- For the March quarter, Rent.com.au (RNT) recorded record revenue of $797,000 — a 25 per cent improvement on this time last year
- Despite the record revenue, however, the overall rental market activity in March 2021 was lower than normal, due to lower interstate and overseas migration
- Google data has shown that searches for rentals were down as much as 20 per cent in the quarter compared to the previous corresponding period
- Looking forward, Rent is aiming to launch its RentPay app in this current quarter
- On the market, Rent is down 7.55 per cent and is trading at 24.5 cents per share
For the March quarter, Rent.com.au (RNT) recorded record revenue of $797,000 — a 25 per cent improvement on this time last year.
Despite the record revenue, however, the overall rental market activity in March 2021 was lower than normal, due to lower interstate and overseas migration.
Google data has shown that searches for rentals were down as much as 20 per cent in the quarter compared to the previous corresponding period.
However, when COVID-induced restrictions eased at the end of March, Rent saw an increase in market activity towards the end of the quarter.
CEO Greg Bader is pleased with the revenue result for the quarter.
“We achieved a record result for advertising sales and the second best ever quarter for renter products. When we compare our result against the same quarter last year, we have improved revenue by 25 per cent, which follows similar year over year increases over the previous 2 quarters, and we’re expecting this growth trajectory to continue into the final quarter of the financial year,” he said.
RentPay
Rentpay is an app to help tenants to pay their rent wherever they are, track the history of past payments and set up reminders for future payments.
Recently, Rent teamed up with SkyCredit to allow some additional features to its app RentPay.
These new features have been added and are currently in testing. The launch of the new RentPay app is expected within a matter of weeks.
“When we first envisaged RentPay we had a clear vision of the problem we were trying to solve, but the path there from a technical perspective was far less certain and has proven more complex than we thought,” Greg told the market.
“We’ve invented new solutions where we could and have integrated into existing frameworks where we have had to. It’s been a tremendous effort not only by our Rent team but also by a number of key partners to reach this first milestone,” he added.
Over the last quarter of the 2021 financial year, Rent will be focussing on launching RentPay.
Notably, the company is well-funded for the launch with $3.8 million cash in hand.
On the market, Rent is down 7.55 per cent and is trading at 24.5 cents per share at 3:15 pm AEST.