After spending a month scouring the San Francisco rental market, Alex Lubinsky and Lily Ostapchuk came to the conclusion that the long-term rental industry was in need of a more efficient solution. As a result, Rentberry was born in 2015, and it has been simplifying the industry by easily uniting tenants and landlords. On October 11th, 2017, Rentberry CEO Alex Lubinsky announced they are taking their already successful business to the next level with blockchain technology and the use of smart contracts.
Rentberry is an all-encompassing long-term rental platform that manages every step of the rental process, from hosting open houses to paying rent. To increase transparency for renters, Rentberry employs an auctioning protocol. Prospective tenants can customize offers based on demand and competition for a specific property. In return, this protocol reflects the true value of the property. Rentberry’s proprietary scoring oracle adds another layer of transparency to renter and landlord profiles. The score is calculated as a combination of rental history, reviews and public information to build a relationship between tenant and landlord that goes beyond finances.
Since its inception, Rentberry has been building its business practice with social responsibility at heart. The use of blockchain technology and its fast-growing community enables Rentberry to become even more socially-minded, allowing tenants to save thousands of dollars in frozen rental security deposits.
Rentberry will help tenants unfreeze more than $500 billion blocked in rental security deposits worldwide through crowdsourced security deposit coverage. Community members can help tenants by contributing funds to cover a portion of their rental security deposits in return for monetary rewards. Rather than having thousands of dollars tied up in security deposits for years, renters can pay a nominal fee every month. Community members are able to make an educated choice on who to support based on rental history, reviews, and proprietary Tenant score. The use of smart contracts make these agreements legally binding and automatically enforced. Additionally, all actions within the platform will be recorded on the immutable blockchain, giving landlords and tenants timestamped indisputable proof of payments, history and correspondence records.
Rentberry has already successfully raised a total of $4M from high-profile investors from eleven different countries. Rentberry plans to use the funds to support international expansion and the development of new features, including its proprietary scoring system, advanced apartment search algorithms, and crowdsourced community expansion. In anticipation of their upcoming token sale in November, Rentberry will start collecting private placements on Monday, October 16th.