To understand about NowHom’s background, market space, and users, I started by conducting research with the following goals:

One of the initial challenges facing the market analyst is to define the boundaries of the property’s market area (or the trade area in a retail market study). In reality, properties often have two market areas—one from which the majority of potential tenants or buyers will be drawn and another from which the key competitors are located.

Competitive Analysis

After learning more about the industry, I wanted to take a closer look at NowHom's competitors and how they’re helping their users/tenants, and how they are able to rent and passed some verification requirements. Through my market research, I identified some top direct and indirect competitors within the industry: Apartments.com,  Trulia Rentals, Redfin, and Airbnb. Direct competitors are real estate-focused similar to NowHom, while indirect competitors aren’t focused solely on long-term rent. Exploring each of their apps, I evaluated the strengths and weaknesses of each to see how Homely could fill in any gaps moving forward.