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Apartment List Secured $50 Million in Funding to Enhance Rental Services

Lily Polanco Follow Jan 16, 2025 · 2 mins read
Apartment List Secured $50 Million in Funding to Enhance Rental Services
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Apartment List: Revolutionizing the Rental Market

Company Type: Privately held company
Industry: Technology / Real Estate
Founded: 2011 in San Francisco, California
Founders: John Kobs, Chris Erickson
Headquarters: 475 Brannan Street, San Francisco, California
Area Served: United States
Key People: John Kobs (Chairman), Matthew Woods (CEO), Matt Service (COO)
Number of Employees: Approximately 250
Website: www.apartmentlist.com

Overview

Apartment List is an American online marketplace for apartment listings that aims to simplify the rental process for both renters and landlords. As of January 2018, the platform featured over 4 million units, showcasing its extensive reach in the rental market. The company operates on a commission-only model, charging landlords a fee only when a property is rented, which aligns its success with that of its users.

History

Co-founders John Kobs and Chris Erickson launched Apartment List in September 2011 at TechCrunch Disrupt, inspired by their own negative experiences as renters and landlords. Their vision was to create a platform that would enhance transparency and efficiency in the rental process.

Funding Milestones

  • November 2013: Apartment List raised $23 million in its first round of funding, led by Matrix Partners.
  • November 2017: The company secured an additional $50 million in funding from Passport Capital.
  • December 2020: Apartment List announced a $50 million Series D funding round, followed by an extra $10 million from notable investors including Lizzo, Priyanka Chopra Jonas, Andre Iguodala, Alex Rodriguez, and Daryl Morey. Iguodala cited the company’s Home Bridge program as a key reason for his investment.

Strategic Partnerships

In late 2017, Apartment List formed partnerships with major platforms such as Facebook Marketplace, Homes.com, and Realtor.com to expand its reach. However, in September 2021, Facebook Marketplace discontinued the distribution of rental listings from partner catalog feeds, impacting the visibility of Apartment List’s offerings.

Community Engagement

In September 2020, Apartment List demonstrated its commitment to social responsibility by donating three apartments to the Ronald McDonald House, providing families in need with temporary housing during challenging times.

Business Model

Apartment List operates on a unique business model that charges large, professionally-managed properties a variable fee for using its service. Landlords and building managers are connected to potential renters through the platform and only pay a fee once a renter has successfully moved into their property. This model not only incentivizes the company to provide quality leads but also aligns its interests with those of its clients.

Recent Developments

As of October 2023, Apartment List continues to innovate within the rental market, focusing on enhancing its technology and user experience. The company is committed to providing a seamless rental process, leveraging data and analytics to better match renters with their ideal homes.

Conclusion

Apartment List has established itself as a leader in the online rental marketplace by prioritizing user experience and transparency. With a strong foundation built on innovative technology and strategic partnerships, the company is well-positioned to adapt to the evolving needs of renters and landlords alike.

For more information, you can explore the following links:

Written by Lily Polanco Follow
Junior News Writer @ new.blicio.us.