Society, a residential management company, says the number of UK renters between the ages of 25 and 34, has successfully secured its initial £500,000 funding target through its equity crowdfunding campaign on Seedrs.
As previously reported, Society is the brainchild of former founder and CEO of Yotel, Gerard Greene, The company is working on a series of co-living communities from London to Manchester to Edinburgh with the first set to open in 2018. Society explained it now taking an average of 18 years to save for a deposit to buy a home. “Generation Rent” is expected to increase from 20% of the population to 40% in the next ten years.
The company also noted that it is focused on transforming the burgeoning co-living sector in order to help the residential industry keep up with the continually evolving consumer demands. Society shared it wants to overhaul both the reality and the reputation of the current rental experience.
“With the rental population booming at an unprecedented pace, the residential market is ripe for disruption and there is huge potential for technological innovation to drive efficiency, improve community and provide better customer service. Using our seamless digital platform, we are confident that we can offer an attractive alternative to renters in the build-to-rent market, and provide a unique hotel standard of service to customers in their everyday lives.”
It was also revealed that Society will enable prospective tenants to manage all of their admin online – removing much of the cost and hassle of accessing the rental market. The aim is to make renting a home as easy as booking a hotel room. A member’s marketplace will encourage members to offer services to each other and to share whether that be picnic gear, bikes, dog walking services or a homework club.
All funds from the Seedrs funding round will be used to continue Society’s growth and development.
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