Rezi, the rental marketplace that automates and improves the leasing process for residents and property owners, has signed a $100 million deal with SR Alternative Credit LLC (SRAC), a private credit affiliate of Spouting Rock Asset Management LLC, to purchase the world’s first “residential lease-backed securities” — a new financial asset backed solely by leases transacted on the Rezi digital marketplace.
Rezi reimagines the way apartments and homes are rented by offering their property owner partners guaranteed leasing income in exchange for the exclusive right to lease their apartments. Rezi leverages its platform that utilizes machine learning and artificial intelligence technology to drive leasing outperformance.
“This transaction is a huge milestone towards our vision for the rental housing market,” said Sean Mitchell, co-founder and chief executive officer of Rezi. “The top 50 property owners control less than 5% of the rental inventory in the US. That fragmentation has meant that most renters do not enjoy the benefits of technological standards when they lease their homes. We believe technology has tremendous power to democratize access to housing in a way that is fair, modern and beneficial for all renters and property owners alike. Transactions like these empower our platform, and eventually others, to aggregate and unify the fragmented rental market in a way that delivers better leasing experiences for renters and greater profitability for property owners.”
