It’s an idea bound to raise a few eyebrows in Vancouver’s already sizzling rental market: an app that allows renters to bid on a potential suite.
But ‘Biddwell‘ CEO Jordan Lewis says his app won’t drive up prices because renters don’t see each others bids.
“We don’t actually pit tenants against one another, that’s the whole point of sealed offers. Essentially we allow them to communicate what price they’re willing to pay, and submit their resume as form of application, and that gets looked at along with price, and then the owner can make an educated decision, because a bad tenant is expensive and owners know that.”
Lewis says some landlords would be willing to take a lower bid if they like the look of a tenant.
He adds bid battles are already happening.
“This has been happening for years. You know, it’s just starting to get into the media now because it’s a hot topic. What we want to do is really standardize things, and make it easy for tenants when searching and acquiring rental accommodations.”
No law forbids landlords from auctioning a suite, but the practice has come under fire with desperate renters squeezed by Vancouver’s razor-thin vacancy rate.
You can listen to the entire interview with Jordan Lewis on the Simi Sara show below.