A billion reasons to remain focused
We love hitting milestones. As a fast-growing company with a mission to be in every rental home in America, it feels good to watch increasingly large numbers roll by and keep getting bigger. In some ways, milestones are manifestations of the hard work we put in, but they can’t happen without our customers.
It’s deeply rewarding to see people using Cozy as an integral part of their lives, and our customers are the most important reason we recognize milestones; more and more people from all walks of life are trusting us with important processes, information, and money. At the most basic level, milestones mean we’re having a positive impact on a lot of people.
Cozy now processes more than $1 billion a year, and that’s 10x what we were doing just two years ago, and 1,000 times what we had processed in total four years ago. Thanks to all the landlords and renters who trust us with what is, for most folks, the largest payment they have each month. Here’s what that month-over-month payment growth looks like since we launched:
Beyond this notable marker, we want to share some other stats about how Cozy is growing and who uses Cozy.
- 99% of Cozy properties have five units or less. From day one, Cozy was designed for independent owners who self-manage their properties. This is reassurance that we’re the leader in that market, and we’re on the right track.
- 1% of landlords manage properties that have >25 units, but those units represent 14% of all units on Cozy. Cozy works for property managers, too, and this is a growing segment for us.
- Cozy-managed units are in 16,000 ZIP codes around the country. Cozy landlords manage properties in just about every city, suburb, and college town in America, as well as so many places in between. This snapshot of Cozy properties today looks like a population map:
- Our #1 city in terms of active leases is Chicago. Go, Chicago! Rounding out the top 10 are Philadelphia, Portland, Seattle, Denver, Brooklyn, Washington D.C., Austin, Minneapolis, and Atlanta. Our #1 state by active leases and payments is California.
- Who visits Cozy the most? People in New York, Chicago, Washington D.C., Los Angeles, Seattle, Dallas, Atlanta, Portland, and San Francisco.
- More than 285,000 units have been created on Cozy.
- About 10,000 landlords and 30,000 renters sign up for Cozy each month. More than 660,000 people have signed up for Cozy.
- There are 33 Cozyans, and we’re all in Portland, Oregon.
As excited as we are about all this progress, we also know that about 75% of the U.S. rental market is comprised of buildings of 20 units or fewer, which amounts to about 30 million units, a huge percentage of which are owned and managed by individuals. We have a lot of opportunity ahead.
