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Realtor.com has selected Rental Beast to power an online rental application, lease processing and applicant experience initiative, making a strong statement about the impact of renters on the current market, Inman has learned.

A Nov. 14 press release stated that the two entities will co-market the relationship in an effort to make it easier for agents, property managers and landlords to attract and approve those who still are unable to crack homeownership, or choose not to.

“In today’s competitive rental market, securing a rental property can be a daunting task. The collaboration between Rental Beast and Realtor.com aims to alleviate this challenge by leveraging Rental Beast’s robust application platform to streamline the process, reduce approval times, and enhance the overall user experience,” the release stated.

Rental Beast is a comprehensive rental property solution, helping anyone involved with leasing residential space with an efficient, modern system for working with consumers. It handles tenant screening, operations streamlining, apartment search and matching, unit marketing, agent training and a multitude of other critical work needs.

The company also has an MLS-specific iteration of its software which is what likely led to Realtor.com’s decision to work with them. In a 2023 report Rental Beast created to study the state of how MLSs approached rentals, 61 percent of agents surveyed said that “they don’t believe their MLS is sufficiently focused on rentals.”

This is an issue a competitor of Rental Beast has been pushing for a number of years as well. RentSpree has been forging relationships with MLSs nationwide to encourage agents to consider renters as future buyers and to market itself to its core audience of property managers.

As the housing market continues to lag for a third year under low inventory and uncertain rates, more renters are embracing the idea of leases being more flexible than mortgages. Still, typical market dynamics still drive the decision to rent, according to a recent Realtor.com study.

The report found that 82 percent of renters said the economy has impacted their housing plans, with a whopping 71 percent of renters saying they won’t purchase a home over the next 12 months due to low down payment savings (61 percent) and high interest rates (42 percent).

In summary, Realtor.com’s decision to move forward with a formal online leasing solution should pay off for all stakeholders, especially renters.

“We are excited to join forces with Realtor.com to bring a new level of efficiency and transparency to the rental application process,” said Ishay Grinberg, founder and CEO of Rental Beast, in the press release. “This partnership aligns with our mission to simplify the rental experience, helping renters find their ideal homes faster and enabling agents to deliver even more value to their customers.”

Realtor.com said much the same about its new software purchase. Cliff Johnson, vice president of rentals at the search portal, believes the partnership will add efficiencies and exposure.

“Our relationship with Rental Beast enhances our commitment to providing the best tools and resources for renters. By streamlining the application process, we aim to remove barriers and make the rental journey as smooth as possible for our users,” Johnson said.

Email Craig Rowe