New Platform Creates Bidding Wars for Apartments
Digested from Startup Offers Bidding War Platform for Apartments; Renters Freak Curbed San Francisco (5/16/16) Brinklow, Adam
Rentberry is a new online apartment hunting tool that allows people to bid on available rental leases. "Essentially, we offer a more efficient and transparent application process which has the elements of bidding and an auction," CEO Alex Lubinsky told SFGate.
The company is launching in San Francisco, which has the highest rents in the country, and some residents feel that this platform could drive rents even higher.
Lubinsky says the app is designed to save renters time and reduce their application fees during the apartment search. However, critics say the bidding wars and resulting rent increases will wipe out any savings.
Lubinsky counters that critique by saying that bidding wars happen anyway and that his tool actually provides much-needed transparency into the process.
"Here we have supply and demand, and we have freedom of choice. If people are willing to pay a certain amount, why should the landlord not get that price? We want to make sure everyone gets the fair market price," he says.