mynewplace
Rent an apartment, find your home.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
| investor investor | €0.0 | round | |
| investor investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
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MyNewPlace operated as an online platform in the United States rental housing market, connecting property managers with prospective tenants. The company was founded in 2005 by John Helm, who had previous experience in the online rental space, having founded AllApartments/SpringStreet which was sold to Homestore/Move.com in 1999. Helm launched MyNewPlace in May 2006, reportedly with six million apartment listings. His experience in the sector informed the company's strategy and product development.
The platform served apartment seekers across the U.S. and provided property managers with marketing tools to list their rental properties. MyNewPlace's business model was based on a Pay-per-Qualified-Lead system, where apartment managers paid a fee when a renter initiated contact through the website. This performance-based model was a key aspect of its offering. The company's main product was its listing service, which featured property information, photos, and mapping tools. It also developed a suite of tools under the brand Rent Engine to help property managers create and oversee advertising campaigns for online classified directories. The platform was among the first in its category to integrate social networking features like Facebook Connect.
MyNewPlace secured initial backing from venture capital firms such as SplitRock Partners, Sutter Hill Ventures, and Trinity Ventures, as well as several real estate investment trusts. The company's growth and market position led to its acquisition by RealPage, Inc. in August 2011 for approximately $74.4 million. The acquisition was part of RealPage's strategy to expand its lead generation and syndication capabilities within the rental housing industry. At the time of the acquisition, MyNewPlace was one of the higher-traffic apartment rental internet listing services in the country.
Keywords: apartment rentals, home rentals, property listings, real estate technology, online rental marketplace, John Helm, RealPage, apartment search, rental housing market, property management marketing, Pay-per-Qualified-Lead, Rent Engine, AllApartments/SpringStreet, rental lead generation, online leasing, multifamily housing, real estate investment trusts, venture capital, property technology, tenant screening