Apartment rental platform Zumper has released a new instant rent feature that lets apartment seekers reserve a place with the push of a button, and potentially secure a lease within 24 hours.
Shoppers can reserve properties marked with the Instarent badge, which automatically removes the listing from the market. That means the prospective renter will be first in line to lease the apartment, pending their approval and online credit check, Zumper said in a news release.
Allowing shoppers to unilaterally delist an apartment might seem like an unnecessary risk for landlords in high-demand markets, but Zumper says it has the advantage of speeding up the leasing process.
“Even in really high demand markets, the entire leasing process from marketing your listing to getting a lease signed can take a week (or more in most cases),” a spokesperson said. “Instarent allows a landlord to streamline the entire leasing process digitally with qualified tenants in 24 hours.”
Zumper has rolled out the service in New York City and Chicago, and plans to introduce it in more cities over the course of 2020.
However, Zumper claims to be the “fastest growing rental marketplace” in the country, which it attributes to its simple apartment leasing process.
Zumper has raised $143 million in funding, according to Crunchbase. In March, the company closed a $60 million Series D funding round.