Rent.com.au Posts Solid Q1 2023 Results As RentPay User Subscription Product Starts to Grow

November 3, 2022
Share this Post: 

Rent.com.au has released its Q1 2023 financial results, with solid growth in its RentPay user convenience product.

Highlights include:

  • Quarterly revenues of A$825k (down 2% YoY).
  • 9th consecutive EBITDA-positive quarter for the core portal business.
  • A$1.3m cash reserves.
  • The number of RentPay users passes 3,500.
  • A$1.3m in rent per week paid via RentPay.

Greg Bader, CEO at Rent.com.au, said:

"The focus of this quarter was setting up the transformation of our business.

"We previously announced a strategic partnership with Origin Energy Limited, and during the past quarter we have focused a lot of our time into putting that agreement into effect.

"From mid-August we started referring moving customers to Origin via our Rent Connect product. And in late September, we completed the functionality to enable rent pay customers to start using our build smoothing feature to pay that origin gas and electricity bills.

"Following our UX changes to rent pay in the previous quarter, the increased customer value proposition provided by Bill Smoothing has provided the catalyst for us to recommence the marketing of rent pay to our customer base. Funds from the Rights Issue we announced today will primarily be used to expand our rent pay sales and marketing efforts."

Rent.com.au gave prominence to the RentPay product, which incurred EBITDA losses of A$1.8 million for the full financial year. However, it is starting to pay off with significant year-on-year growth in active users with the figure reaching 3,537 (up from 908 at end of Q1 2022).

The company said there has been "good interest" in the product and that Rent.com.au expects to bring additional agencies on board in the coming quarters. "RentPay revenue growth is derived from increasing customer numbers as well as increasing the average revenue per user that we receive per month," said Bader.

Meanwhile, Rent.com.au admitted that it is seeing "very low levels of rental properties available across most states".

November 3, 2022
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Buyrentkenya Nairobi Skyline
BuyRentKenya Partners with Insurance Specialist mTek-Services

BuyRentKenya, a market-leading portal in Kenya, has unveiled a strategic collaboration with mTek-Services, an insurtech firm specializing in digital online...

Read More
Untitled Design 14
Yandex Divests Russian Assets for $5.2 Billion

Yandex N.V., the Dutch parent company of the Yandex group, has announced a definitive agreement to divest all of its...

Read More
Untitled Design 12
Significant Adevinta Shareholder Yet to Approve $14 Billion Offer

Permira and Blackstone's protracted $14 billion takeover of Norway-based marketplace giant Adevinta continues to stutter with a significant shareholder yet...

Read More
Untitled Design 1
What Does the Future of Real Estate Search Look Like?

The Property Portal Watch conferences are where real estate portals discuss and sometimes catch a glimpse of their future. Recent...

Read More