Market & Competitive Analysis
U.S. rental property managers spend about $3.5 billion per year on advertising to find and keep renters. Millennial renters average 4 in-person showings before securing an apartment with a deposit, according to a RentZen trend analysis.
Between the advertising costs and the time both property owners and prospective renters spend attending in-person showings, property management has become expensive and time-consuming.
While a multitude of search engines, like Zillow, help prospective renters research available rentals, the search engines ignore a big pain point: the time owners and renters spend to arrange and attend in-person showings. This is the gap the RentZen platform bridges with virtual property tours, rich, shareable user profiles, and in-app communication.
RentZen leverages digital technology to bring renters closer to properties and owners closer to qualified tenants.
In the home sales market, companies like RedFin have begun using virtual property tours to reduce friction and time spent on in-person in the home-buying process. RentZen brings virtual property tours to the rental market.
Here is a look at the competitive landscape for property search engines, in terms of monthly users:
Zillow is the most visited real estate search engine, followed by Trulia, Yahoo Homes, Realtor.com, and Homes.com. These search engines advertise homes for sale, real estate services, as well as rentals.
Real Estate Opportunity
The larger real estate market is full of established brokers and popular search engines, some of which are beginning to offer digital solutions, like virtual reality tours, to prospective home buyers. RentZen serves only the rental market, where we see untapped opportunity to bring time-savings and convenience to both property owners and prospective renters.