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Rentberry, Making the US Tenants Bid for Their Apartments

“We made a huge splash”, Chief Executive of Rentberry, Alex Lubinsky said when one tenant rights lawyer described that site as “callous”.

On this site, the landlords get to set up preferred rent for their apartments on which the prospect tenants get to bid. Most likely the tenants bid their prices below the set price to see if they can get a good deal.

During the process the landlords get to see the bid as well as their credit details and some more relevant information.

Compared to 100000 properties there are around 50000 users on the site which most likely to expand throughout United States.

To state his point more prominently, Mr. Lubinsky said that its better than going to a closed to partially closed bidding store when tenants can’t see what others are bidding. Not only this, a feature will be added to the site where the system can analyze what is the local market price for that particular apartment so that the landlords can set up the fair price for their property.

Also, the site will help the landlords by providing the information about the tenants like for how long they have been working, so that they have an idea whom they are dealing with.

To argue on a point where its mentioned “only the market can suggest the fair price for a property”, he said, “people say we create competition, but the competition already exists.”

The price of local rental properties is going high at the moment. As per the mortgage rates, which is also up. Which resulted the ones who would want to buy a house are getting up going for renters, directly affecting the demands that explains Adam DeScantis at the National Association of Realtors.

He also said, “First-time buyers made up to 32% of buyers in February, historically that should be closer to 40%.”

Jonathan Spader explained at the Harvard Graduate School of Design, “Rent increases in many cities in the US have outpaced incomes, making affordability a challenge.”

Putting all the arguments aside, Rentberry’s final rental price is 4.3% less than the others sites are offering.

New York’s estate agent Douglas Wagner said, “older generation management companies might resist because they’re so accustomed to the way they do things.”

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