By Jay Moar 06/05/2018
As the generation with the highest representation of renters and tenants in today’s expanding rental market, it will be millennials who have the most to gain from innovative changes coming to the industry.
Revolutionary blockchain technology currently being introduced and set to roll out over the coming months will transform the way tenants and landlords engage in business together. The entire process is set to become streamlined, more efficient and more safe and secure.
PlaceToRent is one company that has big plans to shake up the industry. Their plans to introduce a decentralized residential rental platform will have a big impact on traditional landlord / tenancy activities.
One stark difference in the way future rentals will be managed will be a trimming down and eventually the complete absence of leasing agents. Properties listed on PTR’s blockchain platform will easily be able to be found with their own individual digital identity. The chance of repeat listings of the same property and incorrect or out-of-date information on the property’s status will be eliminated due to the ledger system of immutable records that form a key characteristic of blockchain protocol.
Tenants and landlords will be able to set up their profile via Smart Identity Contracts. This will stop the time-consuming task of repeatedly filling out personal information, income and rental history and other repeated task requirements for every rental application. Each user on the PTR platform can add to their profile a complete rental history, verified income, credit score, references, a short bio and other necessary information which can be accessed by prospective landlords or tenants. The entire process will effectively be streamlined.
From there, both a tenant and landlord will be registered with an indelible record of their reputation performance in the role. Tenants and landlords with clean and positive renting histories will be favored with good reviews and most likely rewarded. Conversely, negligent landlords and poor tenants will inevitably receive poor reviews–which will serve as a warning to other prospective renters and property owners. This will assist both parties in assessing their opposite number’s creditworthiness.
With so many millennials competing for rentals in current markets–many with low rental vacancies, these features will help to empower tenants to stand out. It will also assist landlords in their assessment of prospective tenants. This streamlined due diligence of Property and User IDs will also be able to record previous maintenance and repairs of a property, its ownership history, historical rental rates, the age of the property.
This extensive recorded history, on a more open and shared database, will allow for smarter decision-making. Essentially, both parties to a rental contract will be better informed before entering into any agreement.
These features, which are being proposed by PlaceToRent, along with a raft of other changes set to sweep through the rental industry as it grows and adapts to adopt blockchain technology, will assist in keeping millennials (both those renting and leasing) to be better informed throughout the entire rental process.