Designed to fix a ‘broken student lettings market’, SPCE is a new app aimed at giving communications and relationships between landlords and tenants a much-needed boost.
The student-letting app raised £280,000 on Seedrs earlier this year. The London-based start-up has partnered with several leading providers of student accommodation, including six major UK universities, as well as AIESEC and Experian.
The app is designed to improve transparency and communication between landlords and student tenants and to make it easier for students to find a room or house to rent.
SPCE pre-vets students and presents a rating of the student based on his or her previous tenancies. Landlords of student properties therefore have instant knowledge of a student’s tenancy history, thereby helping landlords let their property to suitable students.
Consequently, SPCE aims to make student letting more attractive and profitable for landlords, who may have been inclined to avoid the market.
The app pre-validates students’ guarantors and eliminates the need for deposits by arranging a more simplified pre-agreed damage fee.
For students, the app enables them to find rental accommodation quickly and more efficiently, thereby removing much of the stress of going to university.
Leon Ifayemi, co-founder and CEO of SPCE, spoke of the issues facing the student letting market both for landlords and for students and why there is a need for a product like the SPCE app.
“The student lettings market is in drastic need of change – both landlords and university students will be well aware of this fact. Our research shows that 70% of landlords currently wouldn’t want to rent to students out of a lack of trust, despite this being a huge market for buy-to-let investors. Meanwhile, a massive 61% of current students feel the process of securing a roof above their head is one of the most stressful parts of going to uni,” Ifayemi told Agent Wow.
“Thankfully, the launch of SPCE will change all of this. Our slick, easy-to-use app will make the process simple and stress-free for students and landlords alike. As well as making it far quicker to list and find properties, we make communication between both sides effortless, which helps nurture a stronger relationship.”
“In turn, issues are quickly resolved, and properties are maintained to a better standard, which benefits everyone. We’re delighted to be helping students and landlords by bringing about much-needed progress in the previously unpopular student lettings market,” Ifayemi added.
SPCE is launching this month. On its arrival to the market, it will already have 15,000 students pre-registered to download the proptech solution and 50,000 student rooms available to rent.