The "Rize" platform was established in 2021 to provide innovative solutions to the challenges faced by renters. Founded by Ibrahim Belilah and Mohammed Al-Faraihi, the company observed the increasing difficulties tenants have encountered in recent years due to the instability of rental prices and the challenges of finding suitable, affordable accommodation near amenities.
Recognizing the need for more flexible rent payment options, particularly given the prevalent practice in Saudi Arabia of single annual or quarterly rent payments, "Rize" developed the "Rent Now, Pay Later" model. This model allows tenants to convert annual lease payments into a flexible repayment plan aligned with their monthly income.
Through this service, residents can easily pay their monthly rent without worrying about potential conflicts arising from large annual payments. This model helps tenants manage their daily budgets, balancing rent payments with personal needs while maintaining housing stability.
Since the launch of the "Rent Now, Pay Later" service, it has been well received by residents across different regions, aiding thousands of customers in alleviating the pressures of annual rent payments. "Rize" has received rental requests exceeding 100 million Saudi riyals, underscoring the necessity of this service for many segments of society.
Badr remarked, "A good project and idea, benefiting many people. Unlike some platforms that offer financial solutions for luxuries, you provide a fundamental life service: housing."
Ahmed also commented, "Rize has revolutionized my renting experience. With their 'Rent Now, Pay Later' service, they have provided the financial flexibility I need and ensured peace of mind. It has made rent payments easy to manage and predict. The platform, being user-friendly, simplifies the entire renting process."
Through our interactions with customers, we have observed high levels of satisfaction and stability among tenants who have benefited from this service. They have been able to save more for challenging times and achieve a better balance between their expenses and income.
