Trending Multifamily News
Entrata, the multifamily industry's most comprehensive technology platform, has been named to the Forbes 2021 Cloud 100, the definitive ranking of the top 100 private cloud companies in the world, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.
“We are thrilled to be listed among some of the most elite and innovative companies in the cloud industry as we bring more attention to the incredible work being done at Entrata as it shapes the future of the property management industry,” said Adam Edmunds, CEO at Entrata. “Entrata has grown to incredible heights over the last two decades, but is just beginning to scratch the surface of what is possible. With our recent round of funding, we are doubling-down on R&D, investing heavily in personnel and talent growth and expanding our already industry leading offering.”
Entrata recently secured a $507 million round of funding, which will allow it to more than double its research and development spend in the coming years. It is a clear category leader and is the only comprehensive property management software provider with a single-login, open-access platform. Entrata currently processes more than $20 billion in rent payments annually through its platform, and serves more than 20,000 apartment communities across the United States. Additionally, it is the fastest-growing software company in real estate with over $200 million in annual recurring revenue and more than 2,100 employees, with plans to hire hundreds more in the coming months.
“The companies of the Cloud 100 list represent the best and brightest emerging companies in the cloud sector,” said Alex Konrad, senior editor at Forbes. “Every year, it gets more difficult to make this list — meaning even more elite company for those who do. Congratulations to each of the 2021 Cloud 100 honorees and to our 20 Rising Stars up-and-comers poised to join their ranks.”
For the sixth straight year, the Cloud 100 reviews submissions from hundreds of cloud startups and private companies each year. The Cloud 100 evaluation process involved ranking companies across four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%). For market leadership, the Cloud 100 enlists the help of a judging panel of 34 public cloud company CEOs who assist in evaluating and ranking their private company peers.
The Forbes 2021 Cloud 100 and 20 Rising Stars lists are published online at www.forbes.com/cloud100. Highlights of the list appear in the September 2021 issue of Forbes magazine.
For more information about Entrata and its technology, please visit www.entrata.com.
Entrata, the multifamily industry’s most comprehensive technology platform, today announced the hire of Mark Hansen as Chief Financial Officer. This follows the recent announcement of $507M in funding that will help to further Entrata’s growth through expanded research and development, international expansion and more.
“Entrata is uniquely positioned to greatly increase its market share over the coming months and years, and Mark’s leadership and experience will be pivotal in us achieving that,” said Entrata CEO, Adam Edmunds. “Mark is a highly regarded leader in the Utah tech industry and beyond, with a proven track record of guiding companies through funding and helping them take critical steps in moving to the next stage in their evolution.”
Before coming to Entrata, Hansen led and was a key part in managing the initial public offering (IPO) process for several companies, including Pluralsight, Skullcandy, EnergySolutions and Fusion-io. Most recently, Hansen served as the Head of Finance and Accounting as well as the Interim Co-Chief Financial Officer at Pluralsight, where he was responsible for leading the finance team of a publicly traded company with a market cap that ranged from $2B to over $5B. Additionally, he managed several private and public equity funding rounds, along with integrations for multiple acquisitions. Before his time at Pluralsight, Hansen was the Corporate Controller and Interim Chief Financial Officer at Skullcandy.
“Guiding technology companies through high-growth stages has been a passion throughout my career, and I’m excited to be working with such a talented leadership team and organization as Entrata,” said Hansen. “Entrata is an incredible business, and with the recent funding, we’ll be able to rapidly increase the speed at which we can grow the business and innovate to provide an even better product for our customers.”
Entrata is a category leader, currently processing more than $20 billion in rent payments annually through its platform and serving more than 20,000 apartment communities across the US. Additionally, it is the fastest-growing software company in real estate with over $200 million in annual recurring revenue. Entrata’s recent infusion of capital, the largest private investment round in Utah history, will fuel the company’s next stage of innovation and allow it to heavily invest in personnel and further improve efficiencies in the client experience.
For more information about Entrata and its technology, please visit www.entrata.com.
Entrata, the multifamily industry’s most comprehensive technology platform, today announced the company has raised $507 million, led by Silver Lake, Qualtrics Founder Ryan Smith and Vivint Smart Home Founder Todd Pedersen, with participation from Dragoneer, Domo Founder and CEO Josh James, and other strategic investors. In addition, Pedersen and Silver Lake Managing Director Kyle Paster will join the company’s board of directors.
Over the course of the last two decades, Entrata has become a category leader and the only comprehensive property management software provider with a single-login, open-access platform. Currently processing more than $20 billion in rent payments annually through its platform, Entrata serves more than 20,000 apartment communities across the United States. Additionally, it is the fastest-growing software company in real estate with over $200 million in annual recurring revenue and more than 2,100 employees with plans to add hundreds more in 2021 alone.
