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Sunroom Year In Review

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This year has been full of great memories and achievements. Wishing everyone the best and a great new year ahead!

What’s Sunroom again? 

Sunroom is an end-to-end leasing stack that makes renting homes “self-service.” We believe renting a home should be easy, fair, and transparent.

The future of leasing involves institutional partnerships. Today, institutional investors only own ~3% of single-family rentals (SFR) across the United States. Still, by the end of 2030, most analysts believe they will own over 40% of the rental homes. The consolidation is happening quickly across the southern sunbelt states. Capital is pouring into the space, with over $40B invested this year alone. 

 Additionally, a considerable amount of SFR inventory today is leased through local or regional property managers. To enable self-service leasing for as many homes as possible, we’re partnering with property managers and giving them an edge to compete with institutional players. Partnering with Sunroom gives local and regional property managers superpowers to help them grow their businesses and win more real estate investor clients. 

 Most of our 2022 initiatives were about positioning the company to address this trend and skate to where the puck is headed! 

Expanded Across the Sunbelt 

Talking to customers, we learned the following:

  • They want a one-stop shop that can service their entire portfolio of properties. 
  • The southern sunbelt states are key for investment properties. 

To support our customers, we opened TEN more states!

We're proud of all the work the team did to accomplish this expansion effort. It involved many activities, from setting up brokerages, taking licensing exams, and hiring local field operations teams, so we have “boots on the ground.” 

Launched Futuristic Leasing Technology  

Sunroom API – Lease with Code

  • This gives all of the Sunroom functionality but in a way that enables partners to incorporate it into their custom applications. For example, trigger a property to be leased after the renovation team finishes the project. 
  • Custom reporting using our datasets.   

Sunscreen – Fraud Detection

  • Verifies income programmatically and catches renter application fraud.
  • It simplifies the application process for renters and gives property managers advanced tools that are far better than traditional bank statements and pay stubs alone.  
  • Provides same-day approval recommendations.   
  • This tool removes biases and makes leasing more equitable. 

=> Learn more about Sunroom's robust tenant screening tool 

Health Check – Listing Vitals

  • We believe in executing the “fundamentals” incredibly well and proving that with complete transparency. 
  • Listing vitals programmatically checks that everything is live and working, including self-showing locks, 3rd party APIs like syndication, lead-to-tour ratios, and more. 

Hired a fantastic team of property tech and scaling experts. 

Our team is now 40-strong! We're inspired every day by their hard work and results. Here are a few newbies that joined our mission this year:  

Gabe Knox

Before Sunroom, Gabe worked at Inside Maps, a company that captures 360 media of homes for all major REITs. In his second life, he purchased hundreds of homes for the entity that became Roofstock, one of the essential marketplaces in SFR. 

Kevin Hoyle 

Kevin has a great mix of account management chops from his time ramping Entera’s customer base. Plus, he thinks like an asset manager from his time in Colombia and years of leasing properties professionally. 

Jeremy Johnson 

JJ has worked with some of us for years, dating back to our time at Favor and launching Dallas, our 2nd market. JJ is one of those guys you can trust will get the job done! He’s looking over our market expansions and field operations at Sunroom. 

Brittany Parker 

Brittany has been making a huge impact this year on everything from rebuilding the new website, strengthening our digital presence, and building our brand awareness within the industry. 

Martin Moscosa 

Just before the end of the year, Martin accepted an offer to join the team as Director of Engineering. We’ve been blown away by the product and engineering talent in Mexico and have made a deliberate decision to hire the majority of our tech team there. 

Made a splash at industry conferences 

2022 was the first year we attended NARPM and IMN. Some of our favorites were Texas NARPM in San Antonio, Single Family Rental Property Management, Operations, and Tech Forum in Austin, and the 10th Annual Single Family Rental Forum (West) in Scottsdale.

IMN Austin After Party

A few Exciting Metrics for 2022 

  • Facilitated 14,691 property tours.  
  • Helped our partners lock in over $28M in rent
  • Enabled thousands of renters to find their new homes. 

Sneak Peak at 2023 

Over the last few years, rents have risen, and demand has been through the roof. Let’s face it we’re facing a recession in 2023. The market will soften, and there will be a new set of challenges. 

Today, most of the industry uses a mix and match of pointed SaaS tools and an army of real estate agents to lease properties. We don’t think this process will cut it for forward-thinking property and asset managers. Sunroom’s system removes the ambiguity & subjectivity of the undependable local agent. 

We’ll invest in several projects this upcoming year focused on optimizing home portfolios with predictability and sophistication: 

Executive Reporting: Robust listing reporting, market trends, and provable financial ROI analysis. Custom dashboards through our API. 

Compare & Grade: Kelly Blue Book style rankings for rental properties. Contrast properties performance. Understand what’s driving the renter’s touring and application decisions.  

Give Me Levers: Testable alternatives for leasing faster, other than lowering rent. Targeted moving incentives, tools built into the checkout flow like security deposit replacements, and more. 

We’re excited about the year ahead! 

Onwards and upwards, 

Team Sunroom