We've set our sights on creating a company that disrupts the £54bn UK private rental market [1]. Today, we're excited to announce Redwood.rent - a platform that aims to tackle a key aspect of the housing crisis with our location-first matchmaking app for renters. Let us explain why…
It’s no surprise that housing in the UK is broken. By 2025 (in 2 years time) it’s expected that there’ll be more renters than homeowners (60:40) [2], 50% under 40’s in the UK will be renting [3] and ⅓ of the country will never be able to afford to buy their own home [4]. This leaves people and their families without stability, security, or equity. Combined with the rapid rise in rents and unmatched salaries, we have a serious affordability problem which inevitably, will affect people’s savings and spending power feeding into local communities. This is also a diversity issue in expensive cities where only the wealthy can afford to shop and live - we’re already seeing this in cities like London and San Francisco.
This isn’t groundbreaking news, but what isn’t discussed is the quality of life for the renters who can just about afford to live in these cities. For many, home isn’t just somewhere you sleep at night, it’s a key element of social interaction, the office (now with WFH), and a place people want to feel they can be their authentic selves. Having moved 11 times in the UK & US over the past 8 years, our founder Nikian experienced firsthand how poor the co-living rental search and living experience is. That’s where an opportunity for serious improvement in the rental journey was discovered and Redwood.Rent was born.
We tackle 4 key elements that make renting so painful:
💆 1. There’s no peace of mind
Redwood gives users deep, holistic insights into the people they could be living with. This is especially important for minority communities, people moving internationally, or those who are just moving to a new city as a recent graduate or for a new job.
⏳ 2. It’s a time-consuming process
Redwood’s comprehensive and personalised filters help users to find people they can feel confident they’ll enjoy living with in a flash, without endless scrolling
🏠 3. Spare room housing stock is limited
For most, renting by yourself in a studio or one bed is unaffordable. With Redwood, users can find 2+ beds in ideal locations and rent them with like-minded people they’ve found on the platform and vetted, opening up many more options.
🙇 4. Renting out a room is lengthy and you’re powerless
Those renting out whole properties or spare rooms wait for renters to come to them and if all goes well, they have to wade through many applicants which can take a lot of effort and time. With Redwood, advertisers can filter applicants, but also find like-minded people actively looking in their area and start a conversation, giving them more control rather than listing their property on a website or forum and waiting aimlessly.
For the 14.5M, 20–35 year olds in the UK [4], we believe Redwood.rent could be a game changer and this is the first step in a big vision to disrupt the housing industry.
Where you come in…
The app is live, but we’ll be rolling out access in phases over the coming months. If you’re a renter, landlord, letting agent, or just believe in the mission, feel free to sign up at www.redwood.rent and share within your network using your unique referral code to get earlier access. If you’re interested in working with us, investing, or discussing PR, you can reach us at info@redwood.rent.
Here’s to an exciting 2023!
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