LLR Partners Completes Strategic Growth Investment in TurboTenant

October 10, 2024

LLR Partners today announced a strategic growth investment in TurboTenant, a leading property management solution for landlords. The capital will be used to help support the growth of the business organically and through acquisitions as it continues to redefine the landlord experience by simplifying the entire lifecycle of property management under one solution.

More than 700,000 independent landlords across the U.S. use TurboTenant’s all-in-one online property management platform for critical processes including finding and screening tenants, rent payments, and lease agreements. The company’s freemium model allows TurboTenant to onboard hundreds of landlords per day and scale up with them through additional subscription services.

“TurboTenant is a well-known brand with highly satisfied customers in a fast-growing, yet still largely underserved, software market,” said Cheng Li, Principal at LLR Partners. “Independent landlords are one of the last real estate markets with significant opportunity for technology adoption and optimization. We believe TurboTenant’s brand strength, leadership team, and business model have positioned the company well to continue its path to market leadership.”

Several dynamics are affecting the real estate sector, including high interest rates, low housing affordability, low inventory, and stabilizing rent prices. These are driving many Americans to continue to rent rather than buy their first home, while others choose to rent out their former homes after moving. TurboTenant sees that many of its users shift from manual methods, like pen and paper, to its software for a more streamlined property management process.

“It was clear to us that LLR understands the space and has developed a clear thesis that can help TurboTenant capture this market,” said Seamus Nally, CEO of TurboTenant. “We are excited to partner with the LLR team to leverage their industry knowledge and value creation capabilities to expand our platform to help meet the many needs of the 14.1 million individual landlords in the U.S.¹ as they accomplish their goals through thriving real estate businesses.”

TurboTenant’s previous investors remain minority shareholders in the business. This is LLR’s fourth investment in real estate technology, having invested in Appspace, Mortgage Coach, and Stealth Monitoring.

[1] Census Bureau, “Rental Housing Finance Survey,” 2018; Pew Research Center analysis

About TurboTenant
More than 700,000 independent landlords across the U.S. enjoy TurboTenant’s all-in-one online property management solutions, including rental applications, tenant screening, rent payments, and lease agreements. Please contact [email protected] or visit turbotenant.com for more information.

Learn more about the LLR team, relevant investment experience and our focus on the Property Management sector.

The original press release was issued by TurboTenant. The content of this press release has not otherwise been altered or edited by LLR. LLR believes this information to be accurate and current as of the date of publication but cannot guarantee its accuracy. Any quotes contained in this press release reflect the view of the speaker only and are not attributable to LLR. LLR disclaims any duty to update this press release, or any content contained therein based on future developments.