News Corp subsidiary Move Inc has announced the acquisition of Chicago-based Avail – a platform that improves the renting experience for do-it-yourself landlords and tenants.
The Avail acquisition helps Move Inc’s online destination realtor.com further expand into the rental space with support for landlords and renters.
According to American Community Survey data from the US Census Bureau, people spend more than $500 billion per year on rent in America – making it a significant sector.
Of this, it’s thought that DIY landlords own and manage approximately 75 per cent of all rentals.
In the US, the Avail online and mobile platform brings together the workflow tools that help independent landlords manage rental properties.
More than 90 per cent of Avail’s existing client base use the free product, while some landlords upgrade for premium functionality and customisations.
The platform itself allows users to create and market rental listings, screen applicants, access state and city-specific lease agreements, process payments, and track maintenance requests.
The platform also offers tools for renters, including easy ways to complete rental applications, sign leases, pay rent, submit maintenance requests and access related products and services like renter’s insurance.
“This acquisition is a key part of our strategy to make finding a home easier and more rewarding,” said David Doctorow, CEO of realtor.com.
“We believe that Avail is uniquely positioned to meet the needs of the DIY landlords and tenants in a large, growing and underserved market.
Avail CEO Ryan Coon says he is excited about joining the team at realtor.com.
“Leveraging realtor.com’s industry expertise and scale will allow us to expand our platform capabilities and offerings so we can continue to deliver high-quality services, tools and education to even more landlords and tenants.”
