Transcript for New App Allows Users to View Potential Roommate Profiles
New start up. Like we said trying to eliminate the headache of searching for an apartment and crash Craig's list out of the rental market. John Hobbs as CEO and co-founder of apparently he's here John thanks for a high spirited -- -- -- -- priceless. I think you have to have more listings than they have so what we do department list is now we have the fastest for an apartment search engine in the US today and so. We're trying to solve the problem of finding places to live for the hundred million runners -- -- states in the way to do it is. -- all the single family homes all the condos and all the apartment both buildings in the country and put him on one website. And so that's what we bring. How do you do that I mean that's a huge huge task. How do you establish those relationships. It's all about the -- so we have 63 people based in San Francisco that. He'd sleep and -- apartment -- else and so the biggest thing for us is making sure that we have the highest quality inventory across the United States without scams. And how he thinks Murray because that's really the trick is an and I mean priceless. Is known for I I certainly still use it but you go you see these web sites. That have pictures of amazing apartment rentals and and you get there and it's a total of -- the first thing in notices. If it's too good to be true it probably is I don't like to thank -- -- believe that that stainless steel appliances granite countertop for 200 a month -- the biggest is what. Out for the classic is the bait and switch so he'll -- and underpriced apartments. And that brokers represent analysts say hey come check it out in the decision yet they're like oh lead just -- out I've got this one across town. That's a little more expensive that you might want to check out that's a big one. Another student who see a lot of is hey I'm trailers per month the United Kingdom feel free to I -- the apartment not send me -- cashier's check -- and I'll send you the keys. And he stands where else they wouldn't be trying to but the way that we keep them off. Apartment was is actually through algorithms so we used a bunch of heavy do -- math basically -- -- those listings. Off the web site. Algorithms so I'm gonna -- that the algorithm doesn't get it right all the time but you fight at what percent of the time is it getting it right. It gets -- in a very high percentage of the time and in the rest we actually you manually when -- reported from our actual users how -- money. How we make money when people. Sign -- -- an a in the apartments that are represented our sites -- just like Google has organic search results and sponsored search results. We and the same type of situation you also have this -- But I love it hasn't -- 88 DD it happened but for apartment rentals and in New York City and -- a lot of big cities -- -- a lot of young people they move around. They get somewhere they don't have -- went to live -- since you're offering them their option. We are we actually 70% of our monthly visitors are mobile. So we launched an iPhone app in an injury that help search for your apartments called apartment listening in on in the App Store. And we also think -- remain in bureau -- that we -- the same -- in months. A roommate finding out -- it and how many people are using -- -- -- we've got to tell us. Hopefully not to mention what we are -- -- about simulators -- -- right now. Two million -- what's the goal. The -- impression Craigslist very noble goal what's the goal. The -- for us is really its ability and and iconic brand -- -- -- in the United States of America. It's such a huge pain point for so many people and in my co-founder Chris -- and I kind of dream about solving this problem -- the the ultimate -- -- you know to assemble a team this can go do that. What has banned in India start up experience -- spend the smartest and the least intelligent -- in dozens of are the biggest mistake you made. I think the smartest is spend a lot of my time turner period like the top talent in Silicon Valley to join our team. I'm just one of our employees and we have an amazing group of folks that are dedicated its -- problem. The biggest mistake I made -- once I bought a billboard and that was like the lowest Earl prize markets. You gotta build -- -- we're winning the billboard Ackerman favorite actor Matt -- on the side of the freeway -- I think I think sixty how much did you spend. No comment. What was your -- or don't know -- well at least assuming there -- -- Still in terms of the city's right out America wary of where the least expensive of the most expensive cities to -- The most expensive -- classic kind of yeah Francisco Boston New York. Least expensive your look at to -- -- Toledo. But on average across the United States rents are up this year about two and a half percent increase across the United States. Cities you might not expect Portland organs rents -- -- 10% this year. Fremont California is up 9% or Colorado up 8%. It's interesting some of those cities are the places where I've heard that the tech community is going because it's cheaper and the -- had always been keepers that -- will recruit talent. Paying -- a little less and they'll be willing to leave here. And and it's -- like wherever the tech world goes the rents fall out. Let's listen to say I think that's certainly in the northwest with silicon force in -- it's growing so quickly right now. And then three months just you know on the outskirts of severance discusses a lot less expensive but. You know where we we do think that you know new technology does -- increase or -- -- the economy the local economies and that's gonna drive pirates typically. Last question how do you find that needle in the haystack deal. The one that does sound too good to be true but you feel really happy about moving in and and you have no reservations after you've -- believe. Yeah I think -- the best way to do it is to set up alerts real time alerts on your mobile app so you don't this what we -- -- custom featured just four in this. Set up -- -- and -- you'll get notified as soon as somebody's available that Mitt meets your criteria. And then I would just move really quickly I treat my apartment -- late entry job search got a resume -- suit. Nature here on your best behavior and try to win -- that landmark remind us where can we use your -- where we -- -- where we find you online and find in the iTunes store -- apartment was and remains and they can also -- the Google place or apartments and remains all right thanks so much Teddy -- thanks Rebecca have been the best wishes.
This transcript has been automatically generated and may not be 100% accurate.