Rezi, a proptech rental platform, has shut down entirely after running out of money, effectively resulting in a 100% layoff of its workforce. The company, which had raised $30 million from investors, leased vacant apartments from landlords in cities like New York and Austin, aiming to rent them out faster using machine-learning technology. However, it failed to become profitable amid a broader downturn in proptech funding, with capital drying up and higher interest rates increasing financing costs. CEO Sean Mitchell cited the significant capital required to achieve scale as a key challenge. The closure in early April 2024 adds to a growing list of casualties in the real estate technology sector, where funding has sharply declined from $32 billion in 2021 to $11.4 billion in 2023.
