“We know the median age for first-time homebuyers is about 36 years old now,” Lucarelli told Mortgage Professional America in a recent interview. “When you look at the generations out there, people need to rent when they move out of their parents’ place or graduate from college. People will be renting for close to 20 years now before they purchase a home,” he said of the delay in finding one’s own place exerted by current market conditions. “There’s a variety of factors that contribute to having that age median so late. For that reason, you’re seeing people who are older and older having to rent.”
Read next: REIT investment touted amid housing shortage
The company has experienced other milestones since its 2016 launch, including user growth surpassing 50% in the last year while securing spots for some 600,000 renters. The company partners with three of the top five multiple listing services (MLS). What’s more, company valuation rose from $620,000 in a pre-seed round in 2017 to $53 million in a 2021 Series A round.
News of RentSpree’s latest milestone comes on the heels of its Agent Tools solution suite launch. The suite houses tools providing an all-in-one offering for real estate agents that supports holistic rental management – from advertising and nurturing leads to closing deals using proptech.
“The massive demand we’ve seen speaks to the power of the platform,” Lucarelli said in a previous interview. “Our users value change because change means progress. RentSpree is paving a new way for rental management and the proptech industry as a whole. We’re confident this is only the beginning and we’re looking forward to continued growth.”