Brazilian property portal Brazilian Homes last week joined U.S. giant Zillow in introducing rentals to its site.
“As a result of the growing Brazilian tourism market, we decided to start offering rental properties as part of our Brazilian property portfolio,” senior partner Alexander Wasastjerna said in a press release. “We have many clients who have purchased properties in Brazilian hotspots through our company, and we want to help our clients generate healthy rental returns for their property investment in Brazil.”
Brazilian Homes says the rentals are fully booked through March. “Over 90 percent of our bookings are coming from Brazilian tourists from the bigger cities further south in Brazil, and the rest is from foreign tourists who prefer to rent an apartment rather than booking into a hotel,” Wasastjerna said.
In announcing its move into rentals, Zillow quoted a recent survey by Harris Interactive that found 25 percent of people who plan to move in the next three years say they will search for both homes for rent and homes for sale.
"In today's volatile housing market, many would-be sellers are opting to rent for a few years and ride out the market, while many home shoppers are just trying to decide whether to buy or rent," Zillow c.o.o. Spencer Rascoff said in a press release.
In fact, both Zillow and Brazilian are entering a crowded and competitive market, with a wide variety of sites carving out different niches, including vacation home giant HomeAway.
Zillow is offering a tool that allows consumers to compare properties based on a projected mortgage payment with available properties for rent..
Perhaps coincidentally, Zillow ran a blog item a few days after the rental announcement answering a question sure to be on the top of the mind of many of its new customers: “What is the best way to check the background of someone who wants to rent my home?”
