Proptech and finance solution company MyBond has broken into the Queensland rental market, achieving a landmark first 50 customers.
Claiming a world-first business model in real estate, MyBond is designed to ease the financial burden on prospective renters struggling to find the cash to pay their bond on top of advance rent.
For the price of one week’s rent, MyBond will pay a renter’s bond in total, automatically retrieving the fee when the lease ends. The minimum fee is $150.
The company is to launch in Canberra on December 1 before expanding nationwide in the first quarter of next year.
Co-founder and CEO Ray Dib said he was delighted to have achieved the 50-client landmark in Queensland quickly.
“We are able to help those in need with an innovative new service that takes away some of the stress associated with renting and moving,” said Mr Dib.
His company had arrived at a vital moment as Queensland renters faced the most challenging market for a decade.
He said market data suggested it was more expensive to lease a house on the Gold Coast than in Sydney due to a supply crisis that could last three years.
The Real Estate Institute of Queensland (REIQ) has reported “extremely low vacancies” across 80% of the state.
Vacancy rates in Brisbane were at their lowest levels since October 2012. The city’s private rental market was approaching “uncharted territory”, said MyBond, quoting REIQ in a statement.
The situation has become so desperate that some Brisbane rental applicants were offering to either pay above the asking price or outlay additional weeks in advance rent, according to MyBond.
Chief Operating Officer and co-founder Joshua Theeuf said: “We are thrilled to be able to help drive change in the current rental market.”Prospective renters can apply for MyBond assistance via its website, www.mybond.com.au