ApartmentLove Signs Listing Agreement with Rhenti and Strengthens Hold on the Coveted Toronto Rental
TORONTO, Feb. 14, 2023 (GLOBE NEWSWIRE) -- ApartmentLove Inc. (CSE: APLV) (OTCQB: APMLF) (“ApartmentLove” or the “Company”), a leading provider of online home, apartment, and vacation rental marketing services to property managers, owners, renters, and vacationers from around the world is pleased to announce the signing of another License Agreement (the “Agreement”) deepening the Company’s footprint across the province of Ontario and specifically in the Greater Toronto Area (“GTA”). The Agreement is with Rhenti Ltd., (“Rhenti”), a Toronto-based marketing automation and leasing transaction software company that specializes in the residential rental space. The Agreement is expected to aid property managers, private landlords, and real estate agents from across Canada to advertise their rental listings on the ApartmentLove network of home and apartment rental marketing websites.
Contract and Partner Highlights:
Rhenti has onboarded tens of thousands of rental listings across Canada into its listing feed
ApartmentLove will earn a fee for every rental listing syndicated to it via the Rhenti feed
Management estimates annualized net operating income of at least $125,000 attributable to the Agreement and partnership with Rhenti
Five-year term underscores the commitment and positive relationship between the parties
ApartmentLove to begin invoicing for advertising services rendered in March 2023 meaning initial revenues attributable to the Agreement will be reflected in the Company’s Q1/2023 results
Having established competitive positions across Canada, the United States, and elsewhere around the world, ApartmentLove, as evidenced by the signing of this Agreement, continues to perform as promised. “While a cornerstone of our growth model is our plans to acquire and consolidate the deeply fragmented internet listing industry, our ability to organically grow ApartmentLove.com and the assets we acquire such as OwnerDirect.com which we purchased in July of 2022 and GottaRent.com which we bought in December of 2022, by way of scalable and accretive partnerships such as the one signed with Rhenti underscore our commitment to drive revenues and generate even stronger returns for our growing shareholder base,” said Trevor Davidson – President & CEO of ApartmentLove. Mr. Davidson added, “Partnering with Rhenti and integrating our systems via dedicated and proven reliable data transfer feeds makes it that much easier for property managers, private landlords, and realtors in the GTA and elsewhere across the country to list their homes and apartments on our short and long-term rental marketing platforms.”
Mr. Davidson went on to explain that the Company has completed its exhaustive testing of the Rhenti data transfer feed and will move to commercialization beginning March 1, 2023. With hundreds of currently active rental listings, many of which in the GTA, already being syndicated to ApartmentLove via the Rhenti feed, Management estimates the Company will generate not less than $125,000 in annualized operating profit attributable to the Agreement at today’s initial and still growing volumes.
In its well-publicized plans to consolidate the deeply fragmented internet listing industry, ApartmentLove successfully completed two acquisitions in the second half of 2022. The first, OwnerDirect.com, was the acquisition of a short-term vacation rental platform that closed in July 2022. The second, GottaRent.com, was the acquisition of a long-term home and apartment rental marketplace which closed in December 2022. The Company is well capitalized and has raised more than $3,300,000 in a private placement convertible debenture offering led by Canaccord Genuity, the final tranche of which closed on January 31, 2023.
“ApartmentLove is a global operator and their GottaRent.com platform has an excellent reputation here in Ontario which we are thrilled to include in our carefully curated network of listing sites,” said Tomas Ronis – Founder & CEO of Rhenti. Mr. Ronis added, “Property managers who advertise rental listings via Rhenti will see their properties posted on ApartmentLove.com and GottaRent.com, garnering them more exposure and attracting more rental inquiries from action-oriented renters, seeking accommodations in all major Canadian rental markets.”
Rhenti is an industry-leading residential real estate software platform that makes the lead-to-lease process fast, easy, and transparent. With a powerful suite of marketing automation and leasing tools, Rhenti is trusted by thousands of property managers, real estate agents, and property owners across Canada who collectively manage more than 60,000 doors nationwide. Visit rhenti.com to learn more.
About ApartmentLove Inc.
ApartmentLove Inc. (CSE: APLV) (OTCQB: APMLF) is a leading provider of online home, apartment, and vacation rental marketing services to property managers, owners, renters, and vacationers in more than 30 countries around the world. Promoting more than 300,000 daily active homes, apartments, and vacation properties on its network of websites, ApartmentLove has proven its ability to scale as a fast-growing "PropTech" in today’s complex and dynamic market environments. Seeking to consolidate the deeply fragmented internet listing industry, ApartmentLove is well-capitalized and acquiring complementing businesses that have many monthly active users, a history of recurring revenues, positive cashflows, and custom technologies that both accelerate and destress the renting experience. ApartmentLove has offices in Calgary, AB, Toronto, ON, and Buffalo, NY.
For more information visit www.apartmentlove.com/investors or contact:
Trevor Davidson President & CEO ApartmentLove Inc. firstname.lastname@example.org (647) 272-9702