There’s an estimated $45B sitting around in security deposits, but getting them back can be complicated.
Enter RentCheck, the New Orleans-based startup that streamlines property inspections and just scored $2.6m in seed money, per TechCrunch.
RentCheck facilitates remote move-out inspections in-app…
… a feature that led to 1000% growth in RentCheck’s property stock over the course of the pandemic.
Here’s how it works:
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- Property management companies pay a subscription fee, starting at $5/mo. for 1-20 units
- Tenants or employees use the app to complete guided inspections
- Photos are time-stamped and stored in-app
- When finished, both parties sign off
Why it’s useful
A survey from rental app Roost found that over half of renters didn’t take move-in pics and weren’t sure about refund terms.
One property manager told Roost that ~40% of renters end up challenging their refunds.
An app like RentCheck creates transparency on both ends in a quick, automated way.
See also: Other companies, like startup Rhino, are offering security deposit “insurance” where renters pay a small monthly fee instead of a big deposit.