The proportion of households privately renting in the UK has ballooned over the past 20 years. A recent report by PWC predicted that by 2025 7.2 million UK households will be occupied by private renters. In order to keep up with the increasing demand, the industry must continue to innovate.
Technology is disrupting UK industries, and in recent years traditional property companies are witnessing increasing competition from PropTech players, such as the need to provide immediate services for digitally savvy individuals. The majority of property searches begin online, however most activity continues to take place face-to-face. The rental sector is ripe for change, with firms and individuals increasingly utilising technology as a way to reduce costs and save time.
Alejandro Artacho, CEO of Spotahome, comments: “As the industry begins to embrace technology, we will see the offerings available to tenants increase. In our ‘always on, always connected’ society, the scale of digital disruption that we have seen affect the finance and even the building industry, seems to have not yet had the same effect on the rental industry.
“For instance, the traditional rental model requires in-person viewings, which is a large investment of time and money for both tenants and landlords. But aspects such as costly agent fees and lengthy wait times can be wiped out of the equation through the use of online rental platforms.”
Spotahome enables potential landlords and prospective tenants to easily connect without the hassle of having to spend days organising viewings, making the rental process less time consuming.
Alejandro continues: “Technology is going to change the way the property sector operates and is already having an effect on the way traditional agencies interact with their customers. Proptech offers an element of ease that is for the most part missing from the sector. Digitising the rental process simplifies transactions and makes property management more straight-forward, making it a win-win scenario for both tenant and landlord.”