rentGH solves the preeminent residential rental issues in Ghana by pre-financing houses and making them available for monthly rental
I confirm that I am fully aware of the eligibility criteria, and based on its description, I am eligible to apply to the CSV Prize 2017.
Start-Up (a pilot that has just started operating)
Headquarters location: Country
Headquarters location: City
Accra - Ghana
Location(s) of impact
Accra - Ghana
Problem: What problem is this initiative trying to address?
Property rental is one of the biggest issues renters face in Ghana. Renters who take monthly salary are forced to make a down payment of 2 to 3 years in order to successfully acquire a place to rent.
This brings us to the conclusion that property renters do not have affordable and efficient means to rent properties.
Renters resort to either borrowing from family and friends or in some cases, saving up in order to successfully acquire a place to rent.
Solution Summary: What is the proposed solution? What do you see as its most promising aspects for creating shared value?
rentGH provides a more convenient solution to the preeminent home rental issue across Ghana and some other African countries.
rentGH pre finances houses for rent and makes them available for monthly rental.
rentGH provides an online platform where property renters can search for a place, compare prices, book visits to these properties and finally make payment monthly.
Property renters get access to a home rental option with flexible payment as well as fast processing. Property owners are also guaranteed payment on their properties which means fewer vacancies.
How it works
Property renters come to our online platform, search for property based on location, number of rooms and bathrooms, price and availability. They then proceed to book a visit and then make payment if the particular apartment meets their requirements.
Impact: What is the impact of the work to date? Specify both the social and the environmental impact of your work
rentGH provides a solution that enables property owners to successfully rent without making a 2 to 3 year deposit. Renters can rent and pay monthly as they earn.
By implementing specific strategies, processing is also seamless.
Property owners as well also have access to dependable income and timely rent payments without complications.
Financial sustainability plan: How is this initiative financially supported? How will you ensure its financial sustainability long-term?
Initial strategy is leveraging on grants and lobbying for Investment. Our long-term strategy is to reinvest any profits generated by operations of the business
Unique value proposition: What makes your initiative innovative? How does your project differ from other organizations working in the same field?
Property renters have access to a flexible property rental and payment option and we provide a quick and seamless processing.
Property owners as well have access to a dependable income from fewer vacancies in their properties
Founding story: Share a story about the "Aha!" moment that sparked the beginning of this initiative.
After finishing my entrepreneurial training at the prestigious Meltwater Entrepreneurial School of Technology, most of my colleagues all had a similar problem.
Almost everyone wanted to rent a place of their own but didn't have the financial means to pay the initial 2 to 3 years rent advance property owners require in order to rent out the properties.
Myself and my cofounder found ourselves in this very situation as we had to raise enough money to pay 2 years rent advance. This was a huge problem most property seekers in Ghana face.
We then decided to do more research and see how best we can tackle this problem.
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