As America increasingly becomes a country of renters, some startups are looking to profit off that demand by allowing potential tenants to bid on rents.
These platforms, like San Francisco-based startup Rentberry, allow users to bid on rent in hopes of saving an average of 5.1% on their lease. Rentberry lets tenants bid against each other in an eBay style to win an apartment, the Wall Street Journal reports, and experts foresee these startups playing a major role when it comes to automating the rental process to save time and cut through paperwork.
Similar to Rentberry, Vancouver-based Biddwell allows users to enter multiple rounds of bidding on rents and security deposits. An added bonus for both sites is the potential to profit from renters' bids that exceed the original listing price.
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