A new start-up labeled “the eBay for apartments” aims to curb the rental prices in the U.S. by enabling landlords to list their properties online for open bidding.
CCTV America Karina Huber reports.
The average price for a one-bedroom apartment in New York City and San Francisco is more than $3100 a month. These two cities are among the world’s priciest real estate markets, because the demand is high and the inventory of available apartments is low.
A new company called Rentberry has emerged to change the way tenants interact with landlords and potentially impact prices.
Startup aims to curb rental prices through online auctionsA new company called Rentberry has emerged to change the way tenants interact with landlords and potentially impact prices.
The company said their service benefits both landlords and tenants, because the site helps tenants save time and money in the rental application process, according to Roy Malkin, technology partner and spokesperson at Rentberry.
But critics say the service will push rent even higher.
The company doesn’t deny that its service could drive up rents, but at least it is providing a transparent way for market forces to take place.
Susan Wachter discusses global rental market
For more on rental market in big cities, CCTV America’s Michelle Makori spoke to Susan Wachter, professor of finance at the Wharton School.
Susan Wachter touched on issues including the dynamic between renters and housing market, the economic impact this dynamic has in the future and how technology impacts the rental and housing market.