Chicago-based Rent Butter, a tenant screening solution designed specifically for workforce and affordable housing, has completed its seed financing round. The $3-million round was led by RET Ventures , an industry-backed venture fund focused on single- and multifamily real estate technology.
Founded by Chris Rankin and Tom Raleigh in 2021, Rent Butter was built to help owners and operators of workforce and affordable housing communities better assess risk when screening potential residents. The company has seen significant traction since its founding, with properties comprising more than 100,000 residential units utilizing the solution. The company plans to expand its product offering and customer base into conventional Class A and B multifamily and single-family rentals in 2023.
“When founding Rent Butter, our main goal was to create an alternative to the antiquated tenant screening process and to empower property owners with a more dynamic, complete picture of an applicant’s financial status and history – reducing turnover and at the same time opening the door for potential renters who may have otherwise been turned away,” said Raleigh.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).