CHICAGO, May 6, 2014 /PRNewswire/ -- Apartment community owners and property managers in Washington, DC will be the first to benefit from CoStar Group, Inc.'s (NASDAQ: CSGP) recent acquisition of Apartments.com. Washington, DC-based CoStar is welcoming Apartments.com customers with a field research blitz aimed at producing high quality walk-through videos of over 500 apartment communities in its home market over the next two weeks.
Apartments.com is the premier online apartment resource for renters, property managers and owners. Each month, Apartments.com assists millions of people with finding a place to call home. The website features nearly 20,000 rental properties—representing millions of apartments—across the United States, showcasing these listings with photos, walk-through videos and floor plans to help potential renters find their perfect fit.
CoStar Group is commercial real estate's leading provider of information, analytics and online marketplaces. CoStar maintains the industry's largest professional research organization with over 1,100 researchers and over 100 field research vehicles. CoStar is bringing 70 teams of field research videographers, photographers and editors to Washington, DC, May 6-16 to participate in this massive field research blitz. The teams will be visiting DC-area rental communities in specially equipped Apartments.com vehicles and coordinating with onsite property managers to produce walk-through videos and high-resolution photographs. The new video/photography packages will populate on the Apartments.com website and mobile apps, enabling potential renters to better evaluate apartments as they search for the apartment of their dreams.
The video/photography package, valued at more than $1,350 each, is being offered to Apartments.com customers in the DC area free of charge.
"Apartments.com customers already receive cost-effective, targeted marketing solutions that drive measurable exposure, high-quality traffic and leads to their businesses," said CoStar Group Founder & Chief Executive Officer Andrew C. Florance. "These new complimentary videos and photos will add to the richer content we're creating on Apartments.com for a better user experience. We wanted to immediately show our customers how much we appreciate their business, and give them a preview of the exciting things to come. Only CoStar could mount a research effort of this scale."
"Over our 16-year history we've developed an extensive customer base that offers apartment hunters a wide array of choices for their unique living wants and needs," said Dick Burke, President of Apartments.com. "CoStar Group has given us this opportunity to say thank you to our key market customers in a big and meaningful way. We believe that updating and increasing the number of property images and videos for an Apartments.com customer walk-through experience will be of benefit to both the apartment community and the renter."
CoStar Group acquired Apartments.com in April 2014 to complement the online marketplace it has built for commercial real estate. With the addition of Apartments.com, CoStar Group has created access to one of the largest online rental marketplaces for consumers. CoStar Group maintains the industry's largest multifamily database with over 320,000 apartment communities and 17 million units throughout the U.S.
CoStar Group and Apartments.com are considering expanding the program to other markets later this year.
About Apartments.com Apartments.com (http://www.apartments.com) is a leading national apartment Internet listing subscription service with more than 50,000 unique addresses representing millions of rental units from managed properties and for-rent-by-owner properties. By incorporating the most relevant products to reach renters including personalized searches and highly visual ads featuring live chat, real-time rent, online video walk-through demonstrations, professional photography, a responsive website and iPhone and Android apps, Apartments.com creates easy access to its listings. Providing unmatched exposure to its advertisers through an intuitive name, strategic search engine placements and innovative emerging media, Apartments.com reaches millions of renters nationwide, driving both qualified traffic and highly-engaged renters to leasing offices nationwide. Apartments.com is a subsidiary of CoStar Group, Inc. (http://www.costar.com), the commercial real estate industry's leading provider of information, analytics and online marketplaces. CoStar maintains the largest database of commercial properties in North America and the U.K., including over 320,000 U.S. apartment communities and 17 million units. The Apartments.com network of apartment rental websites includes Apartment Home Living (http://www.apartmenthomeliving.com), a leading social media apartment website distinguished by a "live for fun" community experience, proprietary lifestyle matching and local living guides to help renters find their perfect place to live and Rental Homes Plus (http://www.rentalhomesplus.com), an online destination where house hunters who prefer to rent can choose from a robust inventory of houses, condos, town houses, duplexes and apartments from around the country.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's and/or Apartments.com's plans, objectives, expectations, beliefs, intentions or strategies regarding the future. These statements are based upon the current beliefs and expectations of management of CoStar and Apartments.com and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that CoStar and Apartments.com do not further expand the geographic scope of the new field research efforts and graphics packages, and the risk that the new content does not produce the expected benefits. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2013, and CoStar's Form 10-Q for the quarter ended March 31, 2014, in each case under the heading "Risk Factors." All forward-looking statements are based on information available to CoStar and Apartments.com on the date hereof, and neither CoStar nor Apartments.com undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.