A rental revolution is looming as three rent-bidding apps have their sights set on the Australian rental market. Last month, Domain reported that the controversial US rent-bidding app Rentberry would be launching in Australia in the coming months. Soon after, LiveOffer and RentWolf announced that they would be following suit.
These rent-bidding apps are essentially the “eBays of renting”, automating the tenant application process and creating online marketplaces for prospective tenants to bid against each other for rental properties. Let’s take a closer look at each of these three rent-bidding apps……………………………Con’t Below.
Francisco-based Rentberry was launched last year and positions itself as a “transparent home rental service and a price negotiation platform uniting tenants and landlords”. It allows landlords to list their properties for free, screen and vet tenants, e-sign contracts, collect rent and even claims that “landlords rent their properties 30-40% faster”.
To increase transparency, tenants are able to see the current highest bid as well as the total number of bidders. Tenants can also bid on the security deposit for the rental property in an attempt to sway landlords.
Launched in 2014, Los Angeles-based LiveOffer was developed by real estate technology company Property Connect. Tim Manson, founder of Property Connect told Domain that LiveOffer is “not a bidding system but an offer system”, immediately distinguishing itself from Rentberry.
While Rentberry ranks applicants based on rental price, LiveOffer’s algorithm ranks applicants based on lease duration, prospective move in date, security deposit, rental price and credit history.
Meanwhile, Australian-owned Rentwolf may be the middle ground between Rentberry and LiveOffer. The platform allows tenants to provide a value proposition that includes more than just their preferred rental price and aims to mitigate the need for property managers and agents.
Would you use a rent bidding app to increase your chance of securing a property?