Renew, an AI-based platform focused on improving resident retention in multifamily and single-family rental housing, announced it has raised $12 million in Series A funding. The round was led by Haymaker Ventures, with additional participation from Goldcrest Capital, Upfront Ventures, and several current Renew customers.
The funding will accelerate the growth of Renew’s comprehensive Resident Retention Platform and support the launch of the industry’s first-ever Resident Referral Network, aimed at helping property operators reduce costly turnover while offering residents a more connected and seamless leasing experience.
In a market where nearly 50% of renters move out annually, property operators face billions of dollars in vacancy loss, re-leasing expenses, and marketing costs. Meanwhile, residents encounter rising rents, limited availability, and fragmented leasing experiences.
Founded in 2021 by Rob Hayden and Kevin Murphy, Renew was developed to address these challenges by making lease renewals a strategic priority rather than a routine task. The platform uses artificial intelligence and predictive analytics to improve resident retention rates by 3% and reduce vacancy loss by an average of 4 days per unit, according to early data from pilots with top U.S. property operators.
Renew’s platform features a suite of tools that streamline the renewal process for both operators and residents:
1.) Renewal Management System (RMS): Automates the entire renewal workflow, ensuring that lease offers are timely, compliant, and easy to understand.
2.) Renew Data Engine: Offers portfolio-wide visibility into renewal trends and resident churn signals.
3.) Renew AI: Personalizes lease offers and timing, while offering real-time insights for operators.
4.) Renew Marketplace: The first-of-its-kind Resident Referral Network that enables internal transfers and trusted referrals between properties.
5.) Revenue Ecosystem: Provides embedded services and loyalty rewards, turning the move-in/move-out process into a monetization opportunity.
Renew aims to change the way operators view resident turnover—from a costly inevitability to a growth opportunity. The company has already helped clients convert potential move-outs into referral opportunities and in-portfolio relocations, preserving business that might otherwise have been lost.
The new funding will also support the expansion of Renew’s Resident Referral Network, which allows renters to move seamlessly between properties in a management company’s portfolio or refer others, creating new revenue channels and improving the overall resident experience.
Since its founding, Renew has focused on a core insight: renters don’t churn from renting—they churn from relationships. The platform is designed to preserve those relationships across properties and time, creating a connected experience that benefits both residents and operators.
KEY QUOTES:
“In 2024, NMHC Top 50 operators piloting Renew uncovered that many departing residents weren’t leaving renting—they were relocating outside their portfolio’s footprint. Instead of treating those move-outs as lost business, lead-sharing turned them into opportunities—delivering a better resident experience and creating an entirely new revenue stream.”
Rob Hayden, Co-Founder and CEO of Renew
“In just a short period of time, we’ve seen the renewal window shrink dramatically. What used to take an average of about 45 days is now down to 10–15 days for residents to make a decision, and that’s been incredible.”
Mark Juleen, COO of J.C. Hart Company
