The residents of Los Angeles have spoken! RadPad, the Craigslist meets Instagram rental marketplace app, announced that it now has the most listings in the second largest rental market in the country, Los Angeles. The company has also reached a milestone among its audience, claiming 40 percent of Los Angeles millenials using RadPad to find their next apartment.
In 14 months, RadPad has taken a large part of the rental market share because of its focus on building the best mobile experience based around full screen photos (at least three per listing), a touch and swipe search interface and offering a text messaging feature to quickly facilitate communication between both renters and property owners.
In addition, the Venice-based startup recently closed an additional $1 million in capital through new and existing investors: Deep Fork Capital, Post Investments, Michael Huffington, and Brian Lee (BAM Ventures & Honest Co.), among other private investors.
“I started RadPad because I was having a difficult time finding an apartment and became really frustrated due to a lack of great photos, a lot of scams and difficulty communicating with property owners,” says Jonathan Eppers, CEO, RadPad. “It’s been humbling to watch RadPad grow so fast in our hometown of Los Angeles. I believe our hyper-focus on mobile, photos, transparency and breaking down all the friction renters hate about the process of renting has really contributed to why renters dig RadPad.”
The rental industry is both complex and competitive. RadPad leverages backend analytics to understand the needs of renters and property owners. Here are just a few facts about the Los Angeles marketplace:
- In Los Angeles, RadPad offers the most new listings in Beverly Hills, Brentwood, Burbank, Culver City, Downtown Los Angeles, Encino, Glendale, Hollywood, Los Feliz, North Hollywood, Pasadena, Silverlake, Studio City, West Hollywood, and Westwood.
- 62 percent of residents in Los Angeles are renters (the highest in the entire country)
- On average, there are 110,000 active renters in Los Angeles per month
- Most demanded rentals in LA are 1 bedrooms, priced at $2,000 a month or less
- Hottest neighborhoods are: Hollywood, West Hollywood and Silverlake
- RadPad’s audience:
- 20 percent or 1 in 5 renters in Los Angeles use RadPad to find their next “rad pad.”
- 40 percent of all millenials (34 years old and younger) in Los Angeles are using RadPad to find their rental
- 82 percent access RadPad through the iPhone app
- About two-thirds of RadPad renters are female