CoStar Group announced its acquisition of Cozy Services, Ltd., a leading provider of online rental solutions, for $68M. Cozy is considered an industry leader in the online rental property market, with more than 50,000 landlords using the Cozy platform. Extending this capability to multifamily properties, CoStar expects to fully integrate the Cozy technology into the Apartments.com platform in the first half of 2019. This integrated online rental solution is expected to create significant value and efficiency in the rental process for independent rental owners. These owners operate over 22M rental units in properties that contain five units or less – representing a significant “long tail” opportunity for CoStar. Based on what property owners are currently willing to pay to fill their properties with a qualified renter, CoStar believes the total addressable market is well over $8B. In addition, once integrated with Apartments.com, renters will be able to use the platform to save time and money by leveraging a single rental application and credit check across multiple properties. This, in turn, creates a large population of quality renters for landlords to access for future vacancies.
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