As reported by the University of Toronto Engineering News, an alumnus has received a patent relating to technology that could help tenants when bidding for a rental unit in Canada’s red hot housing market.
The patented algorithm assists tenants on deciding how high or low to bid. The algorithm mines data from local, comparable rental properties and estimates the standard deviation between the asking price and the final agreed-upon price for a particular unit.
The algorithm takes into account the type of tenant (professional, university student or college student, and whether the tenant is single, with family or a subletter) and calculates a confidence interval for a bid above and below the list price.
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