ZUMPER LAUNCHES INSTARENT® TO SUPPORT TENANTS DURING COVID: APARTMENTS CAN BE RESERVED AND FULLY RENT IN 24 HOURS
Instarent® is the fastest, fully digital rental solution to help tenants securely visit, book, request and sign a lease online.
SAN FRANCISCO – May 5, 2020 – Zumper, the fastest growing rental market in the United States, today announced the launch of Instarent®, a digital rental solution that lets tenants securely find and rent apartments all in one place on Zumper.com. Instarent® offers tenants and landlords a simplified virtual rental process and reduces the time it takes to sign a lease, eliminating the need for physical interaction. Tenants can find, book, apply and rent apartments within 24 hours.
Zumper aims to make renting an apartment as simple as booking a hotel. In response to the social distancing requirements of COVID-19, Zumper quickly released new features that give owners the ability to list properties for rent with professional photography, video content and virtual tour capabilities. Tenants can make a quick but informed decision about their future rental property from the comfort of their home. Thanks to the “Book Now” function, tenants can withdraw an apartment from the market, beat the competition and ask to rent the property with one click. Instarent® eliminates all the uncertainties of finding and renting a new home in high demand markets, such as Chicago and New York.
“Housing is an absolutely essential need, and we are finding that even in light of COVID, people have to rent properties or find a new home,” said Vishal Makhijani, President and Chief Operating Officer of Zumper. “We felt an incredible responsibility to fastrack our product solutions to meet the needs of our users immediately. By offering a fully digital rental experience on both sides of our market, we can help tenants and landlords rent properties quickly while staying secure during on-site shelter orders and when they are up. “
Zumper has created a way to do it all in just 24 hours. Tenants in Chicago and New York can now filter their home search on Zumper for Instarent® properties, and when they find the right home for them, they can book it immediately. Once booked, the tenant will be the first online to rent the apartment, pending its approval and online credit check.
the new normal calls for virtual leasing. Zumper’s data team tracks rental trends to inform tenants and owners about the current state of the rental market and to adapt and innovate its products to meet market needs. Since the start of Q1 2020, Zumper has revealed:
- The rental industry took a hit in the last 2 weeks of March. Google search volumes for apartments for rent were down between 10% and 30% and the properties remained on the market 29% longer after the epidemic.
- Comparing data from the last week of March to the first week of April, Zumper began to see market activity rebound with an increase in aggregate demand, as Google search volume increased by 10% and Zumper traffic increased 12%.
- During the first week of April, Zumper saw lowest median rental price sent for a room already, which was $ 870. To give some perspective, the national median rent for a room was $ 1,221 in our last national rent report.
- 80% of tenantare likely to rent a property they have only visited
Instarent® is immediately available in Chicago and New York and plans to expand to more cities in 2020.
To learn more about Instarent® or find properties to book now, visit zumper.com/instarent.
Do you want to activate Instarent® on your rental property? Go to signup.zumper.com/instarent-property
Zumper aims to make renting an apartment as simple as booking a hotel. With 13 million visits per month, Zumper’s free online and mobile rental search market has become the industry’s largest startup. Based in San Francisco, Zumper has more than 200 employees in the United States and acquired PadMapper in 2016. The company has raised a total of $ 150 million in financing from investors, including e.ventures, Greycroft, Dawn Capital, Kleiner Perkins, Goodwater Capital, Axel Springer, Stereo Capital, Blackstone Group, Breyer Capital, Foxhaven Asset Management, Andreessen Horowitz, Greylock, NEA, CrunchFund, xfund, Divco West, MMC Technology Ventures, Scott Cook and DeWilde Family Trust. For more information, visit Zumper.com or send an email to firstname.lastname@example.org.
Interested in joining the Zumper team? Discover the open positions here.
Book an Instarent apartment today!