Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Rental Auction App Driving Up Apartment Prices?
Posted
May 22, 2016
Views
76,823
Likes
1,411
Comments
504
Engagement
2.49%
May 22, 2016
76,823
1,411
504
2.49%
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9:00Now PlayingA new app has been developed for individuals who are looking to rent and apartment but want to bid on them in a transparent online auction. The downside for tenants: the new app may be driving up rental prices in certain markets. Ana Kasparian and John Iadarola (ThinkTank), hosts of The Young Turks, break it down. Tell us what you think in the comment section below.
"Auctions are coming to rental markets. That’s good news for landlords, but bad news for apartment hunters in America’s most expensive cities...
Theoretically, rental auctions should make rental markets more efficient, and transparent, by allowing bidders to submit bids and to compete directly. Rentberry renters can submit multiple bids (all visible to other prospective renters) and landlords are able to choose any tenant, not just the highest bidder. The site, free to use, also eschews pricey application fees in favor of a clean $25 charge once a rental agreement is signed. Credit checks and background checks are free.
But in tight markets, that “efficiency” comes at a cost—literally. Lubinsky says landlords using Rentberry during the site’s beta period were able to command, on average, a 5% higher rental rate than they would have by renting offline.”*
Read more here
Hosts: Ana Kasparian, John Iadarola
Cast: Ana Kasparian, John Iadarola
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The Largest Online News Show in the World. Hosted by Cenk Uygur and Ana Kasparian. LIVE STREAMING weekdays 68pm ET.
Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary)
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