Apartment List raises $50 million for home rentals

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It’s estimated that over one-third of Individuals lease their properties, in accordance with the Nationwide Multifamily Housing Council. And half of these persons are underneath 30-years-old.

However what’s one of the best ways for this typically transient group of individuals to discover a new place to reside? Craigslist has been a frontrunner in on-line leases, however not everyone seems to be happy with the consumer expertise.

Residence Listing is likely one of the many websites vying to face out within the crowded rental market. And it’s elevating one other $50 million in capital, which ought to assist. Passport Capital, Canaan Companions and Business Ventures all participated. The startup has raised a complete of $110 million since 2011.

Co-founder and CEO John Kobs stated that regardless of the aggressive panorama which incorporates Zillow, HotPads and PadMapper, he believes Residence Listing has a enterprise mannequin that’s completely different. It solely collects cost from listings that really end in a transaction.

We’re the one firm that will get paid solely for fulfillment,” stated Kobs. He stated that this helps stop scammers.

Wealthy Boyle, normal associate at Canaan Companions stated that others within the house have been charging “no matter propensity to shut or the match with a given property, which was unsatisfactory to all and wasted numerous money and time on either side.” He says that the present Residence Listing mannequin has resulted in a enterprise that’s “scaling very, in a short time.”

Kobs says that their most profitable communities are Denver, Dallas, D.C. and different “demand-constrained markets.” Residence Listing goals to assist landlords discover renters in aggressive areas.

Customers even have a distinct expertise on the Residence Listing platform. As a substitute of doing a seek for availability, customers reply a quick survey that helps Residence Listing determine their prime priorities. Comfort, worth and particular facilities are all weighted in accordance with said preferences.

Residence Listing is “triangulating precisely what renters are on the lookout for early on,” stated Kobs.

And whereas the aptly-named enterprise is targeted on flats for now, it can ultimately add condos out there for lease. Kobs believes that it is a “enormous alternative” for progress as a result of it can fulfill clients who’re on the lookout for “distinctive areas.” (He hasn’t reserved the Rental Listing area, nonetheless).

Finally, he has large goals for his enterprise. When requested if the startup might IPO sometime, he stated “completely.”

Featured Picture: Residence Listing

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