Today’s housing market moves at a rapid pace. Rental prices rise or drop from one month to another, and managers and owners need to be in sync with the latest trends to succeed in the competitive market. With the new funding, PriceLabs is seeking to help property owners gather data to better price their properties.
On Thursday, the Chicago-based company announced that it secured a $30 million investment from Summit Partners, a global alternative investment firm based in Boston.
Used by over 150,000 property listings in more than 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 to other rental platforms such as Airbnb and Vrbo that will auto-update rental prices when connected to PriceLab’s platform.
“Our product democratizes powerful tools that, historically, have only been available to large hospitality businesses,” Sana Hassan, co-founder of PriceLabs, said in a statement. “From an individual host seasonally renting their apartment in Paris to a multi-thousand unit vacation rental manager in Florida, we’ve built a solution that is easy to use, affordable and integrates seamlessly with the software they’ve already adopted.”
The securement of the $30 million investment follows a successful year for PriceLabs in which the company grew threefold.