With more than $8 million in seed funding and an advisory board of multifamily thought leaders, Renew has officially launched to provide a solution that automates the entire resident renewal process. Rental housing veterans Rob Hayden and Kevin Murphy founded the platform to help drive net operating income and enhance retention for property managers.
“It is thrilling to finally share with the industry what we have been quietly working on, and perfecting, for the last couple of years,” says Hayden, CEO of Renew. “We spent the last two years building our software and strategy in partnership with some of the industry’s most highly regarded property managers to ensure we have the tools and resources that enable operators to transform how they execute renewals and view resident retention.
“By bringing modern technology and holistic thinking to this often-neglected component of the resident life cycle, apartment operators can take advantage of an invaluable opportunity to retain residents, generate new revenue, and increase asset value.”
Integrating with leading property management systems, Renew’s software gives operators a centralized renewal tool that helps residents easily navigate the renewal process. Automating outreach to residents, the platform provides renewal offers and leverages insights to help operators reduce vacancy loss, forecast occupancy, and make real-time price decisions.
After recently completing a successful pilot project, KETTLER, a strategic partner of Renew, is implementing the solution across its portfolio. “Renew has had a powerfully beneficial impact on our communities,” says Cindy Fisher, president of KETTLER. “During our pilot project, we were able to reduce the workload of our on-site associates, increase resident engagement during the renewal process, and speed up the time to a renewal decision. At the same time, we were able to assess residents’ likeliness of renewal and to gather actionable insights into the reasons why they moved out. We view Renew as a key product within our centralization strategy.”
Upfront Ventures, Goldcrest Capital, Allen & Co., and Walkabout Ventures are major investors in Renew. RXR and executives from WC Smith are also key investors. Renew’s advisory board includes Holli Beckman, chief marketing officer at WC Smith; Daryl Smith, chief marketing officer at KETTLER; Greg Lozinak, a former executive in multifamily investment management; and Jake Holzman, senior vice president, operations, at Imagine Homes Management.