A rental void is a period where nobody is paying to stay in your property. Generally, it means you’re not receiving any income and the place is most likely empty.
In 2015 I became a renter for the first time in a decade - initially as my house was being refurbished, then as I relocated around the world as an exec at eBay. I rented five homes in four years in three countries. At the start I thought it was going to be fun to live in different kinds of properties and to leave the worries of ownership behind.
Today we’re announcing that we have secured £7m in seed investment to help Residently fund its growth in London and New York.
The investment comes from leading European VCs including Felix Capital, LocalGlobe and A/O PropTech, as well as existing angel investors. The funding will be used to grow our engineering and product teams, support building the rental portfolio in London and New York, and add extra services to our Living platform.
Our founder and CEO Tom Allason wanted to design a rental experience around tenants, having had unsatisfactory experiences renting homes in several countries around the world. In doing so, he realised that landlords could also benefit from a better way of doing things.
“We are building the global rental brand by using tech to offer flexibility and smart services to renters. We put them first because by improving the experience for renters, we positively disrupt the economic model for property investors and owners - enabling them to maximise their yield with minimum hassle,” he said.
Simon and Hannah are international landlords who moved to Hong Kong two years ago to follow their professions. Living so far away made it difficult to manage their property, renew leases, negotiate with tenants, sort out maintenance issues and deal with agency fees.
We’ve spoken before about the new generation of renters - those with high expectations, low tolerance for bad service and a clear idea of what they want out of life.
Although people have varying degrees of control over their general finances, one thing we tend to be pretty sure about is our rental budget. When we’re flat-hunting, we search by monthly price, and we know exactly how much we can afford to put down as a deposit.
A ‘perfect storm’ of changing cultural attitudes, government intervention and broadening tech possibilities has resulted in the upheaval of quite a few industries – notably banking, transport and holiday travel – and it’s obvious to see it’s coming to renting, too.
In April the government announced plans to change how the eviction process works, namely that Section 21 is to be abolished. Whilst government ministers have called this the biggest change to the private rental sector in a generation, some landlord organisations have expressed concerns about what this means for them. Whatever side of the fence you’re on, these are the facts you need to know.