Apartment List, the fastest-growing apartment search engine that is reinventing the rental market on the basis of trust and transparency, today announced a $15 million Series A funding round led by Matrix Partners. The company will use its first round of external financing to continue its mission to digitize the entire rental process from start to finish.
‘Millions of people want or need to relocate to new apartments every month and there was no legitimate, comprehensive and reliable solution online before the Apartment List,’ said Dana Stalder, general partner at Matrix Partners and new member of the Apartment List Board of Directors. ‘John and his team have built a service that consumers love and are uniquely positioned to own the rental market. This is a vast space with demonstrable demand. ”
Approximately 100 million people are renters in the United States, and the Rentals market has not experienced any major innovations in a number of years. In just two years since the company was launched, Apartment List has curated the largest number of non-scam rental listings, with more listings than its competitors in 67 of the top 100 rental markets. This resulted in more than 1 5 million people visiting the apartment list every month on a national scale
The company has gone a long way to curate high-quality listings without scams. By consolidating properties from hundreds of well-known listing services, it delivers a universe of available apartments on one site, saving renters time and money in their search.
‘The market for online and mobile rental is broken. We’ve worked hard to bring the first real innovation to the rental market by building fantastic online supply and inventory, building trust and transparency with our customers,” said John Kobs, CEO of Apartment List. ‘Matrix has a long and long history of working closely with early-stage companies to help them achieve their true potential. We look forward to working with their team on the next phase of the Apartment List, establishing the first true rental market that serves the best interests of renters and landlords across the U. Oh, S ”
The Apartment List team consists of 55 employees across the country, with more top-quality hires on the horizon. In October 2013, the company acquired RentAdvisor to create additional transparency in the rental process, adding more than 20,000 reviews and ratings to the company’s listings.
Apartment List is also very focused on expanding its mobile services Apartment List launched its first mobile app four months ago and now more than 47% of the company’s monthly visitors are mobile devices. As Apartment List expands its mobile reach, the company is also looking forward to digitizing the rental process in the future, putting an end to the age-old, non-digital means of signing rental agreements and paying landlords. This process of contacting landlords, signing contracts and paying rent directly through the mobile app will completely reinvent the rental space, creating more transparency between tenants and owners.