by Stephen Ursery
Entrata, the maker of the multifamily industry’s leading operating system, today announced it has expanded into the Canadian property management market. The international expansion marks a significant step for the fastest-growing real estate solutions provider in the U.S. as it aims to globalize its exclusive single-login, open-access property management platform. Entrata also recently released the findings from a recent survey exploring the trends of Canadian renters.
As part of its expansion, Entrata has partnered with student-housing operator Varsity Communities, based in Kingston, Ontario. Entrata will initially dedicate its focus to the Toronto area as it aims to significantly expand its presence in Canada over the next year.
“Entrata is the clear category leader, and the ability to customize the platform and adjust on the fly makes it an attractive and innovative solution. We’re eager to team with them as the company’s first Canadian partner,” said Connor Patterson, COO at Varsity Communities. “In a fast-paced market like student housing, clunky processes can often disrupt the desired workflow and we’re confident that the Entrata platform will create smooth and streamlined processes for our residents and onsite teams.”
As a recognized industry innovator, Entrata serves more than 20,000 communities across the U.S. and processes more than $2 billion in rent payments each month. The company recently secured a Utah-record $507 million private investment to assist with international growth, research and development efforts and to augment the existing team of experts with new talent.
“Entrata has long targeted international expansion, and we’re thrilled to begin in Canada,” said Adam Edmunds, CEO at Entrata. “While there are clear similarities to the U.S. market, the Canadian rental-housing sector has unique nuances, and we look forward to tailoring our product offerings to meet the distinct needs of Canadian renters and property management teams. We are also incredibly excited to partner with a leading student-housing provider in Varsity Communities.”
In addition to announcing the growing reach of its operating system, the company recently published a new study that gives a unique view into the Canadian rental market during an industry and world-shifting time. Key findings from the report include:
- Nearly a third of all Canadian renters moved within the last 12 months.
- More than half of Canadian renters are looking to move once their current lease is up.
- Nearly one in three Canadian renters say that COVID-19 pandemic has made them motivated to buy a home and stop renting.
- Seven in ten Canadian renters expect rental rates to increase in the next year, with 18% saying they expect them to increase dramatically.
The full report can be found here.
Entrata’s operating system has distinguished itself in the market with an open API and a superior selection of third-party integrations that give property management companies the freedom to choose the technology and software that best fit their particular needs. The company’s Entrata Core offering allows operators to manage all aspects of their operation under a single login and includes key resident-facing platforms such as ResidentPortal, ResidentPay and Message Center.
For more information about Entrata and its global expansion, please visit www.entrata.com/canada.