US rental and property management startup OneRent has raised $4 million in its first round of funding led by Renren Inc, a company which invests in early-stage startups proven to be disruptors in their respective spaces.
By facilitating and managing the entire lifecycle between landlords and tenants, OneRent aims to simplify the rental market. Its end-to-end service manages showings, lease signings, rental payments and property maintenance.
Since its launch in January this year, OneRent has significantly expanded its portfolio, now managing properties for more than 500 real estate investors and property owners with buildings from 1 to 50 units.
With more than $500 million worth of properties under management, OneRent says its on track to having one of the fastest-growing portfolios in the residential management industry.
OneRent says the funds will support the company’s expansion into several new high-volume markets in 2016 as well as for talent acquisition.
Co-founder and CMO Chuck Hattemer says backed by its clear strategic vision and strong growth, OneRent is ready to move to the next level.
"OneRent processes $25 million in rent per year with its growing portfolio of properties and its talented team facilitates the seamless service experienced by thousands of renters and landlords seeking OneRent’s service each week."
"We'll be doubling our employee count by the end of 2016 with a specific focus in engineering, operations and sales," he says.
Hattemer says part of OneRent’s vision is to unify a transparent, automated process with the responsiveness and concern of human interaction.
“Our investment in a talented team is key to aligning a personal, reliable experience for both the landlord and renter in every step of the rental process.”
Renren Global Vice President Matt Murphy says his company was quick to target OneRent as a streamlined and transparent solution to a disjointed rental market comprised of thousands of property management companies and hundreds of listing sites
"We see OneRent setting the new standard for property management, providing a mutually beneficial platform where both landlords and renters can receive the services they need to be successful," Murphy says.
“The rental market is ripe for change and OneRent is the modern-day platform facilitating the most efficient way for properties to be maximized as an investment.
“OneRent is perfectly positioned to make the lasting impact necessary to sustain the growing rental demands.
"It merges technology with responsive, personable service, and in turn, rents out properties at record speed with high quality tenants, providing a unique service for half of the traditional costs," Murphy says.
He adds Renren Inc has a proven track record of identifying innovative companies including early stage investments in LendingHome, Fundrise and SoFi.
Based in San Jose California, OneRent currently serves the San Francisco Bay Area and Seattle, with plans to expand to new locations including: