The SPCE lettings app makes renting properties easier and less stressful for students as well as allowing them to build a credit score. It also claims to help landlords, too.

Finding decent digs while studying at university is a familiar headache for students (and their long-suffering parents) the world over.

Similarly, landlords want peace of mind when they rent rooms and properties out to students.

The SPCE lettings app aims to provide both. In addition, it enables students to build a credit score − by simply paying their rent on time.

SPCE App - Compelo

Leon Ifayemi, 24, left a career in banking to launch SPCE. Image courtesy of SPCE.

 

“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,” says SPCE CEO Leon Ifayemi.

“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.”

Survey reveals issues for students and landlords

A recent survey of 2,000 UK adults found that 61% of current university students find securing a rental property one of the most stressful parts of their higher education experience.

In addition, 66% cited poor communication from landlords and estate agents as a major issue. 70% complained that rental accommodation for students is often in a poor, run-down condition.

Meanwhile, 70% of UK landlords said they would not let their property to students because of the risk of damage.

SPCE lettings app: fixing the broken student rental market

SPCE, which raised £280,000 on crowdfunding platform Seedrs, wants to fix what it calls the “broken” student rental market.

SPCE App - Compelo

The app can be used via a smartphone. Image©SPCE.

 

The app works by allowing students to easily find and view the right property in the right area. It also pre-validates students’ guarantors and replaces deposits with pre-agreed damage fees.

In addition, SPCE does away with joint tenancy liability. As a result, students do not have to pay when damage is not their fault. SPCE also logs any issues and required repairs, and even mediates between any disputes.

Finally, each student and landlord is reviewed to help inform both sides for future tenancies.

The SPCE lettings app contains 50,000 rooms available for rent and 15,000 students are pre-registering to download the proptech solution.

The London-based startup is partnering with student exchange organisation AIESEC and six universities. Plus, it is active in popular higher education regions including London, Manchester, Oxford and Cambridge.

Credit where credit’s due

Thanks to SPCE’s partnership with consumer credit agency Experian, every rent payment made on time enhances a students’ credit score. As a result, they graduate in a stronger financial position.

AIESEC has also selected SPCE as its chosen partner for overseas students to find a rental property.

SPCE App - Compelo

“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,” says Ifayemi. “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.”

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