This startup is spending $10M to buy out vacant NYC apartments

Rezi banking on making money during marketing and leasing period

TRD New York /
Jul.July 05, 2018 10:45 AM

Rezi CEO Sean Mitchell and Rezi apartment listings (Credit: LinkedIn and Rent Rezi)

One startup plans to spend $10 million over the next year buying out leases in New York City and renting the units out itself.

Rezi, which has raised $30 million from investors and went through an accelerator program in Silicon Valley, is attempting to make deals with New York landlords who are losing out on income from empty apartments during the marketing and leasing period, according to Crain’s.

Rezi’s pitch is that it would pay for the lease, with the landlord getting a price that is slightly below market rate. The company would then advertise the units on its own platform and other listing websites — with the expectation it can lease them at a higher price than it paid. Rezi claims its “machine-learning” technology can better peg the market and rent apartments quickly.

The startup’s website shows a handful of apartments up for rent in New York City, mostly in East Harlem. Though there’s a glut of product in Long Island City and Brooklyn, apartments in Manhattan on average are leased within 30 days, according to Douglas Elliman’s May rental report. [Crain’s] — Meenal Vamburkar


Related Articles

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

What will proptech look like in 2019 and beyond?

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

From left: RealPlus' Eric Gordon, Corcoran's Pam Liebman, Halstead's Diane Ramirez, Douglas Elliman's Howard Lorber and Brown Harris Stevens' Bess Freedman (Credit: Eric Gordon by Emily Assiran, Getty Images, Halstead, BHS, iStock)

Terra sells part of RealPlus stake to Corcoran and Elliman

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

WeWork is investing again with fundraise for proptech

arrow_forward_ios