RentUp, a leading PropTech startup in Egypt, has launched its innovative reverse rental marketplace. This marketplace functions like a reverse auction for renting properties with the additional aid of Ai-powered technology. The overall aim of this is to create a more interconnected and streamlined platform that brings landlords and tenants closer together.
According to a recent press release, the action intends to foster innovation in the local real estate market and deliver unique value to sector players. The launch of the startup also comes at an ideal time as Egypt’s real estate market becomes increasingly digitalised and embraces PropTech innovations.
Despite being incredibly important to the local economy and making up 16% of GDP, the real estate sector's full potential has not yet been fully realised. This is an opportunity that RentUp is seeking to leverage.
HOW RENTUP’S PLATFORM WORKS
Tenants can use RentUp to post requests on the platform, including information about their budget, ideal location, and the kind of contract. Landlords can then review these suggestions and communicate with clients directly without the use of brokers or third parties. RentUp's system also enables landlords to close deals quickly, increase occupancy rates, and maximize their revenue while offering clients individualised property recommendations.
Equally, the platform aids tenants by making it easy to send open requests to owners while also providing an opportunity to negotiate prices more openly. Then, when the tenant has finished their stay, the platform allows both tenants and landlords to review and score their experience much like that of Airbnb.
So, the platform allows both prospective tenants and landlords to have their needs met with greater transparency. This way potential disputes or unpleasant surprises are minimised via an enhanced experience for both ends.
With the user experience at its core, RentUp was founded in 2020 to accelerate the rate of change in the Egyptian real estate market. More specifically, RentUp seeks to enhance equality and fairness within Egypt’s residential rental market by providing an easier day-to-day experience for both tenants and homeowners alike.
The firm recently finished a six-figure pre-seed funding round, which was led by Japanese investors. This was then followed by the debut of the marketplace. Beginning with cities along the Red Sea coast, such as El Gouna and Sharm El Sheikh, RentUp’s broader ambitions are to expand its presence throughout Egypt.