PropTech startup RentalStep has recorded impressive monthly growth of landlords and tenants using its platform.
Since January, the platform has recorded landlord user growth of approximately 150% per month. During this period, the number of landlords using the platform has increased from 20 to over 400.
RentalStep, which is aiming to have over 1,000 landlords using its platform by the end of the year, launched in spring 2017 and provides landlords with a range of services.
Using RentalStep, landlords can list available properties on Rightmove, Zoopla and PrimeLocation and receive free access to an online booking system and comprehensive referencing services.
Landlords can also use the platform to find the best tenants who are fully referenced and credit checked by Experian. Once landlords have found a tenant, they can use RentalStep to generate a free tenancy agreement.
"We're delighted to see the number of landlords and tenants using our platform rising so steadily," says Mike Georgeson, founder and chief executive of RentalStep.
"It's clear that landlords are looking for a way to advertise properties and find fully referenced tenants for a fraction of the traditional costs. With the prospect of higher management fees thanks to the impending tenant fees ban, landlords are looking for alternatives and our platform provides them with an all-in-one digital solution."
Meanwhile, there are currently over 1,000 tenants registered with RentalStep, reflecting growth of around 30% per month since January.
Tenants using RentalStep can benefit from a unique TenantPassport - a digital rental history profile which can be shared with landlords and letting agents.
The free TenantPassport includes rental history, employment details and references, making sure that tenants have everything they need in place before making their next move.
It can also provide renters with a boost to their all-important credit score as landlords and letting agents are able to verify monthly rental payments. Therefore, if tenants pay their rent on time over a prolonged period, their TenantPassport can help them if they look to purchase a property in the future by having a positive impact on their credit score.
"Tenants are starting to see the benefits of having their own rental history profile which can be maintained as they move between rental properties,” says Georgeson.
“The prospect of securing a boost to their credit score for paying rent on time is supremely appealing," he says.
RentalStep was recently announced as one of six winners of the first stage of HM Treasury's Rent Recognition Challenge which is aiming to provide tenants with the means to share their rental payment histories with mortgage lenders and credit reference agencies.
The next stage of the competition will see several of the winning startups receive further funding to enhance their offering and bring it to the attention of a wider market.
"RentalStep is growing at a rapid, but controlled, rate and we see this continuing throughout 2018 as we encourage more landlords and tenants to take advantage of our mutually beneficial digital platform," says Georgeson.