Renting an apartment in large cities such as New York City can be one of the most stressful problems for a university student, adding an additional burden on top of their studies. This is especially true for international students, who face a language and cultural barrier. Many students have had negative experiences with apartment rentals, and they eventually overspend and become distracted from the original purpose of their stay, which is to study.
HousingPanda, a New York-based real estate startup, has introduced an innovative model that simplifies the apartment rental process for students, particularly international students who plan on staying just for the school year and interns who will be working in the area for the summer. This is where the company differentiates from competitors, offering a three-month stay for summer internships and a nine-month stay for students. Unlike some alternatives, HousingPanda provides real, fully-furnished apartments, not dormitory-style accommodation.
HousingPanda has created a straightforward process, both for hosts listing their properties and renters, facilitated by its new app that has various functionalities. Hosts can create listings with high-quality photos of their properties for free on HousingPanda’s platform, which instead charges a flat service fee that will be paid by the renter.
Prospective renters can then browse the platform for apartments in the location they desire, indicate the dates they will stay, and negotiate the price and payment dates with the hosts. Once an agreement has been reached, the host will confirm with their building management to add the renter to the registry, and the renter can move in when they desire. Licensed real estate professionals on HousingPanda’s team guide either party and make the process as smooth as possible. This includes instructions on how to be a good host and a good tenant, to minimize conflict.
HousingPanda’s app contains a detailed contract that all parties can view, as well as an established procedure of what legal actions should be taken in case one party does not uphold their side of the agreement. Because HousingPanda is targeted at students and interns, it validates the renter’s enrollment status with their school, as well as having their parents co-sign their rental contract to provide additional security. This allows HousingPanda to take on more of the risk, giving hosts and renters peace of mind.
According to HousingPanda Founder Tom DeRose, the idea behind the company came from a negative experience he had with a landlord when he was a university student. DeRose says he was misled by the landlord and the terms of the agreement were changed after he had signed.
As a young university student in his first year in New York City, he did not know what his legal rights were, and he had to pay out of pocket just to be able to move out. This inspired him to create a solution that would spare future students from an incredibly stressful experience and allow them to focus on their studies, which is why HousingPanda was established. He highlights how it can greatly help international students, who are unfamiliar with the system in the US and are vulnerable to exploitation. HousingPanda’s app contains an automatic translation system for most major languages, allowing international students to navigate and converse in a language they fully understand.
DeRose adds that, since HousingPanda caters to a wider market of students and interns, it will be easier for international students to find a suitable listing. This is in contrast to other platforms catering solely to international students, which often have too many renters but not enough listings.
Moving forward, HousingPanda aims to expand beyond NYC, to other major cities with high student populations in North America, such as Chicago, Toronto, and San Francisco. The company will grow its teams in those locations by hiring licensed real estate professionals who know the local landscape and regulations, so they can provide accurate advice to hosts and renters. It will also add more features to its app that improve quality of life, enabling a more seamless transaction process.
“From my experience as a student, renting an apartment can cause an incredible amount of stress, and the last thing you need as a student is more stress,” DeRose says. “Our goal is a comfortable and flexible living experience for our clients, and we achieve that by eliminating stress and making the process as straightforward as possible. We designed our process around the unique needs of students and interns who benefit from shorter-term leases as opposed to traditional, year-long stays.”
Media contact:
Name: Thomas DeRose
Email: [email protected]