“It’s incredibly rare to see a business or its leadership have the foresight to create a company that can grow so rapidly at scale across an entire industry. Entrata’s platform directly meets the needs of property managers because of its flexibility and intuitive nature,” said Silver Lake Co-CEO Egon Durban and Managing Director Kyle Paster. “This company is perfectly positioned to continue scaling quickly, and the potential within the industry is massive. We’ll see them become a true household name in the tech industry quickly as they continue to take share as a cloud market leader.”
Representing the largest private investment round in Utah history, the infusion of new capital will allow Entrata to more than double its research and development spend in the Entrata platform in the coming years and to adopt an aggressive go-to-market strategy including international expansion planned in the near future. With plans to heavily invest in personnel and improve efficiencies in the client experience, the new funding will fuel the company’s next stage of innovation.
“It’s rare to find a company of this size and scale that has not taken institutional funding. Bootstrapping forces a company to build with the long-term view in mind which leads to better experiences for customers and employees,” said Smith. “I’ve always believed in the ‘nail it, then scale it’ model and this new capital will help Entrata accelerate and scale in a way that positions them to become the unquestioned leader in global property management throughout the world.”
As the first institutional round of capital raised by Entrata since its founding in 2003, the investment will represent a minority ownership in the company, with founder and chairman Dave Bateman retaining majority ownership. Adam Edmunds has also joined Entrata as CEO to provide the vision and drive through the company’s next phase of growth. Edmunds has founded, grown and exited several SaaS companies, including Allegiance, which sold to MaritzCX in 2014. He was most recently president of the communications and payments platform Podium. Industry veteran Chase Harrington, president and COO of Entrata, will partner closely with Edmunds to set company strategy, establish product roadmap, and promote industry best practices.
“We've spent nearly two decades profitably bootstrapping Entrata into the clear technology, innovation and client service leader it is today, with a product that all of our competitors are chasing,” said Bateman. “With this strategic funding and Adam leading the team and company into its next phase, we are well positioned to aggressively expand our market share and continue to deliver the unrivaled experience our clients and their residents have come to expect from Entrata.”
“We couldn’t be more excited to partner with world class investors Silver Lake and Dragoneer, who bring unmatched expertise as we enter this new phase in Entrata’s journey. Additionally, partnering with trailblazing local leaders like Ryan Smith, Todd Pedersen and Josh James will give the executive team experienced allies with skills specific to our location,” said Edmunds. “I’ve never seen a market opportunity and competitive landscape quite like this. We have the strongest product in the industry, the best team, and now capital to execute at an even faster pace than before. Entrata will continue to lead through its innovation and unmatched client experience.”
For more information about Entrata and its technology, please visit www.entrata.com.
Founded in 2003, Entrata® is the only comprehensive property management software provider with a single-login, open-access platform. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, the Entrata® platform currently serves more than 20,000 apartment communities nationwide. Entrata’s open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs. For more information, go to www.entrata.com.
Entrata, the multifamily industry’s most comprehensive technology provider, today announced a full integration between Entratamation and Samsung SmartThings, the premier technology enabling connected living and driving the future of IoT. The integration will provide property teams with access to appliance preventative maintenance and diagnostic information via the Entratamation Smart Community Overview, and allow residents app-based control of Samsung smart appliances through Entrata’s ResidentPortal app.
Residents currently utilize the ResidentPortal app to control smart locks, thermostats and additional smart home features. With the SmartThings integration, property teams can give residents the ability to adjust settings on Samsung refrigerators, washers and dryers, dishwashers and ovens. This includes the ability to remotely control refrigerator and freezer temperatures and receive immediate notifications if the door is accidentally left open, or initiate washing/drying machine cycles from anywhere, monitor cooking progress and adjust oven temperature, and more.
“This is a giant step in our ambition to make ResidentPortal the most comprehensive, one-stop option for complete smart home control for residents,” said Chase Harrington, President and Chief Operating Officer of Entrata. “We have had regular conversations with Samsung about ways to push the resident experience forward while concurrently assisting property teams, and we’re extremely excited to collaborate with their team on this integration.”
In addition to the convenience-based benefits for residents, the partnership with SmartThings integrates Entratamation Smart Work Orders with Samsung’s appliance diagnostic tool, giving property teams the ability to proactively and automatically create real-time and preventative work orders for appliances, while also monitoring community-wide appliance usage. Property teams can also expect efficient onboarding of appliances with the installer app and a seamless move-in/move-out process allowing the ability to grant and revoke access to smart appliances without manually mapping accounts.
