Renew Secures $12 Million Funding to Enhance Resident Retention
Renew's New Era in Resident Retention
Renew, an innovative platform focused on transforming how rental operators retain residents, has recently secured a substantial $12 million in Series A funding. This investment marks a significant milestone for the company, aiming to revolutionize the multifamily and single-family housing sectors by introducing cutting-edge solutions that address the pressing challenges within the rental market.
Funding Details and Future Plans
The capital injection was led by Haymaker Ventures alongside contributions from Goldcrest Capital and Upfront Ventures, alongside dedicated Renew customers. With this funding, Renew plans to expand its retention platform significantly, making way for the launch of the first-ever Resident Referral Network in the industry, designed to enhance tenant experience and reduce turnover.
Challenges in the U.S. Rental Market
The U.S. rental market faces unprecedented challenges. Operators are losing nearly 50% of their residents every year, leading to significant vacancy losses and escalating marketing expenses. At the same time, renters are confronted with rising rents and limited housing options. Renew aims to bridge this divide by turning the renewal phase into an opportunity for growth, which could improve resident retention by 3% and reduce vacancy periods by four days.
Components of Renew’s Ecosystem
Renew’s platform offers an interconnected ecosystem that significantly streamlines the resident renewal process. It consists of several components:
Renewal Management System (RMS)
This automated system covers the entire renewal process, ensuring that all offers are timely and transparent. It alleviates the workload for site teams and provides residents with a hassle-free experience.
Renew Data Engine
The Data Engine identifies proactive churn signals and displays renewal trends across the portfolio, shifting the strategy from reactive to predictive analytics.
Renew AI
Utilizing artificial intelligence, Renew Personalizes offers and optimally times them while providing real-time support to operators.
Renew Marketplace
This groundbreaking aspect allows for easy in-portfolio transfers and reliable referrals across different portfolios, effectively creating a supportive community among residents.
Revenue Ecosystem
By integrating services and rewards into the renewal process, Renew creates a win-win situation for both residents and operators.
Transforming Industry Practices
As the rental landscape evolves, insights from industry leaders have highlighted that many residents leaving are often relocating rather than changing their rental preferences. Rob Hayden, Co-Founder and CEO of Renew, emphasizes that viewing departures as business losses misses an opportunity to leverage lead-sharing as a progressive solution to enhance resident experience and generate new revenue avenues.
Quickening Decisions in Renewal Processes
Mark Juleen, COO of J.C. Hart Company, points out that Renew's platform has drastically accelerated the renewal decision-making process. What previously took around 45 days has been reduced to just 10 to 15 days, a remarkable improvement that signifies efficiency.
About Renew
Founded in 2021 by Rob Hayden and Kevin Murphy, Renew identifies a critical gap in resident retention in multifamily housing. The company believes that renters do not leave due to dissatisfaction with renting itself but rather due to a lack of strong relationships. Their platform is designed to shift the focus toward renewal as a key growth strategy in the industry.
Media Contacts
For more information, you can reach Lauren Diaz at lauren@heyrenew.com, or call at 518.275.2079.
Frequently Asked Questions
What is Renew's primary focus?
Renew focuses on improving resident retention in rental housing by offering innovative technological solutions.
How much funding did Renew secure?
Renew recently raised $12 million in a Series A funding round to support its initiatives.
What unique features does Renew offer?
Renew offers features like a Renewal Management System, a Data Engine, and a Marketplace for resident referrals.
When was Renew founded?
Renew was founded in 2021 by Rob Hayden and Kevin Murphy.
How does Renew benefit operators?
Renew helps operators by improving resident retention, thus reducing vacancy rates and marketing costs.
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