CoStar Group Buys Cozy Services For $68M
CoStar plans to integrate Cozy’s online rental platform into its Apartments.com offering.
WASHINGTON, DC–CoStar Group has acquired online rental solutions provider Cozy Services for $68 million. The company plans to integrate Cozy’s Services into its Apartments.com platform.
“We believe that if we continue to focus on delivering a fantastic renter experience on Apartments.com, we will continue to be the most heavily trafficked website offering the most valued advertising solutions,” says Andrew C. Florance, CoStar Group Founder and CEO.
More than 50,000 landlords use the Cozy platform, which offers such tenant and landlord services as property listings, rent estimates, rental applications, tenant screening, online rent payments, and expense tracking. More than 120,000 tenants are using the platform to make online payments.
An $8 Billion Market
CoStar expects to have integrated the Cozy technology into the Apartments.com platform in the first half of 2019.
In particular it is targeting independent rental owners–a group that operates over 22 million rental units in properties that contain five units or less. 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 $8 billion.