CHICAGO–(BUSINESS WIRE)–Rentalutions, the Chicago-based online platform that streamlines the rental process for do-it-yourself (DIY) landlords and their tenants, today announced it closed a $2 million funding round led by Cultivation Capital. This new round of funding will allow Rentalutions to add new features to automate common time-consuming and expensive processes, including finding and screening tenants, accepting payments and managing maintenance requests.
“Our vision is to ease headaches for independent landlords at a lower cost than a property manager. This investment will help us continue to do that at greater scale, while developing new tools for landlords and their tenants.”
There are 8 million DIY landlords in the U.S. renting out 24 million units, yet many of them lack experience and knowledge of the rental process. To help them save time and make money, Rentalutions simplifies property listings, applicant screening, leasing, payments and maintenance.
“When we launched Rentalutions in 2012 as DIY landlords ourselves, we found it was incredibly difficult and time consuming to be a part-time landlord,” said Rentalutions co-founder and CEO Ryan Coon. “Our vision is to ease headaches for independent landlords at a lower cost than a property manager. This investment will help us continue to do that at greater scale, while developing new tools for landlords and their tenants.”
More than 30,000 landlords and 65,000 tenants use Rentalutions today across 8,000 zip codes.
“Rentalutions is modernizing the way independent landlords think about and manage their rental properties. As a landlord myself, I know how difficult it can be to manage a property without any experience or comprehensive resources available,” said Cultivation Capital General Partner Cliff Holekamp.
Holekamp, who also joined the Rentalutions board, added, “It’s refreshing to see someone tackling the challenges we face with one comprehensive solution. Cultivation Capital looks forward to continuing to support Rentalutions as they grow and scale.”
Other investors in this round include M25 Group and Sandalphon Capital. Rentalutions previously raised $1 million in funding.
Rentalutions empowers do-it-yourself landlords and their tenants with knowledge and resources to make renting easy. More than 30,000 landlords and 65,000 tenants across the U.S. use Rentalutions to save time and make money through simplifying and digitizing the entire rental process, including: rental listings, tenant screening, customized leases, online payments and maintenance requests. Learn more at https://www.rentalutions.com.