Rent.com.au (ASX:RNT) surpasses 800,000 renter resume profiles

• Rent.com.au (RNT) has reported that more than 800,000 users have created a renter resume on its online platform
• The renter resume function has previously served as a key indicator of current activity in the renting community
• The portal represents the first step the tenancy journey, enabling users to create an online renting profile, including previous landlord endorsements and verifications
• Following record numbers at the beginning of the year, Renter Resume creation dropped off in mid-March, but is now beginning to pick up again
• While revenue growth is not expected for the June quarter of this year, the company is optimistic about the turnaround in activity
• Rent.com.au shares are unchanged at this morning’s bell, trading for 3.7 cents per share

Rent.com.au (RNT) has issued an update on its operations now that coronavirus-related restrictions are beginning to relax.

The Perth-based company offers a variety of solutions within the renting industry, catering to both tenants and landlords. Its renter resume function represents the first step the tenancy journey, enabling users to create an online renting profile, including previous landlord endorsements and verifications.

In today’s announcement, Rent.com.au noted that more than 800,000 of these profiles have been created to date, which serve as a key indicator regarding current activity within the renting community.

Following record numbers in January and February this year, renter resume creation dropped off in mid-March, as concerns over the COVID-19 pandemic and social distancing restrictions took hold.

However, with Australia’s success in ‘flattening the curve’, renters are beginning to resume their house-hunting efforts, and renter resume creation is now returning to pre-virus levels.

That said, the company saw a similar drop in its revenue-generating renter product sales, which are directly connected with the use of renter resumes. While renter resumes are free to create, they often lead users to purchase renter products to assist in the process.

But Greg Bader, CEO of Rent.com.au, noted that there are signs that renter product sales are also beginning to turn around.

“72 per cent of renter product sales come via renter resume, so it’s no surprise that we have seen renter product sales drop because of COVID-19,” Greg explained.

“RentCheck (our ID and tenancy verification system) is one of the first products purchased by renters as they navigate the renting process, and over the past four weeks we’ve had some of our best RentCheck sales weeks ever as renters start looking for a new place to rent,” he added.

While Rent.com.au is not anticipating any growth in revenue for the June quarter, today’s announcement said that the overall operational forecast is more positive than it was a month ago.

Rent.com.au shares are unchanged at this morning’s bell, trading for 3.7 cents per share at 10:25 am AEST.