REZI, the rental marketplace that automates the leasing process for residents and property owners alike, announced today that it signed a $100M 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, a Y-Combinator company, launched in 2018, offers their property owner partners 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 performance.
“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.”
“We’re proud to partner with REZI on this deal and their exciting launch of this new financial asset class. We have a history of partnering with high performing companies that have designed novel solutions that deliver compelling returns for our investors,” said Peter Faigl, Chief Investment Officer of SRAC.
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