Rental app that seeks to cut out agents set for July launch

A millennial entrepreneur is trying to automate the Australian rental market with an online marketplace that connects property owners and renters directly.

The platform seeks to eliminate the middleman in the transaction — the real estate agent — from the $44 billion a year rental market.

The Rentwolf app, a brainchild of 30-year-old Chris Martino, is set for a July launches in Sydney.

It already has 3,400 registered users, including 330 property owners.

The app has been in development for five years.

Rentwolf connects savvy property owners and renters through application profiles and an automated lease, payment and property maintenance system. The platform automates and integrates the rental property market, and provides real time data.

Renters, who can avail the service for free, can upload their profile and once they zero in on a prospective property, can make an offer to prospective landlords, including proposed lease terms (length and move in date) and financial offer. 

They can also compare other offers made on the property besides looking at median rental prices for individual properties, streets and suburbs.

In addition, Rentwolf calculates an ‘offer over income ratio’ for renters, which determines the maximum amount they should be paying in rent in a certain area. This is communicated to both the renter and landlord, to prevent people from offering more they can afford.

Residential landlords pay $14 a month instead of a typical 8% monthly rental commission.  Commercial landlords pay $29 a month.

Addressing concerns that online platforms push up rentals, Chris Martino said the app is designed to increase transparency, not prices. 

“Rentwolf encourages renters and owners to focus on a broader value proposition, which includes individual’s profiles, proposed leased terms (length and move-in date) and the financial offer,” he said.   

Martino says he has experienced first-hand the frustration of looking for a rental property in Sydney and says he wants to reduce rental stress among renters by creating a transparent marketplace that will help keep rents under control.  

The project is being backed by his father, ex-Deloitte Australia CEO Domenic Martino.