Jonathan Eppers, RadPad’s co-founder and CEO, started the company because he was looking for an apartment. RadPad was his solution. It turned out to be a good one. It’s received $12.8M in five rounds from 19 investors, some of whom are superstars in the LA startup ecosystem, like AmplifyLA, Brian Lee, Mike Jones, and Chris Ovitz.
‘I’m 32 and one of the things I love about renting is that it’s convenient,’ Jonathan told me in a phone interview. ‘I don’t feel like I’m held down or tied down to anything.’ He describes a period about three years ago when he was in a bit of a funk. He thought a change of scenery and new apartment would do him good. But he quickly became overwhelmed with how difficult it was to find great places.
The US rental market, Jonathan told me, has grown in the past five years from 97 million renters to 108 million. New grads fresh out of school are not buying homes. They’re renting. A renter can live in a desirable neighborhood he or she could not afford to buy in, and LA is the hub of this renting-not-buying behavior.