Rental membership startup Landing lands in South Florida
It closed a $20M funding round in February
Landing, a San Francisco-based startup that offers apartment leasing memberships to renters who want to avoid long-term leases and deposits, expanded to South Florida.
Landing added 11 markets, including Fort Lauderdale and Miami, bringing its total to 20 in the U.S., according to a press release.
Memberships cost $199 a year, plus the monthly rent. Members can transfer between Landing apartments with at least 30 days’ notice, allowing them to avoid costs associated with moving furniture, rental applications and other fees.
The company bills its services to renters who may prefer to live in multiple cities, and Landing has bet on businesses’ embracing remote work for the long run.
Landing has units in about 20 buildings in the Fort Lauderdale and Miami area, including Spring Garden, Allapattah, Coconut Grove, Hollywood and Miramar. Rents range from $1,709 a month for a one-bed, one-bath, 730-square-foot unit at Emerald Palms to $3,079 a month for a one-bed, one-bath, 686-square-foot unit at Property Markets Group’s X Miami in downtown Miami.
Rather than sublet apartments to tenants, the company partners with building owners to manage units and share revenue. Landing typically focuses on newer Class A buildings in urban markets. It hopes to reach 30 cities before 2021.
In February, the firm raised $20 million in a funding round to help its multi-city expansion.
Proptech leaders hope the coronavirus pandemic will speed up technology adoption by landlords. Tools in the marketplace include platforms to help departing tenants and apartment seekers arrange deals, to aid residential sale-leasebacks and to online mortgages.
EasyKnock, which buys homes and allows sellers to stay as tenants, announced a $20 million funding round in mid-June.