Rotterdam 11 February 2020 – International rental accommodation platform HousingAnywhere is proud to introduce RentRadar, an AI-driven product that offers smart rental price suggestions for the real estate market. Landlords and property managers will now have the power of HousingAnywhere's machine-learning algorithms at their hands to discover the true revenue potential of their rental properties – a first for the mid- to the long-term rental market. Djordy Seelmann, CEO of HousingAnywhere:
The launch of this latest tool is another step to empower our users by giving them the best possible technology to run their business on the HousingAnywhere platform. It is often a time-consuming task to determine the appropriate rental prices for specific listings and using RentRadar, landlords can avoid under- or overvaluing their properties, without the need for extensive market research.
We expect search engines like Google to provide us with an answer to most of the questions we might have. But how do you find out what an appropriate rental price is for your listing in a certain city and neighborhood, based on size, amenities and even monthly bills? How will you make sure you are not missing out on revenue potential? Search engine results range from summaries of expensive market studies or, most often, ads by rental websites that only show prices for specific listings unrelated to yours. The rental market still lacks transparency, which makes it complex, expensive and time-consuming to determine competitive rental prices.
That is why HousingAnywhere set out to build a solution to this problem and create the first truly smart pricing algorithm for the rental market. Seelmann:
We wanted to create a tool that would help landlords estimate an accurate rental price, without having to spend a lot of time on disjointed and often outdated information. Our platform has recorded a multi-year history of worldwide interactions between demand and supply, both successful and unsuccessful. This means we can show which prices will lead to successful deals, and which won’t. After months of training our machine-learning models, we can now say that we succeeded in developing one of the most impressive tools that the rental market has ever seen, and we are proud to share it with the public.
Every property on the HousingAnywhere platform is described by a set of features (such as location, size, and facilities) that influence the total monthly rent. Having air conditioning, for example, is very important (and expensive) in Milan, but there is little demand for it in cities like Berlin. RentRadar also takes into account external information, such as the distance to important locations like metro stations and universities. By combining all this data intelligently, RentRadar is able to suggest a smart and competitive rental price, that is in keeping with local rates. Data is key in the real estate industry and it empowers landlords to make better-informed decisions and save time. They can now determine the optimal value for their properties within seconds. As a machine-learning tool, RentRadar always offers up-to-date results, meaning landlords don’t have to constantly stay on top of market trends and can instead focus on optimizing their occupancy rates. And what’s more: it’s free to use! Seelmann:
We designed RentRadar to empower our users with the same state-of-the-art technology we use internally. By sharing both our knowledge and technical expertise, we are proud to help landlords accurately price their rental accommodation, while at the same time helping make the market more transparent.
RentRadar is now available on the HousingAnywhere platform for the following seven major European cities: Barcelona, Berlin, Brussel, Madrid, Milan, Rotterdam, and Vienna. More cities will be added soon.
HousingAnywhere is the world's largest rental accommodation platform for young professionals and international students boasting over 50,000 active advertisements and over 8 million users in over 60 countries. The rental platform allows tenants to interact directly with landlords and enter into medium-term rental agreements. More than 150 partner universities recommend their students to use the HousingAnywhere platform. The Rotterdam-based technology start-up employs 100 people.
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Simone Pouw, PR Manager