Following success in the San Francisco Bay Area, Seattle and San Diego, real estate technology startup, Onerent, arrives in Los Angeles.
Press Release – updated: Feb 6, 2018 06:13 PST
LOS ANGELES, February 6, 2018 – Onerent today expanded its end-to-end rental service to the Los Angeles area for residential rental properties.
The company is the first end-to-end property management service designed to provide a consistent and reliable rental experience for both the property owner and renter without hidden fees and hassles. Onerent merges an online experience with boots-on-the-ground operations to offer a complete and personable service. With the help of their on-demand 'Mobile Managers' in LA, the company is already seeing quick leasing times, high-quality renters, and high demand from rental owners looking for a unique service at half the cost of traditional property managers.
Onerent's first LA beta properties in January leased in an average of 12 days–a significant improvement over industry standards.
LA renters have dealt with too many hurdles in the rental process for far too long. Onerent's expansion into West LA and San Fernando Valley is our first step forward in introducing simplicity, transparency, and efficiency in all aspects of renting and managing a home.
CEO & Co-founder, Onerent
The company has one of the fastest growing residential rental portfolios on the West Coast:
- Over 2,000 properties leased and managed in just two years
- 650+ on-demand rental showings each month
- 5,000+ renters placed in Onerent homes
- 75 cities serviced across California and Washington state
â€œLA renters have dealt with too many hurdles in the rental process for far too long. Onerentâ€™s expansion into West LA and San Fernando Valley is our first step forward in introducing simplicity, transparency, and efficiency in all aspects of renting and managing a home.â€� – Greg Toschi, CEO, Onerent.
Greg along with his co-founders, Chuck and Rico, started Onerent in college at age 20 after a grueling off-campus housing experience left them all without a place to live.
An Alternative to Local Listing Sites
Since Apartments.comâ€™s acquisition in February 2017, the infamous LA website, Westside Rentals, discontinued its free rental leasing service for owners and now directs all postings to Apartments.com. Renters, however, still must pay for access to full listing and contact information on the siteâ€™s platform. Onerent emerges as an affordable, renter-friendly alternative for LA residents. Through a website or mobile experience, Onerent facilitates free on-demand showings 7 days a week at fully-verified rentals. For property owners, Onerent offers a more comprehensive leasing service.
Further shocking are accusations from some renters on the discriminatory practices of property owners listing on Westside Rentals. Onerent facilitates a quick and fair applicant screening process to ensure equal opportunity. A renter can finish Onerentâ€™s free rental application on their phone during a showing and sign a lease by the time they get back home.
The Los Angeles Rental Market
In LA, 65.3% of residential dwellings fall under the rented category. About 7% of dwellings are vacant. This year, the rental market is poised for further growth due to decreasing unemployment, new jobs, and increasing population density. This growth and demand in Los Angelesâ€™ rental market sets up a clear opportunity for a service such as Onerentâ€™s to succeed in removing fragmentation and inconsistencies in the rental experience.
The company is venture backed with a total of $8 million in investment, led by Renren Inc, XG Ventures, Jeff Dean, Senior Google Fellow & Co-inventor of MapReduce; Michael Zee, Former Director of Legal: Asia-Pacific, Google; Chris Chin, and other Google executives.
The team is also expanding its real estate partner network. Across the Bay Area and Seattle, Onerent has partnered with over 3,000 agents from Intero, Zephyr, Flyhomes, and others to empower agents and brokers with Onerent as a business development tool for real estate investor clients. With a Onerent partnership, agents can provide tangible value to their clients in every situation possible and maintain a strong relationship. Onerent will also provide a cut of their revenue to the real estate professional on a recurring basis.
Renters and homeowners in the LA area who sign up with Onerent today receive $50 – $250 in credit.
Chuck Hattemer, Co-founder and CMO
Source: Onerent, Inc.