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If you’re looking for a clear winner in Australia’s housing crisis, Rent.com.au (ASX:RNT) is one of the easier victors to spot.
According to a trading update released by the company on Monday, its ‘RentPay’ platform has now clocked in a quarter of a billion dollars at $250M.
This metric has been realised in the same period time where rents around the nation are increasing to levels that, for many, are untenable.
The company specifically pointed out on Monday that payment growth on the platform, as for its most recent $100M made, “[came] twice as fast as the previous $100M.”
Also helping matters is that nearly 9,000 renters are now making payments on the platform – which the company described as “record pipeline growth.”
Currently, some 4,000 Australians remain poised to start using RentPay pretty soon – with housing services being one of the major factors keeping Australian inflation so high.
This did nothing to stop the company issuing a fairly robust CY2024 outlook.
“Coming off a record quarter, our confidence is high,” company CEO Greg Bader said.
“Achieving this milestone of a quarter of a billion dollars in payments is of course rewarding, but it’s really down to the growing support of our renter customers.”
One is left to wonder what, exactly, the renters make of Rent.com’s $250M milestone – given they largely have no choice to pay higher rents nationwide.
“We’ve gone from 100% of our revenue being transactional … to now seeing more and more of it being recurring revenue.”
RNT last traded at 3.5cps.
