Today’s housing market is changing at a rapid pace. Rental prices go up or down month to month, and managers and owners need to keep up with the latest trends to succeed in the competitive market. With the new funding, PriceLabs seeks to help owners collect data to better assess their properties.
On Thursday, the Chicago-based company announced it had secured a $30 million investment from Summit Partners, a Boston-based global alternative investment firm.
Used by more than 150,000 real estate listings in over 100 countries, PriceLabs’ platform provides data that can be helpful when pricing rental properties of all sizes, including single-family homes and vacation rentals. It uses AI to analyze historical pricing data in a hyper-local setting and is able to assess and adjust rental prices on demand.
PriceLab’s dynamic pricing platform also has several integrations with other rental platforms such as Airbnb and Vrbo that will automatically update rental prices when connected to PriceLab’s platform.
“Our product democratizes powerful tools that historically were only available to large hospitality companies,” Sana Hassan, co-founder of PriceLabs, said in a statement. “From an individual host renting their apartment seasonally in Paris to a vacation rental manager of several thousand units in Florida, we have built a solution that is easy to use, affordable and integrates perfectly with the software they have already adopted.”
Securing the $30 million investment follows a successful year for PriceLabs in which the company tripled.