Australian PropTech Rent.com.au Sees Rising Revenues

The rental portal looks to grow its RentPay offering, which offers flexible payment options to tenants

Rental portal Rent.com.au has seen rising revenues last financial year, as it looks to grow its RentPay offering. According to its FY2024 results, the business achieved a total revenue of $3.2 million, with its core search portal contributing $2.7 million and achieving a positive EBITDA of $0.2 million.

“Growth compared to the same period last year was driven by advertising sales with key partnerships such as Mastercard and also internet service providers more than offsetting the losses from the building sector,” the company said. However, the overall EBITDA ended with a $2 million net loss, primarily driven by losses from the RentPay service.

RentPay, which is designed to offer flexible payment options for tenants, generated $0.5 million in revenue but recorded an EBITDA of -$2.1 million. Despite these challenges, Rent.com.au saw success in other areas of its business. 

“RentBond experienced a 49% increase in revenue, while RentCheck saw a 10% rise in adoption rates,” the company said. “The size of the opportunity with RentPay is immense, all renters pay rent – over $60 billion worth a year. With RentPay they can now get value, flexibility and control – making their rent money work for them.”

Looking ahead, Rent.com.au plans to expand payment options for tenants and introduce new features such as ScoreBuilder to help renters build credit.  The upcoming fiscal year is expected to be important for the company, with plans to introduce larger loan offers and an expanded bill payment service that includes cashback rewards.

The management team believes that improvements in platform margins and scaling operations will be key to achieving sustainable growth and profitability in the coming years.