Keyo announced its “Keyo Guarantee” for NYC landlords. The guarantee assures that landlords are paid for every month of a lease for any tenant placed through Keyo, covering early lease breaks and tenant payment defaults.
“This is the first of its kind in residential brokerage,” says Kiran Bellubbi, CEO of Keyo. “Keyo has grown to over 2,700 apartments in its network in New York City and over $3.5 million guaranteed rent payments collected worry free.”
The process is simple. Landlords sign up their vacant apartments through keyo.com and get an approval notice within 24 hours. Keyo then places qualified tenants and, by doing so, guarantees the landlord for the full length of the lease. Keyo charges the industry standard of one month’s rent for placing the tenant, but the guarantee is completely free of charge.
Launched May 2018, Keyo leverages AI and automation to place quality, financially stable tenants in less time than a broker. Their mobile app allows tenants to pay rent directly to landlords in as little as two days. For the tenants, Keyo has partnered with the major credit bureaus to boost their credit score with every on-time payment.
“Our platform is growing over 30 percent m/m with hundreds of apartment viewings a day. We’ve had as many showings in Q1 – a traditionally slow quarter – as we did in all of 2018. The vacancy rate, which we track as a function of days on market, is already half the industry standard and continues to drop thanks to our software. Should be an exciting summer,” says Bellubbi.
Keyo is headquartered in Palo Alto, California, steps from Stanford’s campus with a satellite office in Manhattan. The company is venture-backed by Twitter founder Evan Williams’ Obvious Ventures, Bill Gates, Mark Zuckerberg, Jeff Bezos, Eric Schmidt and Mike Bloomberg through Village Global, former Twitter CEO Dick Costolo and Bebo founder Michael Birch.