Facebook is expanding its presence in the rental market.
Last November, Facebook partnered with Zumper and Apartment List to add rental listings to Facebook Marketplace.
Now, a little under a year later, Facebook is at it again, this time with Rental Beast, a software-as-a-service rental listing platform that provides millions of rental listings.
“This partnership comes at a crucial time in real estate when more and more agents are starting to focus on helping renters given that sales inventory is at record lows in most key markets, and homeownership levels have been on a downtrend,” a spokesperson for Rental Beast told HousingWire.
“Renting is the preferred choice for Millennials and for an aging U.S. population who is opting to downsize from their large homes. Real estate agents across the U.S. have also experienced a 6% drop in their median gross income since 2016. This doesn’t only affect agents, but brokerage firms which struggle with agent recruiting and retention. Rental Beast partner agents have seen significant growth during this period and our platform is helping solve this ongoing problem by offering an on-demand solution for consumers, agents, brokers, and landlords,” the spokesperson added.
Facebook was unwilling to comment on its larger strategy, but it did confirm that this new agreement changes nothing about its relationships with Zumper and Apartment List.
“Home rentals is a popular activity on Facebook. With this home rental experience on Marketplace, we hope to make it even easier for people to find their next home,” a spokesperson for Facebook told HousingWire.
Rental Beast’s platform holds over 6 million rental listings across the nation, which the company says represents over 70% of the rental inventory in the U.S.
"We believe our comprehensive database and white glove service through some of the best brokers and agents in the industry, integrated with Facebook Marketplace, will be a game changer for renters. We are pleased to be a listing partner, and excited to help people find their next home," Rental Beast Founder and President Ishay Grinberg said in a statement.
