Much has been made of the property market in Singapore lately. From soaring rents to new builds and everything in between, this has always been an industry primed for investment and potential for change. Dominic Schacher, who has lived and worked (and rented) in Singapore for more than a decade, believes it’s also an industry primed for disruption. With his expertise in both finance and technology, he started Rently.
By simplifying the rental process and making it financially less burdensome, the goal is to enhance the rental experience. In terms of renting, Rently provides tenants and landlords with a streamlined, seamless, and transparent process. It uses digital IDs such as Singpass, which ensures that only verified users can be on the platform, and then initiates governmental checks to confirm property ownership.
“This dual verification system gives both tenants and landlords peace of mind, knowing they’re engaging with legitimate parties,” says Schacher. “Our rental contracts, derived from the Council for Estate Agencies, provide a neutral starting point. Additionally, we conduct automated background and sanction checks on all parties involved.”
The Rently platform eliminates the stresses and difficulties associated with renting. “We’re focused on making the process more intuitive and enjoyable,” Schacher explains, while emphasising that looking for a home should be an exciting and joyful experience instead of stressful and exhausting.
“We provide real-time listings and simplify the application and selection process, which can alleviate much of the stress often associated with renting in Singapore. Access to reliable information makes it easier to compare properties and make informed decisions.”
Dominic Schacher
Rently was largely inspired by Schacher’s own experiences. “I’ve encountered several unique challenges, especially in finding the right housing unit within a limited time frame,” he says, noting how rental contracts are short here and expats often move every couple of years. “I often have only two to three weeks to secure a suitable place, which adds considerable pressure. The reliability of traditional listing sites compounds this issue.”
He continues, “I frequently find that many listings are outdated or inaccurate. Besides creating confusion, this leads to missed opportunities, since I chase after properties that are no longer available.”
Rently also stands out for being able to take care of all financial aspects. From deposits and tax filings to rental payments, everything is completely integrated and seamless. “This is coupled with the automatic inclusion of both parties in home insurance covering various contingencies like water leakage, fire, and other services like 24-hour locksmiths.”
If there was ever a time to launch a platform that introduced more transparency into the market, now would be it. Schacher believes the current market trends work in Rently’s favous. “With an increasing supply of rental units and a comparatively lower demand than in previous years, there is a natural moderation in rental prices,” he says. Having launched for testing late last year, Rently has seen continued growth in property listings and rentals.
Looking to the future, Schacher is already thinking beyond traditional rental methods. One of his key focuses for the year is to introduce financial services tailored to the needs of renters. It’s a natural expansion of the business. These services are designed to further streamline the renting experience, providing additional value and convenience.
“By integrating financial solutions, we hope to address common challenges faced by renters, such as managing rental payments, securing deposits, and possibly offering customised insurance products.”
Producer: Adora Wong
Art director: Ed Harland
Videographer: Alicia Chong & Yvonne Isabelle Ling
Photographer: Mun Kong
Photographer’s assistant: Teo Ren Jie
Makeup: Aung Apichai & Keith Bryant Lee
Hair: Jenny Ng & Keith Bryant Lee
Watches: Grand Seiko
