Bedly Attracts Young Urban Renters

The startup online and mobile platform has raised $2.7 million in venture capital since its early launch in mid-2016.

Bedly's online interface (PRNewsfoto/Bedly)
Bedly’s online interface

The housing markets in Boston and New York have become densely saturated with both high-end multifamily communities and students and young professionals who can’t afford them. While mid-range and low-income properties are available, many young people with uncertain plans don’t know where to live after graduation, or upon taking a job offer, and can’t commit to a 12-month lease.

Bedly is an online and mobile service that aims to connect young urban dwellers with apartment owners looking to fill a vacancy short-term with verified renters. The platform, which has railed $2.7 million in venture capital since its early release in mid-2016, is operational in Boston and New York for now, but aims to use its funding to increase members and housing inventory. Since the early release, Bedly has provided more than 1,000 members with housing.

Bedly co-founders Ben Chester (L) and Martin Greenberg (R) (PRNewsfoto/Bedly)
Bedly co-founders Ben Chester (L) and Martin Greenberg (R) (PRNewsfoto/Bedly)

“Why are we still renting the same way we have for the past 100 years? The old way is antiquated and makes no sense for the new generation of renters. Bedly has killed the 12-month lease, freed you from nonsense like seeing the apartment in person, hooking up utilities and buying/moving furniture. Want to live in a different neighborhood? Cool, pack your clothes and move in tomorrow. Leave the nonsense to us,” said Martin Greenberg, co-founder and CEO of Bedly.

Prospective renters, through Bedly, browse through its network of apartments, shared housing and possible roommates. They can search a selection of units by price and neighborhood, and the company’s “concierge service” can find someone to live with. With agreements with building and condo owners, the company handles furnishing, maintenance, utilities and WiFi, as well as all day-to-day administrative, resident communications and property management work. For owners, Bedly can provide a convenient way to fill an unexpected vacancy, or even just attract younger renters without straining property management resources. Rental terms and agreements are handled through the platform and Bedly conducts thorough background checks to verify renters before they move in.

“The housing rental market has fallen out of touch with the increasingly mobile/on-demand society that wants simplicity. Bedly fixes that and delights both renters and landlords in the process,” said TJ Mahony, venture partner at technology-focused venture capital firm Accomplice, one of Bedly’s investors. “Bedly has the potential to be the world’s largest landlord that doesn’t own any buildings.”

Jay Bisognano, a landlord at the Boston-based Torrington Properties, endorses the company wholeheartedly, saying, “Bedly is an innovative player in the space and has been an excellent partner. They’re completely trustworthy, dependable and professional. We’ll work with them whenever we can.”

Images courtesy of Bedly.