Rent.com.au Reports Record Revenue as RentPay Platform Hits $250 Million Milestone

Rent.com.au, headquartered in Perth, has experienced a surge in its recurring revenue, marking a record quarter for the company. The platform’s payments service, RentPay, has recently surpassed a significant milestone by processing over $250 million since its relaunch at the beginning of 2022.

The company, listed on the ASX under the ticker symbol RNT and boasting Brisbane entrepreneur Bevan Slattery as its largest shareholder, has witnessed an accelerating growth trajectory. Notably, the recent $100 million in processed rent occurred at double the pace of the previous milestone.

CEO Greg Bader, who holds nearly 4 per cent ownership in the company, emphasizes the pivotal role of RentPay’s two-way marketplace in driving future growth. He underscores how RentPay establishes an annuity-style revenue stream, providing stability against seasonal and market fluctuations compared to traditional revenue streams from renter products and advertising sales.

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Bader states, “Achieving this milestone of a quarter of a billion dollars in rent payments is of course rewarding for our team, but it’s really down to the growing support of our renter and our agency customers.”

With over 8,900 renters currently utilizing RentPay and an additional 4,000 in the onboarding process, the percentage of annuity revenue in the total revenue has surged from 9 per cent in the March quarter of 2023 to 16 per cent in the recent quarter.

Bader highlights the strategic importance of building a recurring revenue stream, especially in light of the company’s transition from entirely transactional to increasingly annuity-based revenue. He points out that while Q3 FY24 marked a record revenue quarter for the group, the share of revenue from recurring sources continued to grow, underscoring the resilience and stability RentPay brings to the business model.

Rent.com.au’s recent partnership with Novatti Group (ASX: NOV) to offer AliPay, WeChat Pay, and UnionPay options for RentPay customers further expands its market reach, catering to expats, new migrants, and foreign students—a significant demographic within the Australian rental market.

Bader expresses optimism regarding RentPay’s growing awareness and adoption, noting that despite challenges such as peak moving times, the platform continues to attract tenants and agencies alike, driven by the demand for payment flexibility and convenience.

The company’s shares surged by 12.12 per cent following the announcement, reflecting investor confidence in Rent.com.au’s growth prospects. With a market capitalization of $25.63 million, Rent.com.au remains poised to capitalize on its momentum and deliver on its ambitious growth objectives.

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