CoStar Group's Unveils New Features

June 5, 2023
Share this Post: – a CoStar Group online marketplace – is set to launch a new suite of features designed to help multifamily leasing teams navigate the challenging US economy.

The new features are focused on increasing efficiency for leasing teams, and include an AI chat integration and "Apply Now" options for prospects.

Economic headwinds have put immense pressure on multifamily owners and operators with waning demand, a record number of units hitting the market, decreasing absorption rates and rising vacancies.

However, 41% of renters are still looking to move and is providing owners and operators with an ever-evolving platform that generates 3.4x more leases than the closest competitor according to third-party vendor Rent Dynamics.

The AI chatbot can promptly address renter inquiries, while a streamlined "Apply now" functionality will make applications more convenient. Other features include simplified tour scheduling to maximize efficiency for both renters and leasing teams, and unit-specific information such as lease term pricing, concessions, and detailed descriptions.

Multifamily units are a big topic of discussion in the US, with the segment earning a massive 20% revenue increase in CoStar's Q1 results published in April.

And considering that CoStar pulled out of a deal to acquire earlier this year by putting faith in its in-house marketplace instead, perhaps CoStar will be looking more closely at multifamily developments as a target for its mergers and acquisitions fund worth in excess of $5Bn.

June 5, 2023
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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