Did you see us in the Wall Street Journal?

Posted in Rent Hop News on January 11th, 2013 by kat – Comments Off

Photo via Natalie Keyssar for the Wall Street Journal

We talked about the challenging year ahead for NYC renters. Read it here.

For a full rundown of our 2013 predictions for the rental market, check out our last post.

Our predictions for the rental market in 2013

Posted in Market Trends on January 11th, 2013 by kat – Comments Off

Photo via Josh Gutmaker

Ever since the financial crisis and recession began over 4 years ago, our country has increasingly become a nation of renters. Home ownership peaked at 69% during the housing boom only to decline rapidly to a now 15-year low in 2012. Will 2013 turn the tides back, as interest rates stay low and the job market improves? Or have the volatile markets this past decade turned an entire generation away from real estate investments? What new surprises will 2013 bring?

Here at RentHop, we see a broad cross section of the rental inventory and what real estate professionals are doing to price and market their listings. With that, we are happy to present RentHop’s Eight Predictions for 2013:

1.) Rents will continue to rise as the economy improves and demand increases.
– Current tenants will see large rent increases this year in most cities.
– A stabilizing job market will push up demand for housing.
– More younger adults will find jobs and leave home to acquire their own housing.

2.) Inventory will be much tighter than the last few years.
– Finding great deals in desirable locations will be harder than ever.
– Most advertised apartments will be very bad deals in competitive cities and renters will have a difficult time wading through low quality supply.

3.) More rental supply will come from individual owners of condos, houses, and co-ops.
– The record low interest rates from the last several years pushed many people into purchasing homes for residence or investment.
– Many individual real estate investors now hope to sublet the apartments to fund their holding costs while they wait for the housing recovery.

4.) Urban areas such as New York City and Boston will become much more reliant on brokers.
– Lower supply, more competitive apartment hunting, and more small-time mom & pop landlords are all conditions that favor professional real estate brokers.
– Attempting to find an apartment without a broker will be increasingly more frustrating.

5.) Generic classified columns such as Craigslist and newspapers will be less relevant compared to richer, more locally specialized search engines.
– We are shifting into a new paradigm for apartment searching, leveraging mobile apps, map-based searching, and social media.
– Older search sources that only provide basic text filtering will no longer be sufficient.
– Websites that can quickly discover the best-valued, highest quality apartments using highly localized data will become the norm.

(SPECIFIC TO NEW YORK)

6.) Incentives such as free rent and no-fee apartments will diminish.
– As demand increases landlords no longer need to add renter incentives to acquire tenants.

7.) The brokerage industry will see more exclusive listings and fewer open listings, leading to more fragmentation and smaller brokerage firms.
– Larger landlords are finding ways to market their own properties, so more of the rental supply will come from smaller landlords or individual investors.
– Brokerages will demand exclusive listing agreements in order to help market these isolated properties.

8.) Newer 100% commission firms will plateau in growth, as open listings become more competitive and traditional firms learn to fight back.
– Many new 100% commission firms spawned in the last two years, but few have good differentiating factors.
– Traditional firms have increased their collective marketing spending and leveraging their brand value and bulk vendor discounts.
– Agents are discovering the leads generated from well-managed firms are worth the house commission splits.

What’s the best year, month and day to search for an apartment?

Posted in Rent Hop News on October 25th, 2012 by kat – Comments Off

Check out our piece on Lifehacker to find out!

Startup Watch: Taking the Pain Out of Paying Rent

Posted in Rent Hop News on October 17th, 2012 by kat – Comments Off

If you’re part of the 34.9% of Americans who live in rented housing, the dreaded refrain of “rent is due!” likely flashes through your head every first of the month. And if you have a roommate (that’s about 38,705,000 of you, according to the 2010 census), that even further complicates the already tedious process.

Enter RentShare, the startup that wants to streamline your relationship with rent.

With RentShare, you can (finally!) pay your rent online. Roommates pay their individual share of the rent (using your bank account, credit or debit card), and the service sends a combined check to your landlord. There’s no need to get your landlord involved, so you don’t have to worry if he or she happens to be technologically inept.

Another clever feature of RentShare is that they give you the option of splitting household expenses. You add the cost of utilities and food into the system, and it adjusts everyone’s rent totals to even out the debts automatically. No more chasing your roommate for toilet paper money.

But what are the costs, you ask? The service is free if you pay directly from your bank account, but there is a 2.8% fee if you pay using a credit or debit card. And for the forgetful among us, you can either set up auto-pay or opt-in to receive monthly reminders.

Happy Hopping!
RentHop

How to break free from a bad lease

Posted in Rent Hop News on October 16th, 2012 by kat – Comments Off

Need some tips on how to break out of your bad lease? Check out our advice on Boston.com.

