SAN JOSE, CA– OneRent today launched its end-to-end residential rental service to simplify and improve the rental experience between renters and owners. The company also announced a Seed round of $1.5 million, and expansion of its operations beyond San Francisco Bay Area to include the Seattle area.
OneRent facilitates everything from showings and lease signings to rental payments and maintenance, saving time and money for property owners and renters alike. OneRent has been operating in beta in the San Francisco Bay Area, and currently manages more than $300 million in assets while servicing tens of thousands of renters and hundreds of landlords.
“The rental process is a painful one, and has been so for many years with very little innovation,” said Greg Toschi, co-founder and CEO, OneRent. “Renters and owners are rarely on the same page, with so many management companies and first-time owners providing varying standards of services. Technology can change the dynamics of this often tense relationship. OneRent sets up renters for a straightforward rental experience, and gives property owners peace of mind knowing we’re taking care of every single part of the rental process for them.”
OneRent renters get a consistent and complete rental service on one simple platform, including the ability to:
- Submit background and credit checks: securely kept on file so applicants only fill out once
- Discover properties: easily searchable properties with virtual tours available for select properties
- Easily book property showings: schedule in-person showings or access timing flexible self-guided tours
- Have full transparency: applicants who meet the financial and background requirements of the property, will be offered the lease on a first-come, first serve basis
- Sign leases and pay rent online: easily sign leases electronically and set up automatic or manual payments to pay rent
- Communicate maintenance issues via text: dealt with promptly by OneRent’s mobile managers within 24 hours
OneRent is a transparent, comprehensive property management service for owners that provides:
- An online portal: access to properties’ performance of showings, monthly earnings and status of maintenance issues
- Competitive listings: on OneRent and across 40+ syndication partners, such as RentLinx and Postlets, which syndicate to sites like Zillow, Trulia and Hotpads
- Responsible tenants: background, income, employment and credit-checked
- Property showings: mobile managers are dispatched to handle property showings
- Rent collection and guarantee: OneRent fronts and guarantees rent every month, regardless if tenants pay on time
- Handling of maintenance requests: assigns trusted vendors to jobs below a cost threshold set by the property owner
OneRent handles the bulk of property management by charging owners a flat fee of 5% of the monthly rent, with $100 minimum per month. The majority of properties are rented out after five showings or three weeks.
“As a renter, you want to quickly move in and create a home without having to always deal with a landlord. OneRent allows for that to happen by handling everything a landlord does in a very transparent and responsive way,” said David Messer, OneRent renter and Realtor at Intero Real Estate Services.
The company is also announcing a $1.5 million seed round investment, led by Jeff Dean, Senior Google Fellow & Co-inventor of MapReduce; Michael Zee, Former Director of Legal: Asia-Pacific, Google; Chris Chin, Deputy General Counsel, Google; Jonathan Manson, Former Associate General Counsel, Google; and Andrea Zurek, Founding Partner, XG Ventures.
“The residential rental space includes 43 million rental units in the U.S., many underutilized due to inefficiencies that make it difficult to match renters and landlords,” said Jonathan Manson, Former Associate General Counsel, Google. “OneRent has a platform that’s key to interrupting this antiquated market and a clear vision of how it can be reformed.”
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.