REZI, which provides rental and marketing services to apartment owners in a model it has dubbed occupancy-as-a-service, has expanded to the Washington, D.C. area and plans to tackle next in the Texas market.
He helps manage the rental process for North Hills Apartments, which is a partnership between Dantes Community Partners and Jonathan Rose Companies. It operates 73 units in the 26-building garden-style community, located in District Heights, MD.
The agreement outsources the apartments directly to REZI to manage all sales, marketing and rental activities.
REZI guarantees occupancy on a multi-year basis through its technology platform, says CRO Tom Smith. The platform allows potential tenants to visit, apply and sign leases, cutting the time a new developer expects to rent a building in half, he told GlobeSt.com. The landlord can pass on these savings, namely fees and agents, to the tenants.
REZI has also expanded to New York, Los Angeles, Miami, San Francisco and Chicago.
The company chose to make the Washington, D.C. metro area its next stop because of its high employment rate and lack of awareness of housing opportunities for the workforce, Smith says. “Especially with the focus on the luxury side of the market, the ability to use technology to expose the labor-intensive price segment” will be valued in the market, he says. “This segment is really an underserved side of the market.” For example, with North Hills, renters can get a three-bedroom apartment for less than $2,000 in a newly remodeled unit, he explains.