“Despite all your careful efforts, you simply can’t uncover everything you need to know about an apartment before signing the lease. No amount of due diligence and number of visits can fully uncover your neighbors’ strange habits or the super’s apathy towards your nonfunctional heater.

Renting an apartment is supposed to be a temporary, one or two year commitment, but sometimes even that is too long. Lee Lin, chief executive of RentHop, offered advice on breaking your lease.” – from Boston.com

Did you see us in Fast Company?

Posted in Rent Hop News on September 27th, 2012 by kat – Comments Off

10 Things Not to Forget When You’re Looking at Apartments

Posted in Apartment Hunting, Rent Hop News on August 8th, 2012 by kat – Comments Off

We gave Boston.com some advice on the apartment hunting process. Check the piece out here!

“When it comes to apartment hunting, most people have a checklist of items that their future living quarters must entail. Two bedrooms? Check. One bath? Check. Proximity to public transportation? Check. But there are many more subtle features that often get overlooked, but can be just as important once the renter gets settled into his/her new digs.

Lee Lin, CEO of RentHop, the smarter apartment search marketplace, offered advice of other apartment “essentials” to look for.” Read more…

Meet Me at the Intersection of Affordable + Desirable

Posted in Rent Hop News on July 9th, 2012 by kat – Comments Off

New York Magazine recently awarded three neighborhoods with the coveted title of “affordable and desirable.” The three lucky hoods? Inwood, Ditmas Park and Kingsbridge. That made us curious about what’s available in those parts of town, so we laid out the apartments with the highest HopScore in each area.

Inwood

Described by New York as the “Upper Upper Upper West Side.” And the views of Manhattan are pretty bonkers.

2 Bedrooms at West.10th ave – $4,445

Ditmas Park (Brooklyn)

A stone’s throw away from Prospect Park, this neighborhood is a “diverse community with stand-alone Victorian houses, good schools, and a rich dining scene.”

1 Bedroom at Dorchester Rd and Ocean Avenue – $1,275

Kingsbridge (Bronx)

According to New York “It may not win any beauty contests, but it’s well-stocked with amenities and prime for growth.” For sporty types, this location is just a few blocks away from Gaelic Park, a multi-purpose athletics facility.

1 Bedroom at Riverdale Avenue – $1,400

The best pools in your backyard — NYC

Posted in Featured Listings and Buildings on June 28th, 2012 by kat – Be the first to comment


Courtesy of Curbed

Maybe we can’t all have pools in our backyards. But we can get you close.

Based on this article by Curbed, and the announcement of an awesome sounding new saltwater pool opening in Williamsburg, here are a list of 13 places you can live to get front seats at the best swimming holes in New York.

1. Swim here: Red Hook Pool – 155 Bay St. Brooklyn 11231
Live here: 1 Bedroom at West 9th Street – $2,500

2. Swim here: The Beach at the Dream Downtown Hotel – 355 W 16th St. NY 10011
Live here: 1 Bedroom at W 17th St – $3,500

3. Swim here: Rooftop Pool at the A-Building – 425 E 13th St. NY 10009
Live here: 1 Bedroom at East 11 Street – $2,600

Live here: 1 Bedroom at West 15th Street – $3,000
Note: Ok, so maybe this pool is exclusively for the use of McMurray Van-Zeller residents. But maybe if you lived nearby you could befriend them.

RentHop + Chicago = Awesome

Posted in Rent Hop News on June 26th, 2012 by kat – Be the first to comment

Bulls, Bears, Fans of Ferris Bueller,
We’d like to announce that RentHop is officially launching in Chicago today!

Nice to meet you, Windy City Hoppers. We already know what makes Chicago great (Wieners Circle, the Art Institute, ChicAGoGo), but here’s a little bit about what makes us special. RentHop doesn’t just sort your searches by price or posting date. We sort by quality.

We rank apartment listings using the HopScore, which is powered by set of sophisticated algorithms that our geeky founders cooked up. What goes into the HopScore, you ask? Here’s a quick look:

(Publicly available) Info that helps us gauge the quality, timeliness and completeness of the listing (you wouldn’t want to look at a listing without photos, right?).
+
The internal track record of the listing within RentHop (price drops, how many inquiries an apartment has received, etc.).
+
The previous behavior of the broker or landlord offering the apartment (how quickly they respond to your inquiries, for example!).
+

MIT wizardry

= HopScore
For our Chicago launch, we’ve taken the 3 years of data we’ve gleaned from NYC and partnered with fellow Y Combinator backed company YouGotListings to help seed and calibrate the initial scoring. But over time, the site will train and adapt based on usage patterns specific to Chicago searches.

Oh, and as always, RentHop is free for apartment hunters, and for a limited time, managers joining in Chicago and Boston will earn a free lifetime basic membership.

Comment here if you have questions, or tell us how we can best help you find the most awesome apartments in the Windy City.

The RentHop Team