Roofstock, a digital single-family rental (SFR) investment marketplace, today announced acquiring tenant screening company RentPrep, according to a press release.
The company says RentPrep is used by over 100,000 landlords, and will enable the company to offer digital tenant screening to landlords and property managers and enable compliance with the Fair Credit Reporting Act (FCRA).
It says this transaction follows its recent acquisitions of Great Jones and Stessa, and continues its mission to deliver tech-enabled solutions “designed to make investing in the $4 trillion SFR market radically accessible and efficient for both individual and institutional investors.”
“RentPrep has digitized the tenant screening process to finally offer a technology solution in a space that has been desperately lacking innovation,” stated Gary Beasley, CEO and co-founder of Roofstock, in the release. “The company is a natural fit for Roofstock as we continue to expand our platform to deliver best-in-class solutions for investors across all phases of the property ownership lifecycle.”
Roofstock says that with 30% of single-family rental homes in the U.S. becoming available for rent every year (approximately five million homes), tenant screening has historically been a highly manual, tedious process for owners and managers. It says this is especially true for owners that live away from the property, and says that RentPrep’s digital screening technology enables investors of all levels and sizes to streamline this process and reduce the time spent replacing residents.
The company said that following its previous acquisition of Great Jones, it now has over 16,000 homes under management and intends to build upon this momentum with further strategic M&A opportunities.
This acquisition and others follow the company’s $240 million Series E, raised at a nearly $2 billion valuation in March. Roofstock says it has facilitated more than $5 billion in transaction volume since its founding. FinLedger recently spoke with Roofstock CEO about the SFR market and the company’s plans moving forward. You can find that interview here.
In other recent proptech news, GTIS announced a $140 million joint venture with Collett Industrial to acquire two projects spanning 1.2 million square feet of industrial space in South Carolina. Vontive also announced topping $1.1 billion financed via its embedded mortgage product.