InsideDigs showcases off-market rentals. Much like a pocket listings site for residential listings prior to being publicly listed through the MLS, InsideDigs is a free peer to peer community for apartment hunters that are looking for information on rental listings prior to their hitting the market.
The New York City based startup was launched by renters “who were tired of expensive broker fees, too-good-to-be-true photos, and bait-and-switch listings.” Unlike many other cities, these problems are reportedly common in the relatively unregulated Wild West that is known as the NYC market.
InsideDigs’ founder Sharif Fakhr told AGBeat, “Currently InsideDigs is based in New York City and has been broadening to other major cities including Boston, Philadelphia and Washington DC, San Fran, LA, Chicago and Atlanta.”
Site registration is free for those willing to share information about their “current digs” or willing to refer five friends to the site, or $19.95 per year for people simply looking for insider access. The idea is that renters will share honest information about their apartments before they hit the market and in an interesting twist, brokers are not allowed to list any properties unless it is their own personal property.
Users can connect with each other privately and anonymously through the site’s messaging system, particularly if they seek to learn more about how to leas, swap or sublet an apartment which aims to do away with fake listings and Craigslist scams rampant in the city. The company’s mantra is “No Fees. No Brokers. No Hassles.” which is highly indicative of consumer sentiment in the city, given the rise of rental sites across the metro.Read More
Yes, absolutely, if you sell a product or service that isn’t exclusively sold to home owners…renters make great customers! I know this personally as I am a renter and always have been. Whether people rent for lifestyle choices like me, or they rent because of circumstance, renters are income earning consumers who have needs and wants and spend money. In some metro markets like New York City, Boston, San Francisco, Dallas and Austin, TX, renters make up more than 50% of all households. In most markets, thousands of apartment units are within a couple miles of your business’s front door…why wouldn’t you want them as customers?
First, we should dispel any myth about renters not having disposable income. Having been a renter my entire adult life and never having to buy a new washer/dryer or a new roof or pay to have a dead tree removed from my yard has left me with income available to spend on more important things like eating out, taking vacations and nice shoes! Of course, renters, like home owners come in all shapes and sizes, so let’s look at some statistics. According to DMDatabase.com, 40% of all renters have incomes over $40,000 per year, and 15% are over $75,000 per year, and these numbers are rising due to the movement of owners to renters due to the financial and housing crisis.
Renters also represent a broad demographic spectrum. According DMDatabase.com, 50% of renters are single men and women, and 8% are married no kids, 9% are married with kids and 13% are single parents. All ages are represented as well, with 52% of all renters between the ages of 35-65, 35.7% under 35 and 12.3% over 65. Over 50% or all renters are renters for more than 3 years, and 18% more than 10 years.
Renters represent a large portion of the new movers which are so coveted by marketers because they spend money and are available to change loyalties. New movers, according to Premove.com, spend $10-12,000 within 6 months of relocating and spent over $150 billion in 2009. New movers will eat out 1-4 times per week as they learn an area. They will typically need to find a new grocery store, medical care facilities; personal services like dry cleaning and hair cutting and will need to purchase additional items for their new home.
So what does all this mean? In some markets, renters represent a majority of households. Renters earn income and represent a great cross section of buying demographics. And most importantly, renters spend money. It is absolutely important that if you own a business that has products and services that a renter might need or want, that you focus some of your marketing dollars on programs that target renters in your area. Especially programs that get your product or service in front of the new movers first…to capture that new brand loyalty opportunity.
About Resident Places
Resident Places is a zero cost amenity to residential and mixed use properties where residents receive valuable money saving offers from local businesses through a co-branded coupon portal. These neighborhood deals are made available without any sales activity by leasing staffs or IT teams. Every deal printed through the co-branded portal will include the name of the property and is shareable via social media networks like Facebook and Twitter, which expands the reach and audience of the community’s brand to their residents, prospects and area businesses. For business owners, our unique offering gives access into a typically difficult advertising market – multifamily communities, with a low cost, high tech solution.