As we’re now renting for longer, there’s a greater demand to deliver a seamless and stress-free room rental experience. But how is technology enabling this?
Steven Hiltermann, general manager, UK, Badi
Renting is increasingly becoming the norm for city dwellers of all ages and professions.
Data reveals that 60% of home occupiers in London will be renters by 2025 and now with two out of five believing they will rent for life we see a rise in a younger demographic now commonly referred to as ‘Generation Rent’.
This is driven by a generation who want more flexibility around how and where they work and live and are putting greater emphasis on striking a balance between the two.
The traditional idea of community is much more flexible as movement from city to city becomes more fluid, we search for people like us to connect with and have an expectation that finding a safe space is a given.
In the property world, this translates to more people wanting to rent rather than be tied to a mortgage and a physical ‘base’. But to support this rise in renters, platforms need to ensure room rental marketplaces meet the secure expectation.
For example, Airbnb recently announced it was working to verify the more than seven million properties listed on its platform. By next December, Airbnb aims to have all its properties verified.
It’s the responsibility of these platforms to identify and remove fraudulent listings to improve the experience for tenants and landlords alike. Authentic recommendations go an incredibly long way to build trust in the online rental process.
Several steps can be taken to protect both landlords and renters.
This includes verified listings, wherein a representative visits the property to take photos and confirm amenities included in the listing. These steps help tenants to have greater confidence when booking a room online.
Proptech can also help to take the hassle out of flat hunting, like finding flatmates, seeing potential rooms and sorting the paperwork. Online room rental marketplaces allow potential tenants to learn more about who they could be living with. Some platforms take this even further.
For Generation Rent the benefits of online bookings are many. They can quickly access verified listings and find the right flatmate without the need for costly visits to a new city or country where they’re looking to find a home.
As it’s likely that people will be renting for longer, it’s critical that platforms support the new lifestyle that Generation Rent has embraced.
For example, Badi uses AI to match flatmates. On top of this, we enable those looking for a room to see photos of the space. Once a house hunter finds a flat that meets their needs, and their right flatmate – booking is quick online – cutting out the mountains of paperwork that’s usually required.
To find out more about Badi, visit our website or meet us at FUTURE PropTech 2020. You can find us at stand 75.
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