Rently is a proptech company that helps rental housing operators (multifamily and single-family) run self-guided tours and smart access / smart home at their properties. Pulse 2.0 interviewed Rently co-founder Merrick Lackner to gain a deeper understanding of the company.
Merrick Lackner’s Background
Could you tell me more about your background and what brought you to this role? Lackner said:
“My fascination with business began in high school. I’ve always been captivated by the process of building something from scratch, putting different pieces together to create a tangible outcome. There’s nothing more meaningful than seeing an idea move from a concept to a reality.”
“As a young teen, I followed the stock market and various businesses, learning about balance sheets and P&Ls. I was intrigued by how companies could bring products to life, often with limited resources, and build something the world could use.”
“This passion led me to Shanghai, China, at age 18. At the time, the city was rapidly developing, with skyscrapers rising next to fields. It was an inspiring sight, like witnessing New York in the 1920s. After a semester at UC Berkeley, I deferred my admission to spend a few years in China, studying at Shanghai Jiao Tong University and immersing myself in the business culture.”
“Upon returning to finish my degree at Berkeley, I met my co-founder, Clark Li, through the alumni network. For years, I had searched for a technical co-founder who could bring ideas to life. It’s incredibly difficult to find someone who can translate a concept into a functional product. Clark was that person. He had the rare ability to build both hardware and software, making our partnership a match made in heaven.”
“My focus is on operations, sales, customer success, and marketing. Clark leads the technology side. Where we truly come together is on innovation. This collaborative approach, combining the perspective of our technical and business teams, is what drives our growth and allows us to bring new ideas to life.”
Formation Of The Company
How did the idea for the company come together, or what inspired its founding? Lackner shared:
“My journey with Clark began with a different idea—a finance-related social network. He felt the space was too crowded, so I reached out to him a couple of months later with a new concept. It was 2010, right after the housing market collapse, and it was a renter’s market, yet it was still difficult to find a rental.”
“The original idea was to create a rental network where renters could post requests and landlords could bid on them. We wanted to invert the traditional rental process. However, we learned a valuable lesson: you can’t fundamentally change ingrained behavioral patterns. We launched this idea, but it didn’t gain traction.”
“There was a challenging period where we were unsure if we’d succeed. It was then that we came up with an idea that truly changed everything: letting people into homes without an agent. This was at a time when technologies from Blackberry, Android, and Apple were just emerging. We never looked back. This was the start of our 14-year journey.”
Core Products
What are the company’s core products and capabilities? Lackner explained:
“Rently has evolved from self-showing on a lockbox to a complete Rental Lifecycle Management (RLM) platform. Our platform automates the entire rental process, from listing to lease, with integrated hardware and software.”
“For a prospective renter, Rently provides secure access to a property using our manufactured locks, smart home systems, or even an access panel with intercom for multifamily communities. The process is seamless and digital, from applying to moving in.”
“But the journey doesn’t end there. The prospective renter becomes a resident and an ongoing user of the same technology that enabled them to see the property. They can now set their own access codes, control the thermostat, and use water leak detection tools.”
“We are proud to have the industry’s first RLM platform that covers the entire rental journey, providing value to both property managers and residents.”
Evolution Of The Company’s Technology
How has your technology or solution evolved since launch? Lackner noted:
“We began with a simple lockbox for self-guided tours. Since then, we’ve developed our own locks, while still supporting third-party ones. We’ve built our own smart home system to control everything in a home, and recently, our own access panel with intercom.”
“We are the only company in the space with a fully integrated hardware solution set, covering all major components. For property managers, this means they can use one cohesive system instead of juggling multiple point solutions. In the age of AI, this aggregation of data points allows for more powerful reporting and insights, which is a major differentiator.”
“On top of our hardware, we have the rently.com platform, the only self-guided touring ILS (Internet Listing Service) in the industry. Every listing on our site is vetted for real-time self-showing, setting us apart from other sites.”
“We’re also excited to co-manufacture a lock with Kwikset, a leader in the lock industry. This new lock combines their patented re-key technology with our unique firmware and hardware, showcasing our technological maturity. Our new access panel with intercom provides a sleek and simple solution for video access into multifamily communities, improving the experience for everyone, from prospective residents to delivery drivers.”
Significant Milestones
What are some of the most significant milestones or turning points the company has experienced? Lackner cited:
“There have been many milestones. Making our first $99 from a video tour was a significant, and slightly humorous, early win. A truly humbling moment was closing our first institutional clients and seeing our idea help the largest real estate institutions in America.”
“During COVID-19, we massively benefited public health by providing a safe, contactless self-guided touring solution. This was a huge turning point, allowing people to continue renting homes without exposure risk. Another pivotal moment was receiving funding from McCarthy Capital four years ago, which allowed us to scale our inventory and better support our enterprise clients. I’m incredibly proud of our past, but I am most excited about the future.”
Customer Success Stories
Can you share a specific customer success story or user outcome that stands out? Lackner highlighted:
“In our early days, we worked closely with an old friend of mine, Brian Smith, who is the CEO of American Homes for Rent. As they acquired thousands of homes, they faced a massive logistical challenge in how to rent them efficiently. We deployed our technology to simplify the process. They were able to reduce their average time on market from 21 days to within 7 days, a huge success story. We have many more case studies on our website that demonstrate the ROI we provide to our customers.”
