Renren, Inc. provided $4 million of Series A funding in OneRent, a residential rental and property management service. OneRent launched in January and has expanded its portfolio with more than $500 million of properties under management.
OneRent, the end-to-end residential rental and property management service, today announced the close of its $4M Series A round of funding from Renren, Inc., a leading investor of early-stage startups that have proven to be disruptors in their respective spaces.
Since its January 2016 launch, 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 $500M worth of properties under management, OneRent is on track to have one of the fastest growing portfolios in the residential management industry.
The financing will support the company’s expansion into several new high-volume markets in 2016, and will be used for talent acquisition. OneRent plans to offer its services geared to long-term renters in the following cities:
Los Angeles: Santa Monica, Hollywood, Venice, and Marina del Rey
Investors at Renren, Inc. were quick to target OneRent as the streamlined and transparent solution to a disjointed rental market comprised of thousands of property management companies and hundreds of listing sites. Investors 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. Renren, Inc. has a proven track record of identifying innovative companies, with early stage investments in LendingHome, Fundrise and SoFi.
“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,” said Matt Murphy, Global Vice President of Renren, Inc. “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.”
With OneRent’s clear and strategic vision, backed by its strong growth, the company will be doubling its employee count by the end of 2016 with a specific focus in engineering, operations, and sales. OneRent processes $25M 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. The company provides the path to an easy way home, simplifying every step of the rental process in today’s competitive rental landscape.
“Part of OneRent’s vision is to unify a transparent, automated process with the responsiveness and concern of human interaction,” said Chuck Hattemer, co-founder and CMO, OneRent. “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.”
OneRent is simplifying the rental market by facilitating and managing the entire lifecycle between renters and owners. Its end-to-end service manages showings, lease signings, rental payments and property maintenance. Based in San Jose, CA, OneRent currently serves the San Francisco Bay Area and Seattle, with plans to expand to new locations.