To See the Future of Renting, Watch the College Kids
To rent an apartment on LoftSmart, a website for college students looking for off-campus housing, users browse listings, take a virtual tour, and read reviews from current or past tenants. If they find a place they like, they can put in an application, sign a lease, and pay their security deposit—all online.
July 26, 2017 at 02:00 PM
4 minute read
To rent an apartment on LoftSmart, a website for college students looking for off-campus housing, users browse listings, take a virtual tour, and read reviews from current or past tenants. If they find a place they like, they can put in an application, sign a lease, and pay their security deposit—all online.
That makes the website highly unusual in the online real estate industry, where most listing services direct apartment hunters to get in touch with a broker if they like a listing. It also offers a clue to the way technology is changing the process of finding an apartment for a wider universe of renters. A college student whose first housing transaction takes place entirely online may not be so quick to accept the stressful, time-consuming open houses of traditional renting during their next search.
“This demographic is a really interesting testing ground for the future of real estate,” Sam Bernstein, the startup's 23-year-old chief executive officer and co-founder, said. “They're untarnished by cumbersome legacy institutions.”
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