About Rent Small Small
Rent Small Small is a prop-tech platform providing a rental solution to improve the home-seekers rental experience and increase the home-owners occupancy rate. It was founded in 2018 and is based in Lagos, Nigeria.
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Expert Collections containing Rent Small Small
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Rent Small Small is included in 1 Expert Collection, including Real Estate Tech.
Real Estate Tech
Startups in the space cover the residential and commercial real estate space with a focus on consumers. Categories include buying, selling and investing in real estate (iBuyers, marketplaces, investment/crowdfunding platforms), and also tenant experience, property management, et
Latest Rent Small Small News
Oct 31, 2022
October 31, 2022 - Advertisement - Inefficiencies have plagued Nigeria’s rental system for years, thus affecting how landlords and tenants transact. Most landlords collect rent one to two years in advance, while tenants struggle to find apartments as they deal with ungodly agents. - Advertisement - Many proptech startups are addressing such problems by providing better options to both the stakeholders. One such platform is Lagos-based SmallSmall which gives tenants access to monthly rent payments and gives landlords a way to vet tenants, increase their income and manage properties. The platform is announcing that it has raised $3 million in seed funding ($2 million equity and $1 million in debt), the money it plans to use for expansion into other main cities in Nigeria, including Port Harcourt, Enugu and Jose. Q1 2023. - Advertisement - Tunde Balogun co-founded the startup, formerly RentSmallSmall, with Naomi Olaghere and Pidah Tanadah in 2018 after returning to Nigeria from the UK and found it hard to get an apartment where she could make monthly payments. CEO Balogun told TechCrunch in an interview that this experience inspired him to research how to design solutions for the market and, upon talks with landlords, he soon found that doing so was a two-way street. “We started by understanding the pain points of landlords. Even though they may have deposited the rent a year back, the default rate of the annual system is very high because when people’s finances are affected, they may not be able to pay the rent of the latter,” he said. “The legal process of eviction of tenants where they have to wait for six to 12 months is also not favored by landlords.” - Advertisement - The chief executive argues that with SmallSmall’s monthly model, homeowners can defer that process upon giving notice. But this is only part of the package for them. SmallSmall also lets landlords access quality tenants and curb defaults by receiving monthly payments, where they get an additional margin of around 10-15%, Balogun said. For tenants, it is a relief to manage their finances better by paying monthly rent and not having to deal with housing agents offered by SmallSmalls. Balogun also noted that when customers pay their rent on time, they build up their credit profiles on the platform, allowing them to access financing in case they sometimes default. Some of SmallSmall’s competitors include Kwaba, Muster and Speight, which also announced their seed rounds this month. “Our market is for young professionals with an average age of about 28. This is a huge market,” said the CEO on monthly rental potential in Nigeria. “We surveyed nearly 3,000 people in Lagos last year, finding out It turns out that 80% of them wanted to pay the monthly rent. So this tells you how much the monthly position will have to be adopted if the market eventually opens. , Demand and supply rarely converge in Nigeria’s real estate proptech market, with housing shortages where demand dramatically exceeds supply; It also doesn’t help that home prices and inflation keep rising together. For example, SmallSmall has registered over 476,000 people on its platform since 2018. While 80,000 of that number are on its waiting list, the company has only served about 1,500 people. “It shows how large demand is relative to supply, which is very slim,” Balogun said. Little Little Founders (LR: Pidah Tanadah, Tunde Balogun and Naomi Olaghere). To increase the supply pool and create choices for customers, SmallSmall rebranded to RentSmallSmall in July. The latter is now one of three product lines, which include BuySmallSmall and StaySmallSmall. RentSmallSmall allows users to rent accommodation and make monthly payments. BuySmallSmall identifies newly built properties by reputable developers that meet the company’s market demand: studio apartments, one-bedroom and two-bedroom apartments – and converts them to investment opportunities for young professionals looking to invest in real estate. As do the package. When purchased, these owners go to landlords and list their properties on RentSmallSmall so that they can earn passive income when other users pay rent. StaySmallSmall, on the other hand, lets users book furnished bed space starting at $4 per night. “Supply was kind of our bottleneck, and we needed to be able to control the quality as many properties were in poor condition. We also want to provide a channel where customers can invest in real estate and work towards owning their homes,” said the chief executive about the BuySmall product, which is based on proprietary data from the platform. “We are encouraging youth to buy homes and invest in properties, while we help them pay up to 20% of the balance amount. That’s one reason we increase debt financing. , SmallSmall participated in the Techstars Toronto Accelerator Program in 2021 and was the first African proptech startup to join the program, receiving $120,000 as part of its pre-seed round. Sunil Sharma, Managing Director, Techstars, said, “Techstars Toronto was proud to be an early investor in SmallSmall as we experienced the enormous inefficiency that renters face when acquiring housing in Africa. The initial traction and With a multi-aspect business model, Techstars decided to make a follow-on investment and join the latest funding round. The seed round welcomes participation from other investors such as Oyster VC, Asymmetry Ventures, Vivaz and Ala Capital. Meanwhile, individual angels like Chartboost’s Sean Fanon, Universe’s Adam Meghji, Flutterwave’s Jimmy Koo, Esusu’s Samir Goel and Waymimo Abe, Iroko’s Jason Nozoku and Wendy’s’s Tunde Kara participated. SmallSmall has processed over 25,000 monthly migrations across Lagos and Abuja, which means that a typical SmallSmall user stays on the platform for an average of 17 months. PropTech claims it had a rent default rate of less than 7%, saving property owners more than $1.5 million in damages and tenants more than $1.2 million in broker fees. After generating more than $5 million in its first three years and turning a profit last year, SmallSmall is using this new investment to support its vision of “providing flexible, quality housing solutions and providing financing to home buyers.” wants to do. In addition, the startup will continue to build on its technology and partnerships with landlords, developers, property and asset managers, and other key stakeholders. “While we look at the fundamentals of housing as a basic human need, it is not only when people have access to homes, but also in home ownership,” the CEO said. Given that Nigeria has one of the lowest homeownership penetration rates globally. “Homeownership can somehow improve the economic situation as it generates passive income for people to meet other needs. So we want to play a part in this and help young people from renting to investing. Want to help buy real estate eventually in the journey.”
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Rent Small Small Frequently Asked Questions (FAQ)
When was Rent Small Small founded?
Rent Small Small was founded in 2018.
Where is Rent Small Small's headquarters?
Rent Small Small's headquarters is located at 4a, Funke Usman Zainab Street, Lagos.
What is Rent Small Small's latest funding round?
Rent Small Small's latest funding round is Incubator/Accelerator - II.
How much did Rent Small Small raise?
Rent Small Small raised a total of $120K.
Who are the investors of Rent Small Small?
Investors of Rent Small Small include African Tech Vision, Techstars and Wimbart.
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