One Line Pitch: An innovative data tool that aggregates data and allows users to generate a relevant list of properties to see average rental rates of comparable properties, calculate potential investment returns, and compare/contrast by neighbourhoods, cities and other key demographic and geographic data.
Business Summary: Both renters and rental property investors have few tools with which to analyze rental rates and the potential returns of real estate investments. Both groups are required to look through various sites and sources to pull relevant data on rental rates, amenities, square footage price, and borrowing cost (in the case of investors) that are all critical inputs to making a good renting/investing decision. These users need accurate, real-time data that they can trust, but there is no simple, user-friendly way to collect or analyze it. Compounding this need, no platforms exist that are built specifically for the Canadian market.
Property Comps is a simple web-based application that scrapes data from a variety of publicly available rental listing sites, banks/mortgage providers, and vacation rental platforms, analyzes and presents the data to both renters and investors in a way that allows easy comparison and decision making. This data will provide renting and investment guidance about whether or not a given property is priced low, accurately, or high, with supplemental indicators such as price/SF for a given street, community, postal code, etc.