RadPad, the LA-based apartment search and rent payment startup, is opening its apartment rental marketplace to short-term rentals as part of a major new version release.
This development expands RadPad’s reach, as it’s users will now be able to access inventories available on other short-term rental providers.
Short-term rental providers such as onefinestay, the luxury rental provider that just got a $40 million shot in the arm from hotel giant Hyatt, and HomeSuite, the furnished condo provider, will begin listing short-term rentals on RadPad.
Those new listings join the more than one million current long-term listings on RadPad.
Onefinestay is currently competing head-to-head with Airbnb on the high end of the short-term rentals.
Short-term rentals a popular option for many reasons
RadPad honchos point to data that say that home ownership is at a 25-year low. They add that their research indicates that year-long rental leases are becoming unattractive to today’s renters as they look for more flexible housing options that fit their lifestyles.
Short-term rentals make it possible for people to try a city before they make more of a long-term commitment – even with the formerly typical one-year lease term.
The expansion also benefits management companies who operate in the long-term space. These players, such as national building management company Post Properties, and anyone else who currently lists on RadPad, can now have listings that run gamut in terms of lease lengths on the same marketplace.
As they examined expanding their reach, RadPad learned that scale would come in targeting short-term renters, seeking places in terms of weeks and just a few months, rather than daily travelers. This new rollout is designed with a minimum stay of one week in mind.
Also, RadPad rolled out its Apply Instantly! feature, which allows renters and landlords to conduct the entire renter qualification process in just one click.
Through its partnership with TransUnion SmartMove, Apply Instantly! allows renters to quickly and securely apply for any listing on RadPad.
Potential landlords get an applicant’s income, credit and rental history, and a peek at their social media profiles, all through Apply Instantly. For one $30 application fee, potential renters can apply to as many apartments as they want for an entire month.
Apply Instantly! bolsters RadPad’s platform on the landlord side. Renters now can share a list of their bank deposits so that a landlord can view their income using Plaid.
Landlords have the ability to qualify a renter in real-time. A potential renter’s income can be verified using TransUnion’s credit reporting. And a criminal and eviction history can be had with SmartMove’s online tenant screening, providing their rental history, and access to their Facebook and LinkedIn profiles, which give a deep and varied snapshot of the applicant.
And, venture capitalists believe in RadPad. It’s raised more than $14 million from Lyft-backer Altpoint Ventures, Goldcrest Investments and AmplifyLA.
