SPCE launches to make student lettings attractive to landlords
SPCE has launched today to address critical issues faced by university students and landlords in the rental market. The student lettings app, which raised £280,000 on Seedrs earlier this year, makes it quick and easy for university goers to find a room or entire property to rent, while also improving transparency and communication between a student renter and their landlord.
The launch comes as SPCE’s own research shows that 70% of landlords say they would not typically rent to students. By rating students, prevalidating guarantors and improving communication, SPCE will aim to make it safe and profitable for landlords to rent their property to the substantial student population across the UK.
The London based startup has partnerships with some of the UK’s leading student accommodation providers as well as Experian and AIESEC. Experian will be working with SPCE to help students develop a credit rating while at university, placing them in a stronger financial position once they graduate. Students’ credit scores improve simply by paying their rent on time through the app. AIESEC, the globally renowned international student exchange programme operating in more than 100 countries, has selected SPCE as its chosen partner for overseas students to find a rental property in their new place of study.
SPCE arrives on the market with 50,000 rooms available for rent and 15,000 students pre-registering to download the proptech solution. Moreover, SPCE already has agreements with six major UK universities and has a presence in the country’s leading higher education regions, including London, Newcastle, Manchester, Birmingham, Leeds, Oxford and Cambridge, plus many more. Whether searching solo or looking as a group, SPCE allows students to easily find and view the right property in the right area through the app. It also prevalidates students’ guarantors so they can progress from searching to renting in just a few clicks, while simultaneously doing away with deposits; instead there is just a pre-agreed damage fee.
With SPCE, there is no more joint tenancy liability, so students do not have to pay when damage is not their fault. It also makes communication between student and landlord is made easy; issues and required repairs are also logged, and SPCE can mediate between any disputes. Furthermore, each student and landlord is reviewed to help inform both sides for future tenancies.
Leon Ifayemi, choef executive officer of SPCE, said: ‘Anyone currently at university or who’s graduated in the past will more than likely have their fair share of horror stories about finding, securing and living in rented accommodation. And the truth is that many landlords will also have a tale or two to tell about renting properties to students. The launch of SPCE will change all this.
‘Not only are we going to make it easy for students to find desirable properties and for landlords to locate new tenants, but we are also going to make communication between both parties throughout the tenancy absolutely effortless. What’s more, by enabling students and landlords to receive ratings we are also encouraging greater respect from all involved and promoting a more transparent system. Throw in the ability for students to build a credit rating and the fact that parent guarantors are kept in the loop, and we’re confident that SPCE is going to drag student lettings into the modern day’.