Rent.com.au Q3 2024 Financial Statement: Record Quarterly Revenues of A$890,000

The rental portal operator Rent.com.au has released a report on its activities for Q3 of the Australian financial year.

Highlights include:

• Record revenue for the quarter, A$890,000 (USD 584k) represent a 41% year-on-year growth
• Search portal revenue increases 25% YoY to A$741,000 at an EBITDA profit of $56,000
• Revenues from flagship RentPay product increased 21% from Q2 2024
• Meanwhile, YoY RentPay revenues increased by 144%
• RentPay EBITDA losses of A$500,000 for the quarter
• RentPay ARPU grew to A$5.53 per user per month

Rent.com.au is a specialist rental portal company operated from Western Australia that competes with the likes of REA Group-owned Realestate.com.au and Domain. Q3's numbers followed Q2's "phenomenal" performance.

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

"We delivered record group revenue with strong year-over-year growth across all revenue lines.

"Rental property vacancy rates remain at record lows, which impacted demand for our renter products, simply because there were less people moving, but their appeal to renters was underlined by a higher percentage take up of these products compared to last year."

Rent.com.au is an ASX-listed company chasing profitability; the company posted a loss of A$3.8 million in 2023. Despite strong performance for the popular RentPay product, EBITDA losses for RentPay were A$500,000 for the quarter, dwarfing the EBITDA profit of $56,000 from search portal revenue.

Almost A$250 million in rent has been paid via RentPay, a platform that lets tenants in Australia flexibly, control their rent payments to increase tenant well-being while ensuring agents and landlords continue to receive their rent quickly and reliably.

However, Rent.com.au paused migrations for new RentPay users between January and March, with Bader commenting:

"Whilst our sales pipeline has never been stronger, this deferral of onboarding contributed to lower growth in active RentPay customers, but we expect to make this up across the final quarter of FY24.

"Following rapid growth in the December quarter, active customer growth in Q3 FY24 has been slower despite a significant increase in agencies signing on to RentPay.

"As of the end of the quarter, we had signed agreements from agencies representing more than 4,000 tenancies that have yet to be onboarded to RentPay."

Rent.com.au recently introduced new international payment choices to penetrate new markets including expatriate professionals, new migrants and foreign students.