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WANT THAT APARTMENT? YOU MAY HAVE TO BID FOR IT
RENTAL-PROPERTY AUCTION SITES LIKE RENTBERRY WANT TO PROFIT WHEN TENANTS OFFER
MORE THAN THE POSTED RENT OR WHEN LANDLORDS DISCOUNT
100 BARCLAY, A BUILDING IN LOWER MANHATTAN WHERE RENTBERRY HAS HAD A LISTING;
THE BUILDING IS SHOWN IN AUGUST 2015.
Photo: John Taggart for The Wall Street Journal
By
Christopher Mims
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CHRISTOPHER MIMS
* Biography
* @mims
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* christopher.mims@wsj.com
April 2, 2017 8:00 am ET
Print
Text
22
If you think the rent is too damn high, there are a couple of startups that want
you to prove it, by forcing you to bid for a place to live. You may find out
you’re right. Or you may discover you aren’t offering enough.
San Francisco-based Rentberry allows tenants to bid, eBay -style, on the rent,
security deposit and other negotiables of any rental property. Vancouver-based
Biddwell allows tenants to negotiate, through multiple rounds of offers, similar
terms. For both sites, these auctions represent a way to profit from tenants
offering more than the posted rent in hot markets and landlords trying to fill
vacancies in cooler ones.
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