ApartmentAdvisor (www.apartmentadvisor.com), a proptech startup that aims to improve the apartment rental experience for consumers, today announced the launch of its new apartment search platform. The company is using proprietary analytics technology to make the rental search process easier and more transparent, evaluating hundreds of thousands of listings daily and providing objective guidance on which offer the best value. The platform includes listings from both small and large property owners nationwide.
ApartmentAdvisor was started by co-founder and chairman, Langley Steinert, who also founded CarGurus and was a co-founder of TripAdvisor. The company’s other co-founders include CEO Tom Gilmore, founder and former CEO of VacationHomeRentals (sold to TripAdvisor); CTO Josh Arnold, former lead engineer at TripAdvisor and former director of data science at Mineral Tree; and Oliver Chrzan, former CTO at CarGurus. Greg Schwartz, CEO and co-founder of real estate startup, Tomo, and former President of Media and Marketplaces at Zillow, serves on the company’s Board of Directors. The company is privately funded.
“The traditional classified rental listings model is optimized for property owners, but not for renters,” said Tom Gilmore, co-founder and CEO of ApartmentAdvisor. “We see an opportunity to reinvent that model with a more consumer-centric approach, and the release of our new search platform is a core part of that. Renting an apartment is a big commitment, and we want to make the process as easy and transparent as possible for renters and for property owners from the start.”
Unlike classified sites that display apartment listings based on a landlord’s paid advertising, ApartmentAdvisor ranks search results based on which apartment is the best value relative to the consumers’ search parameters. The company’s search engine is powered by a property valuation model that factors data on size, quality, amenities, and location to rate and rank each available listing from “Great Deal” to “Overpriced.” ApartmentAdvisor is also developing a community engagement capability that incorporates reviews and insights from residents and provides renters with first-hand knowledge of local neighborhoods.
“Technology innovation in home rental search has lagged other categories, and yet the need to better serve renters and property owners has never been more critical,” said Langley Steinert, co-founder and chairman of ApartmentAdvisor. “ApartmentAdvisor is addressing that gap. Our founding team not only has an exciting vision, but also brings deep experience building Tripadvisor and CarGurus from startups into major marketplace platforms. We see a similar path for ApartmentAdvisor as we work to revolutionize how renters find and lease their next apartment.”
The U.S. apartment rental industry is worth an estimated $174 billion based on revenues1, and the services industry that assists property managers with listings, advertising and listings services is valued at nearly $45 billion. ApartmentAdvisor is entering the market with a freemium model for property owners and managers, enabling them to list inventory on the platform at no charge. Owners and managers cannot pay to influence the rank of their listings’ organic search results. However they will have options to upgrade to a paid service for additional services. The company says the improved search experience for renters will drive higher conversions for property owners and managers from informed, ready-to-sign applicants. The platform is free for renters.
Property owners can find more information on how to list inventory for free on ApartmentAdvisor by contacting email@example.com.
ApartmentAdvisor (www.apartmentadvisor.com) helps renters easily find the right apartment at the right price. The company is building a rental search platform that combines rigorous rent price analytics with neighborhood insights, empowering renters with a more transparent way to compare prices, features and locations of available apartments.
ApartmentAdvisor was founded in December 2020 by a team of founders and engineers from Tripadvisor and CarGurus, including Langley Steinert (also co-founder of Tripadvisor and founder and executive chairman at CarGurus); Tom Gilmore (founder and former CEO of VacationHomeRentals, sold to Tripadvisor); Josh Arnold (former engineering lead at Tripadvisor and former director of data science for MineralTree); and Oliver Chrzan (former CTO at CarGurus). The company is based in Harvard Square in Cambridge, MA.