The company that wants to make sure you get your security deposit back

There’s an estimated $45B sitting around in security deposits, but getting them back can be complicated.

Enter RentCheck, the New Orleans-based startup that streamlines property inspections and just scored $2.6m in seed money, per TechCrunch.

RentCheck facilitates remote move-out inspections in-app…

… a feature that led to 1000% growth in RentCheck’s property stock over the course of the pandemic.

Here’s how it works:

• Property management companies pay a subscription fee, starting at $5/mo. for 1-20 units
• Tenants or employees use the app to complete guided inspections
• Photos are time-stamped and stored in-app
• When finished, both parties sign off

Why it’s useful

A survey from rental app Roost found that over half of renters didn’t take move-in pics and weren’t sure about refund terms.

One property manager told Roost that ~40% of renters end up challenging their refunds.

An app like RentCheck creates transparency on both ends in a quick, automated way.

See also: Other companies, like startup Rhino, are offering security deposit “insurance” where renters pay a small monthly fee instead of a big deposit.