Landing, a new startup that lets renters easily move between its properties, announced Thursday that it has scored $30 million in new funding.
The new money includes $20 million from a Series A funding round, as well as $10 million in debt. In a statement, Landing said it will use the cash “to continue its rapid expansion to additional U.S. markets and beyond this year.”
San Francisco-based Landing launched in November 2019 and offers a kind of low-commitment, subscription model for renters. A subscription costs $199 per year — though it can be canceled any time with 30 days notice — and gives renters access to high-end, fully furnished apartments across the U.S.
Unlike conventional renting, Landing also does not require long-term lease agreements or security deposits from its tenants.
Landing’s big selling point, however, is meant to be its flexibility. With a subscription to the service, renters are allowed to transfer from one Landing unit to another — including those in different cities — with just three days notice. There are no fees associated with transferring, and the company aims to make the process seamless.
A company spokesperson told Inman that Landing currently operates about 300 units. Landing doesn’t own the units, but rather “works directly with property managers and real estate developers to lease units to offer Landings in their buildings, which are typically located in convenient neighborhoods.”
The company also offers a concierge service for tenants.
Along with its new funding, Landing also announced Thursday that it is expanding into three new markets: Washington, DC, Chicago and Boston. The expansion brings Landing’s total market count to nine, though it said in its statement Thursday that it plans to be in 30 metro areas by the end of this year.
A brief search of Landing’s website this week showed that it is currently renting out sleek, modern-style apartments in Oakland, Los Angeles, Brooklyn and Nashville, among other cities. Prices ranged from $1,685 for the Nashville apartment to $4,531 for the Oakland unit, both of which have one bedroom and one bathroom.
Landing’s new funding brings the company’s total haul over its entire lifetime to $45 million. The first $15 million came in the form of an initial investment from CEO and founder Bill Smith.
In a statement Thursday, Smith argued that “the dynamics of renting have been essentially unchanged for decades, and innovation and new models are what’s needed to meet the lifestyles of a new generation of workers.”
“We’re seeing a growing mobile workforce in need of more flexible living solutions that empower them to embrace opportunities as they arise — no matter where they’re located on the map,” Smith continued. “Landing is the first company addressing this and taking charge of reshaping how people will live in the future.”