RentGuarantor (RGG) , a provider of rent guarantee services to tenants including students, benefit claimants and retirees, announced a three-year partnership with University Living - a student letting company.
RentGuarantor said University Living will use bespoke marketing materials to promote the RentGuarantor service to all its residential tenants, including students, with the intention of generating secure tenancies for its landlord portfolio.
Mayank Maheswari, COO of University Living, commenting : "Our partnership with RentGuarantor will improve the process of international students renting a home in the UK and allow students easier access to property, whilst ensuring our landlords benefit from the additional security of having a professional guarantor in place."
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More good news from RentGuarantor as it expands its presence in the student lettings market. University Living is a major student housing marketplace that helps students worldwide find secure accommodation near their university campuses. The company has helped house students from 93 nationalities, working with 300+ international educational hubs and delivering 2,000,000+ beds for students.
The partnership will see RentGuarantor begin to onboard student tenants immediately and provision rent guarantees, unlocking an additional revenue stream in a growing market as students have been squeezed by the cost of living crisis and rising costs of education. Investors should expect more similar partnerships in the future.
In its most recent trading update for FY23, RentGuarantor reported a 79.1% surge in revenues to £742k, with tenant contracts up 57% to 1,124, reflecting growing demand for rent guarantee services. Moreover, the average revenue per tenant contract rose 14.1% to £659.73. The company entered FY24 with strong momentum and well on its way to profitability.
RentGuarantor has successfully identified a growing problem, namely the difficulty many prospective tenants face in providing the necessary documentation and guarantees to landlords to secure tenancy. As many as 20% of prospective tenants are affected, with students particularly vulnerable due to a general lack of stable income and credit history. RentGuarantor acts as a middle man, using its proprietary technology to help both tenants and landlords. In business since 2017, the company's model has been successful so far, and we expect further growth.
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