"This strategic partnership with Entrata will significantly improve the smart home experience for both residents and property managers. Having SmartThings technology easily accessible within ResidentPortal, the connected home becomes a more seamless experience for everyone,” said Rich Albright, Vice President Sales Home Appliance - Builder Channel at Samsung Electronics America. "We're looking forward to showcasing this integration to all of our partners across our portfolio."
To learn more about this integration and others like it, join the Entrata team, industry leaders and special guests for Entrata Connect, the multifamily industry’s largest virtual event, happening on June 9 and June 16. Register for free today at entrata.com/connect.
The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 79.3 percent of apartment households made a full or partial rent payment by August 6 in its survey of 11.4 million units of professionally managed apartment units across the country.
This is a 1.9-percentage point, or 223,000-household decrease from the share who paid rent through August 6, 2019 and compares to 77.4 percent that had paid by July 6, 2020. These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.
“Over the past few months apartment residents have largely been able to meet their housing obligations. In no small part, this is due to the enhanced unemployment benefits enacted under the CARES Act and significant steps by apartment owners and operators to help their residents. These unemployment benefits that have proven so important to so many households have now lapsed, meaning greater financial distress for millions and the potential worsening of America’s housing affordability crisis,” said David Schwartz, NMHC Chair, and CEO and Chairman of Chicago-based Waterton.
“While President Trump announced executive orders relating to rental assistance and continued unemployment benefits, it is unclear when and if those resources will be available to families. NMHC continues to urge the Trump administration and Congressional leaders to restart negotiations and reach a comprehensive agreement on the next COVID relief package. It is critical lawmakers take urgent action to support and protect apartment residents and property owners through an extension of the benefits as well as targeted rental assistance. That support, not a broad-based eviction moratorium, will keep families safely and securely housed as the nation continues to recover from the pandemic.”
The NMHC Rent Payment Tracker metric provides insight into changes in resident rent payment behavior over the course of each month, and, as the dataset ages, between months. While the tracker is intended to serve as an indicator of resident financial challenges, it is also intended to track the recovery as well, including the effectiveness of government stimulus and subsidies.
However, noteworthy technical issues may make historical comparisons imprecise. For example, factors such as varying days of the week on which data are collected; individual companies’ differing payment collection policies; shelter-in-place orders’ effects on residents’ ability to deliver payments in person or by mail; the closure of leasing offices, which may delay operators’ payment processing; and other factors can affect how and when rent data is processed and recorded.
NMHC is proud to partner with the following firms on this initiative:
Payment level represents a payment rate of 98.1 percent compared to May 1-6, 2019
The NMHC Rent Payment Tracker is powered by Entrata, MRI Software, RealPage, ResMan and Yardi
The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 80.2 percent of apartment households made a full or partial rent payment by May 6 in its survey of 11.4 million units of professionally managed apartment units across the country.
This is a 1.5-percentage point decrease in the share who paid rent through May 6, 2019 and
“Despite the fact that over twenty million people lost their jobs in April, for the second month in a row, we are seeing evidence that apartment renters who can pay rent are stepping up and doing so,” said Doug Bibby, NMHC President. “We expect May to largely mirror April, when the payment rate increased throughout the month as financial assistance worked its way to people’s bank accounts.”
“However, we are in uncharted waters and will be watching this closely over the course of the month as millions of households will not be able to access unemployment benefits, and those who have may find that they are not enough to cover rent plus all the other financial pressures caused by this crisis,” said Bibby. “Those benefits will also likely fall short in high-cost areas. That’s why we are calling on Congress to include $100 billion in direct renter assistance in the next pandemic relief package.”
“When millions of renters found themselves sheltering in place at their apartment home, apartment firms made it a priority to help them retain their housing,” said David Schwartz, NMHC Chair, and CEO and Chairman of Chicago-based Waterton. “NMHC called on apartment firms to halt evictions for residents impacted by COVID-19, waive late fees and create payment plans for them and also avoid rent increases for 90 days to help residents weather the crisis. Many took up that call, and others went even further to help their residents. However, we can’t do it alone. We need Congress to help.”
“The cascading effect of any rent gap is meaningful,” said Bibby. “Apartment owners have $1.6 trillion in outstanding mortgage debt. If they can’t cover their debt, we might see a wave of multifamily foreclosures that could rival the single-family foreclosures that occurred during the Great Recession. In addition, apartment owners pay $58 billion in property taxes that help support essential services such as schools, emergency services and other important local needs.”
This survey is one of a number of NMHC-produced resources focused on the COVID-19 outbreak.
Additional resources, data and materials can be found here.