Rentgrata, one of the first renter insights platform that creates connections and builds community for multifamily properties, announced it has secured $1 million in financing from prominent venture funds including lead investor M25, as well as Syndicate Fund, Right Side Capital Management, Nelnet, and individual investors like Package Concierge Founder and multifamily innovator Georgianna W. Oliver and ApartmentJet Co-Founder Eric Broughton. Rentgrata helps bring together prospective and current residents through its innovative messaging platform, while providing property owners with better analytics into renter needs to reduce turnover and improve operations.
While millennials (adults aged 24-38 years old) make up 56 percent of the rental market, research shows an estimated 44 million Generation Z renters (adults aged 18-24 years old) are on the hunt for an apartment. As the first generation of ‘digital natives,’ the younger population of renters expect to connect and are comfortable doing so in all facets of their lives.
“The younger generation of renters value a dynamic experience in all aspects of their lives, and that includes learning from the collective insights from their peers to improve upon their situations,” said Ben Margolit, Co-Founder and CEO of Rentgrata. “For this reason, it's critical that management companies provide renters the ability to connect, learn, and in the process, become part of a community. Creating these connections is what allows Rentgrata to generate powerful data that helps property management professionals, ownership groups, and multifamily developers better understand their renters, while highlighting opportunities to fine-tune and harmonize marketing, leasing, and management strategies - so it’s a win-win for residents and properties.”
Rentgrata is already working with 12 of the National Multifamily Housing Council’s top 50 largest property management companies, supporting nearly 60-thousand units - a 258 percent increase year-over-year. With this funding, seasoned digital strategist Benjamin Burns of The Bozzuto Group, joins the Rentgrata advisory board.
“Having spent my career helping companies leverage marketing technologies that support customer acquisition and retention, Rentgrata is truly delivering the next-generation renter experience that's building additional transparency in the prospect's journey to becoming a resident,” said Burns. “Rentgrata’s authentic use of ambassadors i.e. residents is taking the current use of reviews and truly changing the game and I look forward to supporting their momentum as they continue to evolve their platform in the market.”
“We’ve already benefited from the power of the Rentgrata platform, as have our residents,” said Kristin Dixon, Marketing Director for Matrix Residential, a Pollack Shores Company dedicated to creating exceptional experiences for the people who live, work and invest with the company. “We are embracing the culture of community and that is making the experience at our property more successful for everyone.”
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