The investment will be used to hire new personnel and expand to six new cities, including Los Angeles, San Diego, and Washington, DC.
OneRent, which currently operates in the San Francisco Bay Area and Seattle, launched last January. It says that since then, it has grown to manage more than $500 million in properties.
“OneRent is perfectly positioned to make the lasting impact necessary to sustain the growing rental demands,” said Matt Murphy, global vice president of Renren. “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.”
To date, the startup has raised at least $5.4 million.