Our guest in this episode is Adrian Yong, co-founder of Rentality, a brand new startup that is seeking to create a ‘mid-term property rental’ market.
Rentality works with property managers to help them rent out properties for more between one to nine months – longer than AirBnB and shorter than a permanent rental. And often the properties are fully furnished. It’s a new style of rental that is in demand from professionals – think doctors and medical specialists on secondment – and contract workers, who want something professional and nice to call home, without the bother of making it homey.
Will this take existing properties off the rental market, or add them? And will the idea even fly? Let’s find out.
01:08 The Rentality elevator pitch. This is a good one – they’ve got it down!
01:33 Why we need a mid-term rental market.
02:17 The size of the mid-term rental market is $11.9 billion in Australia alone.
03:03 Who uses mid-term rentals and why they’re attractive to tenants.
04:32 How Rentality works with real estate agents and developers
05:26 How rental yield of a mid-term is different to short and long term yields.
06:23 How mid-term rentals attract previously unlet properties to the rental market and the legal considerations.
07:27 How agents can pitch it to property owners to grow their business.
08:46 How Rentality is working in the new property development space.
11:09 Life as a very new startup and how Rentality is growing the market for mid-term rentals.
13:45 Adrian explains how there is very little competition in this space and the agents they are partnering with.
15:57 How Rentality is growing the online marketplace for mid-term rentals with Google’s help.
18:44 How the gig economy and improving tenant service is tied into mid-term rentals.
23:44 Mid term rentals work within existing property management legislation in most states and is not eligible for the new Vacancy taxes in some states.
26:06 The Rentality team overview.
27:14 Adrian talks about how he’s been inspired by the book, The Intelligent Investor.