Apartment List is a platform that connects renters with apartment listings through an online marketplace. As of January 2018, Apartment List had over 4 million units on its platform. Over 40 U.S. cities are represented on the site, with 5 million visitors per month. Apartment List uses a business model that only charges properties for listings that have been rented. Co-founders, CEO John Kobs and COO Chris Erickson, launched Apartment List in September 2011 at TechCrunch Disrupt. After having negative experiences as both renters and landlords, Kobs and Erickson wanted to create a platform that would improve the rental experience. Initially, Apartment List partnered with other online rental companies to provide a service where a user could search a number of sites simultaneously. In 2014, Apartment List decided to change to the current ‘pay-per-move-in’ model to focus the experience on the renter. Apartment List has had three series of fundraising efforts. In November 2013, Series A funding raised $23 million, with lead investor Matrix Partners. Series B funding in November 2016 raised $30 million, with lead investor Canaan Partners, and Series C funding raised $50 million with Passport Capital in November 2017. The last round of funding is being used to increase the property listings in smaller buildings and single-family homes. The funding has been used to make new hires, with the company appointing a new VP of Engineering- Paw Anderson, who previously worked for Uber. Apartment List's 4 million properties can be accessed either directly through the Apartment List site or on a mobile app. In late 2017, Apartment List partnered with Facebook Marketplace, Homes.com, and Realtor.com. The service is free for renters. Larger, professionally-managed properties are charged a variable fee. By using a mixture of questions, manual filters, and photos and maps, the potential renter is provided customized search recommendations and is guided through the renting process. The listings are based on these preferences and any changes in price are updated in real time. Each listing that appears on Apartment List has been verified to ensure transparency and accuracy. Landlords and building managers are connected to serious potential renters and they only pay a fee once a renter has moved into their new home. The Apartment List Rentonomics blog publishes rent data studies for the entire United States, as well as specific local markets.
