By Jay Moar
With blockchain company PlaceToRent (PTRT) offering smart contract capabilities in the rental market worldwide (their Token Pre-Sale launched June 4th, 2018), the new system will greatly advantage millennials who are looking to gain a foothold in the rental market (as either tenants or landlords).
Here is a brief rundown of the top 7 reasons why millennials will gain from PlaceToRent’s blockchain platform solution.
1. Reduction In Bureaucracy
One of the advantages of PTRT’s rental platform will be the minimizing and eventual removal of middlemen and rental agents who clog up the system and take a share of the transaction costs. This will also remove existing inefficiencies and provide transparent transactions, reducing the need for third-party oversight.
2. Current Underserved Segments Of Rental Market To Stand Out
With millennials making up a large portion of present rental market participants in younger and low-income households, PTRT can offer features that will help them stand out against other renters. PlaceToRent will offer responsible, sustainable and innovative tools to these underserved segments which are callously ignored in current traditional rental processes.
3. Better System For Assessing Prospective Tenants’ Creditworthiness
Many of these younger renters in the millennial generation have little to no credit history which severely impacts their ability to rent. Through hybrid forecasting, landlords using the PTRT system will have a useful vetting process that will be able to predict the creditworthiness of prospective tenants. PlaceToRent will collect, analyze information such as school attended, areas of study, academic performance/GPA, standardized test scores, work history and other relevant info. This data will help form a picture to assist landlords in assessing whether a tenant will be reliable and pay their rent on time.
4. Incentives For Landlords To Lease To Tenants With No Credit History
For each executed lease on the PTRT platform with a tenant who has no credit or work history, PlaceToRent will incentivize landlords and property managers by reimbursing any previously charged related listing fees. Landlords will also be rewarded with PTRT tokens. These benefits will motivate landlords to consider these kind of tenants who presently get overlooked.
5. Options To Finance Rental Expenses
New renters have to deal with many upfront move-in costs such as an application fee, first and last month’s rent, a security deposit, a broker’s commission fee and a key fee. This burden will now be alleviated with the option for qualified renters to finance their rental expenses through a built-in peer-to-peer alternative financing feature on the PTRT platform. Under these circumstances, there has never been a stronger demand for modern financing solutions for renters facing this predicament.
6. Rewards For Lending Contributors Who Participate In Crowdlending
Contributors who choose to lend to tenants the funds needed to cover their expenses through the PTRT platform will receive the opportunity to earn rewards on their contributions. This is estimated to be between 5 – 9% of the total amount raised. This incentive will motivate users on the PlaceToRent platform to assist renters who need it the most. The tenant will pay back the money owed to their contributors via monthly installments (paid with PTRT tokens).
7. Smart Contract Capabilities
All of these features on the PlaceToRent platform will be governed by smart contracts. This will ensure that all terms are met and immutably recorded on the blockchain. In the case of a tenant default, their performance rating will be negatively affected and result in a future inability to crowdsource funds or pass a landlord’s background check.
The PlaceToRent platform has been designed to assist renters who are just entering the rental marketplace, and who don’t yet have an established credit or employment history. It will be the millennial generation (and the generation fast coming up behind them) who stand to gain the most from these features.
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