Digital Rental Marketplace REZI Creates World's First Residential Lease-Backed Security

SR Alternative Credit and REZI sign $100M deal to launch first residential lease-backed securities

NEW YORK, Feb. 22, 2023 /PRNewswire/ -- REZI, the rental marketplace that automates and improves the leasing process for residents and property owners alike, announced today that it signed a $100M deal with SR Alternative Credit, LLC, (SRAC) a private credit affiliate of Spouting Rock Asset Management, LLC, to purchase the world's first "residential lease-backed securities" — a new financial asset backed solely by leases transacted on the REZI digital marketplace.

REZI, a Y-Combinator company, launched in 2018, reimagines the way apartments and homes are rented by offering their property owner partners guaranteed leasing income in exchange for the exclusive right to lease their apartments. REZI leverages its platform that utilizes machine learning and artificial intelligence technology to drive leasing outperformance by offering prospective residents an unparalleled leasing experience — driving increased conversion and lower leasing costs.

"This transaction is a huge milestone towards our vision for the rental housing market," said Sean Mitchell, Co-Founder and Chief Executive Officer of REZI. "The top 50 property owners control less than 5% of the rental inventory in the US. That fragmentation has meant that most renters do not enjoy the benefits of technological standards when they lease their homes. We believe technology has tremendous power to democratize access to housing in a way that is fair, modern, and beneficial for all renters and property owners alike. Transactions like these empower our platform, and eventually others, to aggregate and unify the fragmented rental market in a way that delivers better leasing experiences for renters and greater profitability for property owners." 

"We're proud to partner with REZI on this deal and their exciting launch of this new financial asset class. We have a history of partnering with high performing companies that have designed novel solutions that deliver compelling returns for our investors," said Peter Faigl, Chief Investment Officer of SRAC. "Looking ahead, we're eager to see REZI continue to scale their platform and expand their leadership of this exciting new category."

About REZI

Founded in 2018, REZI is a real estate technology company that partners with property owners to manage all leasing activity of their vacant apartments. For prospective residents, REZI leverages AI and machine learning to offer a suite of world-class technology to make the process of renting an apartment fast, free, and fair.

Media Contact:
Loren Pomerantz
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917-902-0219

SOURCE REZI