#USA #New York #AI-driven platform #RENEW #Resident Referral Network

Renew Revolutionizes Rental Housing Retention

In a significant boost for the rental housing industry, Renew, the innovative AI-powered platform, has recently announced its successful completion of a $12 million Series A funding round. This round was led by Haymaker Ventures, along with contributions from Goldcrest Capital, Upfront Ventures, and numerous other clients of Renew. The funds will be used to scale Renew's unique approach to improving resident retention and to launch the industry's very first Resident Referral Network.

Since its inception in 2021 by Rob Hayden and Kevin Murphy, Renew has focused on addressing a critical challenge in the U.S. rental market, where operators typically lose nearly half of their residents each year. This high turnover rate not only impacts the profitability of property owners but also leads to increased vacancy losses and escalated marketing costs. Renew aims to tackle this issue head-on by transforming renewal processes into a strategic advantage that benefits both operators and tenants.

The Challenge of Resident Turnover

Currently, the rental market is experiencing immense pressure, exacerbated by rising rents, a limited supply of available housing, and fragmented leasing processes. As a result, both landlords and tenants face challenges that can drive residents away from their rented homes. Recognizing that many residents do not actually leave the idea of renting itself but instead move due to their relationships with the properties and operators, Renew has constructed a system that focuses on turning lease renewals into opportunities for everyone involved.

With the introduction of Renew’s tools and systems, apartment operators are supported in maintaining higher retention rates through a variety of interconnected solutions, each designed to streamline the process of keeping residents happy and engaged.

Innovative Solutions for a Complex Problem

The Renew platform includes several key components:

• - Renewal Management System (RMS): This system automates every aspect of the renewal process to ensure that offers are made promptly, are compliant with regulations, and provide extensive transparency for residents. This not only saves property management teams countless hours of administrative work but also enables residents to experience a stress-free renewal process.

• - Renew Data Engine: This feature identifies churn signals and trends across various portfolios, allowing for predictive decision-making rather than reactive responses. With this data, operators can proactively address issues before they lead to turnarounds.

• - Renew AI: Through the use of artificial intelligence, this function personalizes offers and optimizes timing for residents, while also providing real-time answers to operator inquiries, ensuring a seamless interaction for all parties.

• - Renew Marketplace: Unique to the industry, this marketplace facilitates a resident referral network that supports transfers within portfolios and fosters trust among landlords.

• - Revenue Ecosystem: By monetizing the critical moment when residents decide whether to stay or go, this ecosystem incorporates embedded services and rewards that are advantageous for both residents and their operators.

Transformative Outcomes in the Rental Sector

The results of these innovations are promising. For example, Rob Hayden, Co-Founder and CEO of Renew, shared that top operators who piloted the service reported a surprising discovery: many residents who were planning to leave weren't abandoning renting entirely, but rather relocating beyond the reach of the properties' portfolios. By incorporating lead-sharing tactics, leasing operations can turn potential losses into opportunities for increased engagement and retention. This approach has also opened new revenue streams for apartment owners.

Mark Juleen, COO of J.C. Hart Company, elaborated that the new systems have dramatically shortened the renewal window—from an average of 45 days down to just 10-15 days—significantly enhancing the decision-making process for residents.

A Vision for the Future

Founded to close the gap in rental housing retention practices, Renew stands out as it places the renewal moment at the heart of the industry's growth strategy. The platform is not just about keeping residents; it’s about fostering relationships that encourage loyalty. As the rental market continues to evolve, companies like Renew are vital in creating environments where both renters and operators can thrive together. At the forefront of this movement, Renew is redefining what it means to retain tenants with a focus on trust and community.

For more information about Renew and how it is changing the landscape of rental housing retention, visit heyrenew.com.