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Apartments.com, a CoStar Group company, has officially expanded into Canada, providing Canadian consumers with access to a comprehensive rental property listing service. This move addresses significant rental demand driven by rising populations and high mortgage rates, coupled with over 42,000 new rental units currently under construction in Canada. The upgraded platform will enhance the renter experience with tools like 3D property tours and neighborhood profiles. This expansion is expected to increase the number of property listings significantly, aided by ongoing marketing efforts.
Positive
Official expansion into Canada enhances market presence.
Offers advanced tools like 3D tours and neighborhood profiles.
Addresses rising rental demand in a competitive market.
Potential for significant increase in property listings.
Negative
Risks include the potential inability to attract property managers.
Concerns over fluctuating rental demand and construction rates.
Launch brings Canadian consumers access to a nationwide, in-depth listing service for rental properties, and provides property managers with new advertising solutions
WASHINGTON--(BUSINESS WIRE)--
Apartments.com – a CoStar Group company – today launched its official expansion into the Canadian market. The move marks a significant milestone for apartment searchers in Canada, providing them with a vast array of in-depth listings of rental properties across the country.
This expansion of Apartments.com, the number one rental search platform in the United States, comes at a pivotal point in Canada’s multifamily property market. As the population continues to expand and tight market conditions drive rental increases, Apartments.com provides prospective tenants with the fastest way to research and contact properties. The upgraded renter experience will also help to support property management companies, as renters are given powerful new tools to make informed decisions on which property best meets their specific needs. This means leasing agents don’t waste time chasing poor quality leads or providing important information that could have been obtained much earlier in the search.
Apartments.com provides a new toolset to the Canadian real estate market, including immersive 3D tours of properties and units, comprehensive neighborhood profiles, building ratings and property reviews and architectural photography. Through this toolset, prospective renters can assess the walkability of neighborhoods, search nearby transit information, view listings in both French and English, and search neighboring restaurants, schools, and parks.
Apartments.com already features a large inventory of Canadian properties, and listings are expected to increase dramatically as more property managers are added to the platform. This listing inventory and the data associated with these properties is helping Apartments.com climb to the top of search engine results in key markets, supported by a strong paid search campaign that will also drive prospective renters to the site.
Apartments.com’s deep understanding of the market and in-depth analytics is backed by the industry’s largest professional research team, who shared top-line data about the Canadian market to best illustrate the current market conditions and why the Apartments.com expansion is needed:
Rental demand has increased forcefully due to surging population growth as the country re-opens its borders from the pandemic, but also rising mortgage rates that are making a new home purchase less appealing and financially viable.
New rental apartment construction is running at a historical high in Canada, with data showing more than 42,000 units under construction; In fact, Canada is building many more multifamily rentals than the US on a per capita basis.
A significant number of Canadians are looking for new alluring properties with the annual national rental growth reaching 8.3% in Q4 2022, especially in markets like Toronto and Vancouver.
“Since 2014, Apartments.com has been a trusted, easy-to-use platform for in-depth information about rental properties and we’re excited to debut this digital platform in Canada,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “Canada is an important market and we’re excited at the prospect of providing millions of people with better listings, clear search results and a wealth of information to ensure a high-quality experience for all users.”
The launch is made possible through client partnerships with all the leading managers and owners in Canada. Apartments.com is committed to creating a completely national marketplace for renters in Canada and will continue making major marketing and technology investments throughout 2023, providing the most complete picture of available inventory across all types of properties, including multifamily and single-family homes, townhomes, and condos.
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information.
Apartments.com is supported by the industry's largest professional research team, which has visited and photographed over 500,000 properties nationwide. The team makes over one million calls each month to apartment owners and property managers, collecting and verifying current availabilities, rental rates, pet policies, fees, leasing incentives, concessions, and more. Apartments.com offers more rental listings than any other apartments website, and innovative features including a drawing tool that allows users to define their own search areas on a map, and a "Travel Time" feature that lets users search for rentals in proximity to a specific address. Apartments.com creates easy access to its listings through a responsive website and iOS and Android apps and provides unmatched exposure for its advertisers through an intuitive name, strategic search engine placements and innovative emerging media.
The Apartments.com network reaches millions of renters nationwide, driving both qualified traffic and highly engaged renters to leasing offices.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar Group's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements, including the risk that Apartments.com is unable to attract as many additional property managers and listings in Canada to the platform as expected; and the risk that new rental construction, rental demand, or demand for the platform in Canada are not as expected. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar Group's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2021, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements, whether as a result of new information, future events or otherwise.
