, the LA-based rental marketplace, announced this morning they will be entering the short-term rental market and have teamed up with onefinestay and HomeSuite to expand their short-term housing options.
Launched in 2013 by CEO Jonathan Eppers, RadPad allows users to find an apartment, apply for a lease and pay their rent within their site. The company has raised more than $14 million in funding from investors that include Altpoint Ventures, Goldcrest Investments and AmplifyLA.
“There’s a reason why homeownership is at 25 year low and continues to fall,” said Eppers in a blog post. “People just don’t want to commit to living somewhere for long periods of time anymore. When we started RadPad, we only had long term apartments and homes for rent. But that all changes today because we’ve opened RadPad up to also include weekly & month-to-month listings.”
Although the company is entering a similar market, Eppers stated they will not be competing with Airbnb because they remain focused on renters, not travelers.
In 2015, RadPad launched the Pay feature on their site and saw more than $5 million in rent payments by the end of the year. Eppers reports the company is on track for more than $100 million in rent payments in 2016, marking an important transition from a lead-generation business to a transactional-oriented marketplace.
To simplify the renter-landlord transaction even further, RadPad also announced their Apply Instantly feature today. The one-click solution allows prospecting renters to send their income, credit report, background check and rental history to any landlord without re-entering information. The service costs $30 for unlimited applications.
In accordance with the new features, RadPad unveiled a redesigned site and logo.
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