How rental platform Stoop is adjusting to New York City one year later

Stoop raised $1 million this year for its NYC rental plans

EMBRACE. FOCUS. EXECUTE. Build your 2019 roadmap to success with 4,000+ real estate leaders.
Inman Connect New York | January 29 - February 1, 2019

One year after launching in New York City, the rental platform Stoop has grown modestly in three boroughs, placing more than 70 renters in fully furnished bedrooms and apartments across Manhattan, Brooklyn and Queens, according to a release.

On the heels of a $1 million funding round in February aimed at expanding both the rental platform and its partner, the residential leasing platform Mdrn., Stoop now boasts 40 furnished bedroom listings and anticipates 72 by May 1. Since July, the platform has placed 42 bedroom renters and 29 apartment renters, each for a span of between three months and a year.

The renters are split between students at 43 percent, people moving because of a corporate relocation at 43 percent and short-term vacation rentals at 14 percent. Renters are coming from New York and California, but also from outside the United States: Canada, China, France and the United Kingdom.

The average bedroom on Stoop costs $1,683 and the average apartment costs $3,575, according to the release. A few buildings use Stoop for many of their rentals, with buildings on the Upper West Side in Manhattan and Ridgewood in Queens each listing nine. The others are scattered across Murray Hill in Manhattan and Park Slope and Williamsburg in Brooklyn.

Launched in 2014, Mdrn. is a brokerage that serves as property manager, landlord and agent all at once. With 70 team members, including its agents, the firm focuses on both technology and lifestyle to offer in-house photography, interior design and marketing alongside sales, leasing and property management.

The Stoop brand is much newer, as its modest listing numbers show. The $1 million raised earlier this year was intended to expand Stoop’s inventory and add personnel for its own operations team, according to the release.

The New York City rental market requires its own approaches, and Stoop is developing one tailored to the city and to renters looking for flexible, pre-furnished solutions.

Email Emma Hinchliffe