If you’re a landlord, you’ll likely know about the ‘Tenant Fees Act’, which came into effect in June of 2019. The law prohibits landlords and estate agents from charging tenants most letting fees – like those associated with reference checks, for example.
The NLA’s report is a new development in the ongoing conversation - so we’ve analysed the key findings to make sure you’re well-informed of the possibilities of the government’s move.
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.
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.