Back in 2015, Alex Lubinsky (Rentberry’s founder and CEO) and several other co-founders spent a frustrating month searching for rental properties in San Francisco, California. “We experienced the frustration involved with submitting rental applications, enduring bidding wars with other prospective tenants and going through uncomfortable face-to-face negotiations with landlords,” he says. He went on to share how they consistently lost apartments to other applicants due to the lack of transparency in the rental process, as they had no idea if the other applicants were willing to bid more than the established asking price.
It was this aggravating experience though, that inevitably led to the birth of Rentberry.
Rentberry is poised to disrupt the outdated models that currently exist in the long-term home rental sector. Built upon consensus blockchain ledger and smart contract technology, Rentberry’s goal is to “make both landlords and tenants enjoy a fully decentralized rental experience that includes an open and transparent application process, crowdsourced security deposit network, instant rent payments, internationally valid tenant and landlord scores, to name a few.”
One of the most game-changing features about Rentberry is the fact that they’ll allow users to transact using their ERC-20 based BERRY token. That’s right folks, soon enough, you’ll be paying both your rent and bills in crypto! They’re creating a new system, based on trust and transparency, that will eliminate the need for a middleman entirely. On Rentberry, both landlord and tenant can complete all rental related tasks on the platform, as seen below.
One of the main issues with the current rental model is how landlords freeze thousands of dollars from your bank account for your security deposit, leaving you out in the cold (pun intended). Rentberry estimates that there’s over $500 billion locked in rental security deposits worldwide, so they came up with a solution.
Rentberry has also created their own proprietary scoring system, designed to help both the landlord and tenant create a sense of trust that isn’t really present in the current model. Their scoring system is based on all of the following factors:
“…is to convert our business into a truly decentralized token ecosystem that will reduce the time and expense of long-term rentals for everyone involved, and provide the capital which will allow us to address the growing international demand for Rentberry’s services.”