Differentiation From The Competition
What sets your company apart from others in your space? Lackner affirmed:
“We have a very tight-knit team with a leadership stability that is rare—the average tenure is 10 years. We operate with a judicious approach, prioritizing customer value over recognition.”
“Our biggest differentiator is our full-stack access hardware solution. No other company in our space offers this comprehensive, integrated solution from lockboxes to smart home systems to access panels. This consolidation of technology is a huge value proposition.”
“We also have a powerful rental platform on rently.com that attracts millions of renters. This unique combination of a widely used platform and a powerful toolset is valued by both renters and property managers. As we look to the future, this robust foundation will allow us to leverage AI to further enhance the rental search process for renters and operational efficiency for managers.”
Challenges Faced
Have you faced any recent challenges in your industry or sector, and how did you approach them? Lackner acknowledged:
“Our biggest challenge is communicating the breadth of our platform. Because we’ve built such a comprehensive, full-stack solution, many in the industry might only know us for a single aspect of our business. It’s a challenge to ensure that the industry fully understands our cohesive solution set, from wayfinding for multifamily communities to our smart home technology and our powerful ILS. We are constantly refining our communication to highlight the holistic view of what Rently is today.”
Industry Trends
What trends are you currently watching in your industry or customer base? Lackner pointed out:
“We’re seeing a significant industry focus on operational efficiency and vendor consolidation. Businesses are looking to reduce the number of systems they use and streamline their operations. There’s also a massive push to leverage AI to drive efficiency. We’re well-positioned to meet these needs with our integrated hardware stack and our RLM platform.”
Company Values
How would you describe your company culture or values? Lackner emphasized:
“Our core value is ‘One Rently.’ We work together as a team, putting our egos aside and prioritizing our customers and renters. The decade-long tenure of our management team is a testament to the strong bonds we’ve built. While growing and solving challenges is exciting, what I look forward to most is the opportunity to work with our incredibly committed and passionate team. The dedication of our employees is the true fabric and DNA of this business.”
What Makes The Team Effective
What do you think makes your team uniquely effective? Lackner detailed:
“We’re not afraid to turn over every rock. We encourage open-minded debates and are extremely fluid when it comes to doing what’s right for the customer. We operate on the principle that most decisions are “two-way doors”—you can always go back if you make a mistake. This empirical and iterative methodology, backed by close collaboration, is what makes us so effective. We are a learning organization.”
Recent Partnerships
Are there any recent partnerships, product launches, or initiatives you’re especially excited about? Lackner elaborated:
“Yes! We are extremely excited about the launch of the Kwikset Smart Bolt Elite, which combines their patented re-key technology with our unique lock design. This partnership with one of the world’s largest lock manufacturers is a huge testament to our journey.”
“We are also thrilled about our new access panel with intercom. It revolutionizes video access for multifamily communities, providing a simple and elegant solution for everyone, from visitors to delivery drivers.”
Evolution Of The Company’s Role
How do you see your company’s role evolving in the next few years? Lackner reflected:
“Rently began as a self-guided touring platform, but it has evolved into a comprehensive end-to-end Rental Lifecycle Management (RLM) platform. In the next few years, this platform will fully lean into AI, providing an amazing, cohesive, and simple solution set for both renters and property managers.”
Future Goals
What are some of your company’s goals for the year ahead? Lackner emphasized:
“A major goal is to lean into AI. We’re also incredibly focused on the launch of the Kwikset Smart Bolt Elite and our new access panel with intercom. We’ll continue to iterate and build on our core self-guided touring technology, which now includes mapping technology that can guide a prospective renter to a specific front door in a large multifamily community. We’ll pair all of this with the best AI features to create a wonderful experience for renters and a streamlined process for managers.”
What Makes The Company Different
What do you want people to understand about your company that they might not already know? Lackner detailed:
“I want people to know that Rently is different. The people here genuinely care about one another, our customers, and our renters. Our long-standing team has built meaningful personal connections that are paramount to our success. The fabric and DNA of this business are a testament to the amazing people involved. I encourage anyone to meet our team at trade shows or our annual Rently Summit to truly understand the culture of care that defines us.”
Advice
What advice would you give to others building in your space? Lackner guided:
“PropTech, and real estate in general, is a space that requires significant time and perseverance. Success stories like RealPage, AppFolio, and Yardi are journeys that have spanned decades. My advice is to be patient and perseverant. It’s also a highly relational space, so it’s important to build strong relationships with the people who work in the industry.”
Gathering Feedback
How do you gather feedback from users and how does it shape your roadmap? Lackner revealed:
“We are constantly soliciting feedback. The executive, product, and customer success teams meet regularly with our key clients. We invite our customers to provide feedback at our annual Rently Summit, and we conduct beta feature testing and surveys during and after development. This constant loop of feedback is crucial to shaping our roadmap.”
Additional Thoughts
Is there anything else you’d like to highlight that we haven’t covered? Lackner concluded:
“I’d like to end by highlighting that there is no other company in the PropTech space that offers a more consolidated, cohesive, and simple set of access technology solutions. Rently is truly unique, and this has only been possible because of our special culture and the amazing people who are committed to building it.”
