New Albany, OH
With over 40 million rental units available in America today, a new housing crisis is taking root in the form of fewer vacancies, soaring rent prices, and fast-moving tenants who want leasing decisions made on-the-spot. According to recent studies, home prices have dropped 34% since July 2006 and more than $16 trillion in household networth has vaporized. The net result is that Americans have wised up and more than half are deciding that it makes more sense to rent.
The trend has created the tightest rental market in over 10 years and tenants demanded a solution to help them quickly and effectively apply for multiple rental properties at one time, with one intelligent solution they can carry with them over a lifetime. AppSingular has fulfilled this market need for tenants, while VerticalRent (a product of VerticalCloud) promises a few advantages for landlords and property managers.
Filling out paper-based rental and credit applications is time-consuming and expensive. With rent prices soaring and fewer apartments available, AppSingular provides tenants with more control over the entire rental application process. Using AppSingular is simple:
- A renter signs-up at https://www.appsingular.com and purchases their credit report for $20. Provided by Experian, AppSingular returns a complete credit report with Experian's VantageScore.
- AppSingular intelligently creates the renters application on-the-fly from the credit report data returned from Experian. The renter can make a few additional updates to transform the application into a comprehensive e-application available to share (for free) with one or many property managers and landlords.
- Renters can choose to share their one application securely by e-mail or through a unique code. Landlords, property management agencies, or realtors are able to review the application securely and make on-the-spot leasing decisions.
Most landlords require prospective tenants to fill out a lengthy rental application, which often includes a hefty processing fee. The landlord uses this information to run a credit, criminal, and eviction history check on the prospective tenant. The renter's credit profile is dinged and there is no guarantee that the landlord will give up the keys to the apartment.
AppSingular changes everything. Renters can now obtain their Experian-generated credit profile from AppSingular at a low cost of $20 with no impact to their credit score. Their VantageScore appears on their application along with their ranking relative to the American population. Twenty percent of their rental application is pre-populated with data retrieved from their credit profile. In a few more steps, the renter is able to touch up their rental application and share it with one or many landlords. In seconds, the renter is able to connect with a landlord and share their one application.
The value proposition for the modern-day renter is that they can use AppSingular over the course of time, from one apartment to the next. After a year or two in one apartment, they simply make their way back to AppSingular and purchase another "fresh" credit report that updates their application. They make a few updates to the rental application portion (e.g., work history, landlord references) and they are ready to start applying to other apartments again.
Landlords and Property Managers are offered a no-cost tenant screening platform by signing up for VerticalRent, a full featured property management system that integrates closely with AppSingular. Even more is that landlords can enjoy other powerful features of VerticalRent like an income & expense ledger and sample real estate forms. "Our product roadmap for VerticalRent also includes advanced portfolio management features that allow tenants to pay rent online [via AppSingular], submit maintenance requests, and also allows for landlords to advertise their vacancies at no-cost. Our goal is to provide the platform that facilitates a positive experience between the landlord and tenant. I think we're off to a good start, but have many features in the pipeline that will be released in the coming weeks," adds Matt Angerer, CEO and Co-Founder of VerticalCloud.
At VerticalCloud, we provide a state-of-the-art cloud-based platform for a variety of vertical markets. AppSingular is a niche product created for renters seeking a simple yet powerful solution to ease the administrative burden of submitting rental applications for renters and streamlining the move-in process for landlords. For more information, visit https://www.appsingular.com (for tenants) or https://www.verticalrent.com (for landlords).