Rent.com.au announce new CEO as revenue rises 118 percent in FY16
Rental property portal Rent.com.au have seen their revenue increase by 118 percent in the year to June 30.
Their revenue was $748,000, up from $343,000 in FY15, which showed the demand for rental properties has continued to escalate in the increasingly expensive property market.
They've also hired a new CEO, Greg Bader, who replaced departing chief executive and founder, Mark Woschnak.
Greg Bader said that in today’s market renters wanted a wide range of rental properties from which to choose, from both agents and non-agents.
"We accept that housing affordability is a real issue in Australia, but we are also seeing a growing number of people choosing to rent for practical and logical reasons," he said.
“We now have a very significant share of all rental property listings available on our site and have developed a consistently large and unique renter audience as a result.
"This is core to the positioning of RENT as the destination of choice for renters, however we’re also moving towards meeting the other needs of renters in a commercially sustainable way.
The listed company has achieved 651,000 average monthly unique visitors this year, up 157 percent from last year and exceeding the target of 500,000 unique visitors per month.
In the past year, 2700 agents and 13,000 private landlords have signed up to advertise on the site.
The company will now begin to commercialise on the website having reached critical mass.
It will offer more products to address renter concerns such as RentCheck which helps landlords check a renter's standing.