Cairo - Egypt's leading Property Technology (PropTech) startup, RentUp, has launched its reverse marketplace, which works as a reverse auction for renting properties, connecting landlords and tenants under one umbrella.
The step aims to drive innovation in the local real estate sector and bring differentiated value to stakeholders across the sector, according to a recent press release.
Although the real estate sector holds immense significance to the local economy, contributing 16% to the gross domestic product (GDP), the sector's full potential has not been truly tapped.
Established in 2020, RentUp seeks to accelerate the pace of transformation in the real estate sector using cutting-edge technology, with the user experience at the core.
Through RentUp, tenants can submit a request on the platform, providing details such as their budget and preferred location, and the type of contract. Landlords can then check these proposals and connect directly with customers without the need for third parties or intermediaries. The solution offered by RentUp helps landlords secure deals fast, raise the occupancy rate, maximise their revenues while providing customers personalised property recommendations.
The launch of the marketplace follows the startup's recent completion of a six-figure pre-Seed round led by Japanese investors. Rent Up plans to reach more cities across Egypt, starting with Red Sea coast cities, including El Gouna and Sharm El Sheikh.
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