Apartment list is capitalising on a shift in the U.S. rental market
The San Francisco-based company raised its latest round of funding through Canaan Partners, with participation from existing investors Matrix Partners and Glynn Capital.
"We are elated to be partnering with Rich Boyle and Canaan Partners for the next phase of Apartment List's growth. I couldn't be prouder of our team and what we've built together since we launched Apartment List five years ago, but this is just the beginning," said John Kobs, CEO and co-founder.
Growing the business
Apartment List offers transaction-based marketplace for long-term rentals, aligning incentives between the renters it serves and the landlords who advertise on the platform. Since transitioning from a metasearch platform to a marketplace, Apartment List has grown revenues 4x over the past year and now reaches over 4M renters monthly.
The portal has over 2.4M apartments and works with many of the industry's owners and managers, including Greystar, Equity Residential, Avalon Bay, and Camden. By focusing on integrating directly with each of these clients, Apartment List offers renters real-time unit availability, detailed amenities, and online tour booking.
A personalised experience
The company touts itself as offering a "unique experience", to renters, claiming it takes the work out of the entire apartment search process. Personalized search recommendations based on the features that are most important to each renter is just one of its selling points. From there, it guides renters through tradeoffs between apartments, tells renters about price changes, and makes it easy to visit apartments to make a final decision. Renters love Apartment List because it makes finding the right apartment simple and delightful.
Rich Boyle, Partner with Canaan Partners, said a shift in the way people think about accommodation has impacted positively on the business.
"As Americans continue the shift towards renting for the long-term, the need for a better way to match renters and landlords has never been greater. With cutting edge, mobile first technology, and a success-based business model, Apartment List is truly unique in the space."