How Blockchain Can Save The Australian Rental Market Amid Coronavirus?

Amid the spread of coronavirus, the past few weeks have seen increased expectations of an impact on the Australian residential rental property market. While the risk of recessions of Australian economy is widely feared, emerging technologies have seen unprecedent opportunities in the realtech field. 

In capital cities at this moment, renters are forced to bring their rental hunting forward in case of any further measures. Agents have ceased to conducting open inspections. Instead, inspections are now conducted online relying on technologies. RELAX Protocol, a blockchain-based rental exchange platform, has seen a surge in its signups. As the traditional way of renting is currently not available, professional agencies are turning to RELAX to handle their properties remotely for renters who fear handshakes with an agent. ‘RELAX is the only solution in the market that can keep the entire real estate business running virtually. At the moment the market needs renters not management’, said Johnson Lui, the principle of Linkcity Property.

RELAX recently initiated a rental contract bidding exchange along with SOHO App and Rentberry. Using its unique blockchain smart contract, RELAX allows renters to buy and sell their rental contracts just like buying shares. With the situation of coronavirus getting worse, many unoccupied properties are offering at very competitive rates on RELAX and creates a space for arbitrage. ‘Since March, we have seen an over 500% increase in new signups and over A$5million transaction volume weekly just for rental contracts in Australia on Rentberry,’ Explained by Donnie, the founder of RELAX Protocol, ‘this increase may have been caused by panic of further closures of border or even suburbs.’ RELAX will start offering 0 transaction fee and 0 contract fee to users during the outbreak. ‘We can’t save the outbreak but we can do our part to make the lives of renters and agents less difficult,’ said Manh of RELAX Protocol.

RELAX is also devising plans of staking and professional masternodes to further blockchainise the real estate industry. In the time of uncertainty, marrying blockchain with real estate may become one of the very few good news that this industry can have.

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