Up&Up, Which Aims To Build Wealth For Renters, Surpasses $300 Million With Latest Funding Raise

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The company started with one guy just trying to help his friend buy a house:

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Up&Up aims to build wealth for renters for the duration of their tenancy by having them benefit from the price appreciation of the property where they live. The model relies on a digital wallet where renters contribute an initial contribution equal to two months rent as well as a monthly contribution, currently suggested at a minimum of $100 per month.

If a renter wishes to purchase the home they’re renting or another from the Up&Up portfolio they can use the funds in their wallet towards the cost of the purchase. If they want the money returned to them instead of purchasing an Up&Up property, they receive 90% of the balance. Renters must agree to a two-year lease and can contribute as much as they want as a contribution.

Like many other large-scale property-centric asset management companies, Up&Up has developed their own approach to the challenge of coming up with accurate valuations for a home price. With the recent news that Zillow has exited their iBuyer program, in part because of the, the pressure is on the remaining players in this industry to prove their methods are accurate enough to ensure the predicted profit margin comes true years into the future.

Wong agrees there are challenges with the accuracy of valuation models that exist and explains if there’s any disagreement when it comes time to for a renter to buy they will have a third party appraisal, adding, “We get to avoid a lot of the transaction fees that are out there on the market so there should be enough room for everyone to be happy.”

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