Trulia Launches Rentals- What Does This Mean for the Industry

By
Real Estate Services with 210 Consulting~ Social Media Advisors

I was really excited this morning to see the big news from Trulia.  In case you missed it, let me give you the highlights.  Today Trulia announced the launch of their Homes For Rent Page.  This opens up an entire new avenue to both buyers and those in the real estate industry.  Landlords, property managers, real estate agents & brokers can all list their homes for rent on Trulia. Millions of homes for rent will be added making it the largest website for consumers for find homes for rent in their area. 

Why is this a big deal? According to the press release that Trulia released stated the following:

  • 30% of consumers consider renting and buying at the same time and need more tools to help make better decisions (Internal Trulia Data)
  • Home ownership levels are now back at the same level as 2000 and hit the peak in 2005
  • Shift in consumer behavior – Hitwise data: Sum of the market share of ’sale’ terms declined slightly from 2.74 percent to 2.53 percent, while the sum of the market share of ‘for rent’ terms increased 46 percent, from 1.96 percent to 2.86 percent.
  • One year ago only 3 rental sites were in the Top 20 for the real estate category and now there are 7 rental sites in the Top 20 according to Hitwise
  • 60% of adults strongly/somewhat agree that renting currently makes better financial sense at this point in their life according to recent survey from Trulia/Harris Interactive

So what are some of the features? 

Rent vs. Buy Calculator- This is a great thing that allows consumers to decide whether buying or renting is going to be a better financial decision at this time in their life.   A consumer can simply input a purchase price, down payment, monthly rent, and a time frame.  They will get instantly a quick summary of what it would cost to purchase a home versus renting during that same time period.  Here is what the results look like:

Rent Vs. Buy

Local Ratings & Information- Renters can also get local information on all types of things from cleanliness, safety, weather, & much more through an integration with Yelp & greatschools.net.  This way when a consumer is thinking of renting a home, they can make better informed decisions on the area.

Advanced Searching- This is something that is really cool to me.  It allows someone looking for a home for rent to search by keywords for a specific type of property.  So if you are looking for a waterfront penthouse, you can do so.  Not only can you search these homes while on the web, but you can also search homes for rent through Trulia's mobile website. 

Rental Alerts- Many times consumers fall in love with a particular area or community that they would love to rent a home in.  Trulia no offers the ability for a consumer to set up alerts to know when a new property comes available for rent instantly to their email. 

I think this is some really great news for consumers who want to know whether or not renting or buying is better in these economical times.  For those in the real estate industry, this is also a huge thing that allows you to publicize your rentals on one of the worlds largest real estate websites for FREE!

So make sure to go over to Trulia and check out their new For Rent Section.  Down at the bottom of Trulia's Announcement, "Trulia Launches Rentals" from this morning is the information on how to submit your rental listings.

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Re-Bloggged 4 times:

Re-Blogged By Re-Blogged At
  1. Donald Bradbury 04/07/2010 11:40 AM
  2. Wallace S. Gibson, CPM 04/07/2010 12:18 PM
  3. Harry F. D'Elia 04/08/2010 02:10 PM
  4. Frances Flynn Thorsen 04/08/2010 03:55 PM
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Topic:
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Tags:
trulia rentals
homes for rent

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Rainer
127,314
Dan Quinn
Dan Quinn
Prudential PenFed Realty

No surprise to me that rentals are up.  With all the short sales and foreclosures that have occurred, these former homeowners are now looking to rent.

April 09, 2010 08:58 AM
Ambassador
294,813
Ray Saenz
Homes for Sale in Aurora, Colorado - Aurora, CO
United Property Brokers, Inc

Jeremy,
It means for the industry that it's another website competition for Zillow and also means that more people who can not a home will search on zillow and trulia of course I'm a little bit sarcastic but that's what will happen :)  great blog !

 

April 12, 2010 11:38 PM
Rainmaker
669,031
Steve and Jan Bachman
Realtors - Northern Virginia
RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax

Ditto Missy Caulk,

we spend so much time saying "no that Realtor.com listing went under contract weeks ago. Please use our website which does not send you sold, or under contract properties" Current data is king...if it ain't available no more get it off!!!!

April 13, 2010 10:52 AM
Rainmaker
791,800
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

Can't find a reason to care about rentals??

April 14, 2010 08:47 AM
Ambassador
496,379
Mirela Monte
Myrtle Beach Real Estat
Buyers' Choice Realty

Jeremy:  Thank you for posting this!

Now featured on the Optimist Group.

April 18, 2010 04:05 PM
Anonymous
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Jeremy Blanton

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