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§ Private Profile · Chicago, IL, USA
Rent Butter is a technology company.
At Rent Butter, we're revolutionizing the resident screening process to foster thriving communities. Our mission is to empower property managers and landlords to identify reliable residents - regardless of traditional credit scores.
Rent Butter has raised $3.0M across 1 funding round.
Rent Butter has raised $3.0M in total across 1 funding round.
Rent Butter has raised $3.0M across 1 funding round. Most recently, it raised $3.0M Seed in August 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 1, 2023 | $3M Seed | RET Ventures | Beau Laskey | Announced |
Rent Butter has raised $3.0M in total across 1 funding round.
Rent Butter's investors include RET Ventures, Beau Laskey.
Rent Butter is a Chicago-based technology company founded in 2018 that provides an advanced tenant screening platform for the real estate industry.[1][2][3] It builds a comprehensive screening tool that integrates bank transaction history, credit behavior analytics, income/expense trends, identity verification, criminal background checks, and eviction records to generate predictive tenant performance reports, helping landlords reduce fraud, evictions, and rent defaults.[1][4][5][6] The platform serves property managers, landlords, and real estate operators managing residential units—from small portfolios of 100 doors to large ones up to 50,000—by offering a mobile-friendly application process that goes beyond traditional credit scores to assess financial stability and trends.[2][3][5] This solves the problem of inequitable screening that excludes reliable tenants with thin credit files, enabling more inclusive leasing while streamlining operations with real-time insights and FCRA-compliant reports.[2][4][5]
The company has gained traction with 120,000 residential units across apartments, single-family homes, and trailers already using its tool, which plugs into existing property management systems like Rent Manager.[2][6] By focusing on alternative data like banking patterns and predictive analytics, Rent Butter promotes housing access for underserved renters while giving operators data-driven confidence in decisions.[2][3][4]
Rent Butter was founded in 2018 by Christopher Rankin, a developer and now CEO, and Tom Raleigh, an attorney and current board member, both with prior experience in Chicago's multi-family housing market.[1][3][7] They worked at a real estate firm that scaled from 100 to 10,000 apartments in five years, primarily serving middle-market properties on Chicago's west and south sides, where they identified pain points in inefficient prospect screening and communication.[3] The pivotal idea emerged around 2021 when Raleigh recognized the limitations of traditional credit scores during tenant applications, sparking the "light bulb" moment: leveraging alternative data like bank histories for fairer assessments.[2][3]
Early traction came from addressing real-world needs in underserved markets, with the duo building a mobile-first platform that validates IDs in real-time (like airport tech) and delivers quick banking and credit trend reports.[3] This humanizes their mission—born from hands-on operator frustrations—to create stable housing environments, evolving into a full-suite tool with integrations and a growing team including COO Eric Olson and CRO Michael Brown.[7]
Rent Butter stands out in tenant screening through its holistic, data-driven approach. Key features include:
These elements create faster, more equitable screening, with operators reporting wider applicant funnels and granular decision-making.[2]
Rent Butter rides the proptech wave addressing housing affordability and access amid rising rental markets, where traditional credit screening excludes 50 million Americans with thin files.[2] Its timing aligns with post-pandemic shifts: surging demand for rentals, fintech advances in open banking, and regulatory pushes for fair lending under FCRA, enabling non-traditional metrics like real-time financial behavior.[4][5] Market forces favoring it include proptech consolidation (competitors like Real ID, VTS focus narrower), operator needs for fraud reduction amid economic volatility, and investor interest from firms like RET valuing equitable underwriting.[1][2]
By widening leasing funnels and fostering "thriving communities," Rent Butter influences the ecosystem toward inclusive proptech, potentially lowering evictions (a national crisis) and integrating with platforms like Rent Manager to standardize smarter screening across 50 million+ U.S. rental units.[2][5][6]
Rent Butter is poised for expansion by deepening integrations, scaling to more unit portfolios, and enhancing AI-driven predictions as open banking data proliferates.[2][5][7] Trends like regulatory tailwinds for alternative credit, proptech M&A, and demand for fraud-proof verification in a high-turnover market will propel growth, potentially capturing share from legacy screeners. Its influence may evolve into a full resident lifecycle platform, empowering operators to build stable communities while redefining risk in rentals—echoing its origins in Chicago's housing trenches to national impact.