Rentberry ICO [Review]
Nowadays rentals are becoming the preferred way to live. There are over 641 million rental units worldwide, with long-term rentals housing over 2.3 billion people (MSCI Real Estate Market Size 2016). In the US, 41% of Americans are renting (CityLab 2016).
According to Eurostat, the top European nations in terms of rentals are Switzerland (55.5%), Germany (39.9%) and Denmark (37.3%), and the UN estimates there are over 244 million international migrants living abroad.
The modern renting process has its flaws, though. Outdated paperwork, verification, scoring, and negotiation go into every rental contract. It can be expensive and time-consuming to verify that all the information is accurate, and identify trustworthy tenants. The current process is hampered by fees, middlemen, and delays.
This became very clear to the founders of Rentberry in 2015, after a frustrating month of searching for rental properties in San Francisco. Having seen the problem first-hand, the team interviewed around 1000 tenants and landlords to establish the scope of the problem.
By the end of the year, the founders had secured the first round of funding and began work on the beta version of their platform. Since then, Rentberry has grown into a commercially-successful operation, with $4 million in venture funding from individual and institutional investors.
As of 2017, the platform listed over 224,000 properties in nearly 5,000 cities and has processed over 4000 rental applications. The company is headquartered in San Francisco and employs a team of 23 people.
Rentberry was named one of the 10 Real Estate Startups to Watch in 2018 by Forbes, one of the Top 10 ICOs by both INC and Invest in Blockchain, and won the Blockchain Best Industry Application Award at the inaugural Global Fintech & Blockchain Summit in Shanghai.
The Rentberry ICO
Now, Rentberry has the ambition to go global. Using Ethereum Solidity smart contracts, and ERC20 tokens (named BERRY), Rentberry aims to modernize most aspects of the rental process.
Rentberry plans to use a blockchain platform to process interviews, applications, rental agreements, maintenance inspections, and most other aspects of renting a property. By extending their trusted platform on to the blockchain, Rentberry hopes to make their service available globally – enabling landlords and tenants in countries around the world to benefit.
By 2020, Rentberry plans to be a global enterprise, offering support across Europe and Asia, integrating with smart-lock technology (to streamline open-house processes), and enabling utility bills to be paid directly via their own platform.
The BERRY token
BERRY will behave as a utility token, used in transactions on the Rentberry platform for applications, upfront rent deposits, verifications, and more. The tokens will be tradeable on public exchanges, allowing tenants and landlords to exchange the tokens for fiat currency.
During the ICO, a maximum of 400 million BERRY Tokens will be available, with the unsold portion burned at the end of the sale:
70% of the total is allocated to the ICO and can be bought in exchange for ETH (1 ETH = 2500 BERRY)
20% is retained in the Rentberry Reserve. This will be used for community initiatives, and as a reserve to protect the liquidity and price of the BERRY token on the open market.
10% is allocated to the Rentberry founders and employees.
The ICO will conclude on February 28th at midnight (EST), or if the total contributions reach $30 million USD. Tokens can be purchased on the ICO site at https://ico.rentberry.com