total of $28 million in Series A and B financings, enabling us to expand our product offerings for agents, landlords, and renters while securing additional strategic partnerships. Our exponential growth—a 598% revenue increase over three years—has also landed us on this year’s Inc. 5000 list of fastest-growing private companies in the U.S.
RentSpree’s key feature, Tenant Screening, allows agents to view a rental applicant’s entire report in minutes. In addition to tenant screening, we also offer an array of rental solutions for agents, landlords and renters including rental application and e-sign solutions. Our latest offering, Credit Builder, enables renters to opt into having on-time payments reported to one of the three major credit bureaus.
In July of this year, we achieved a record 485,000 transactions which included running tenant screening reports, adding property listings to the system and renters submitting reviews for agents. And demand for rentals is likely going to increase as mortgage rates continue to hover around 8 percent and housing prices skyrocket. According to a recent study by CBRE, the average monthly new mortgage payment is now 52% higher than the average apartment rent, putting home ownership out of reach for many.
As the rental market continues to trend upward, RentSpree plans to form new partnerships with key multiple listing services across the U.S. and innovate on our rental management solutions. We’re excited to see what the next couple of years will bring on our journey to simplify the entire rental process for everyone involved.