Blog
News and announcements

Just the start: Celebrating 8 years of RentSpree

Just the start: Celebrating 8 years of RentSpreeJust the start: Celebrating 8 years of RentSpree

Summary

In light of RentSpree's 8th anniversary, we're taking a trip down memory lane with co-founders Michael Lucarelli and Paul Sirisuphang to learn what milestones they're most proud of, what lessons they've learned as entrepreneurs, and what excites them most about RentSpree's future.

They say time flies when you’re having fun. At RentSpree, we’d also add that time flies when you’re building products that solve real-life problems with a team of passionate, like minded individuals. 

Since RentSpree’s founding in 2016, we’ve achieved significant company milestones and launched a suite of tools that have positively impacted the rental industry. To celebrate our eighth anniversary, we’re taking a look back at all we’ve accomplished and hearing from our co-founders, Michael Lucarelli and Paul Sirisuphang, on what they’re most proud of and excited about for RentSpree’s future. 

The highlights

  • 2 million users—We doubled our user base in less than two years, officially logging 2 million users on the rental platform in November of 2023. 
  • Inc. 5000’s Fastest-Growing Private Companies—In 2023, for the second year in a row, we secured our spot on the Inc. 5000’s list of fastest-growing private companies. This achievement comes on the heels of a year where we achieved 598 percent revenue growth.
  • $28 million—Since 2017, RentSpree has raised a total of $28 million in Series A and B financings with the latest round of funding led by Green Visor Capital. 
  • 300+ partners—RentSpree is proud to partner with some of the most influential multiple listing services (MLS) across the country including Stellar MLS, Bright MLS, CRMLS, as well as real estate groups and brokerage firms such as RE/MAX, Berkshire Hathaway Home Services, and RealtyOneGroup. 

Q&A with RentSpree co-founders Michael Lucarelli and Paul Sirisuphang

Looking back on the last eight years, what milestones or achievements are you most proud of and why?

Michael: When we first brought RentSpree to market, we could measure how people used our product on performance dashboards but couldn’t perceive the impact it was having on real people. After years of significant growth, my biggest fulfillment came when I would be speaking with acquitenances in my personal life and the topic of my work came up. People I met would start perking up when they heard “RentSpree” and inevitably share some story about how they used our service to secure their current rental home. Seeing our work on RentSpree intersect with actual people in real life—with no real connection to me—lets me know we’re doing the right things!

Paul: The moment that really sticks out to me and makes me super proud is seeing how our product has helped over a million renters and landlords. When we started RentSpree, finding a streamlined way to screen tenants felt like a dream. Fast forward to today, and it's amazing to see that what we've built has become a go-to standard in the industry. We've really changed the game and set new benchmarks for how rentals should be handled. It's not just about the numbers for us; it's about knowing we've made a real difference in making the rental process smoother and more straightforward for everyone involved. That's something to celebrate, and it's all thanks to the hard work of our team and the trust of our users.

As entrepreneurs, what’s one lesson you’ve learned that you think other entrepreneurs need to hear?

Michael: That it’s okay to fail and that the path to success is never a straight line. There will always be setbacks, and we’ve definitely had our fair share at RentSpree. What matters most is how you react to and overcome those setbacks. We could have easily given up during the toughest times, but then we wouldn’t have made it through to the next challenge. 

Paul: Launching RentSpree, our first tech startup, taught us an invaluable lesson about the dynamic nature of entrepreneurship. In the beginning, we were hands-on and worked closely with a small team. As the company grew, our roles evolved significantly, transitioning from individual contributors to leaders of a team exceeding 100 members. This journey emphasized the importance of self-awareness and the capacity for rapid learning. Entrepreneurs must be agile learners, constantly enhancing their skills to keep pace with their company's growth. It's inevitable that mistakes will be made, but the ability to learn from these errors and continually improve oneself is far more crucial. For anyone starting a business, remember: learning from both your wins and mistakes is very important. It's all about growing both yourself and your business for long-term success.

Where do you see RentSpree in the next five years?

Paul: We envision RentSpree will transform how people think about the rental space and our innovative platform will be essential for agents, landlords, and renters. Our mission goes beyond simplifying rental applications; we want to revolutionize the entire rental industry, which has been stuck in outdated practices for too long. We aim to smooth out the entire rental process, including making the path from renting to homeownership clear and accessible. Imagine a world where real estate agents, landlords, and renters collaborate seamlessly on a single platform, streamlining every step of the rental journey. That's where we're headed. 

What are you most looking forward to this year?

Michael: After launching our first tool for Rent Payment, it’s opened my eyes to just how many landlords and renters struggle with having a payment tool that’s secure, convenient, and flexible. Rental fraud is huge and no one in 2024 wants to write out & cash paper checks. We’re thrilled to provide our users with a better way to rent for the first time.

Paul: We've made a significant impact by assisting real estate agents with efficient applicant screening but recognize that landlords, especially the small mom-and-pop ones, are still in need of comprehensive tools to streamline their workflows. Our upcoming milestone focuses on integrating landlords into our platform, enabling them to collaborate closely with their agents on rental transactions, fostering a more unified and efficient process. This development not only enhances our platform's functionality but also aligns with our mission to simplify and improve the rental experience for all parties involved.

Cap Rate Calculator

rentspree illustration of calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Property Value

Current market price or listed value
$

Yearly earnings

Anything you make a profit from that has to do with the property
$
$
$
Total A:

$

0.00

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Yearly Expenses

Anything you make a profit from that has to do with the property
$
$
$
$
$
$
Total B:

$

0.00

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Cap rate

0.00

%

Cap rate

$
$

0.00%

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Commission Calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Property Price

$

Commission Percentage

%
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Total Commission

$

0.00

Commission for Each Agent

$

0.00

Total Amount Seller Receives

$

0.00

Rent to Income Ratio Calculator

How to use

Enter information in the boxes below to calculate the comparative value of a piece of property in order to determine if it would be a good investment for you.

Rent-to-Income Ratio Calculator

$
$
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Rent-to-Income Ratio:

0

%

Move-in Move-out Calculators

Move-In Calculator

$
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

1st Month's Prorated Rent:

$

0.00

Additional Move-In Costs (optional)

$
$
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Total Move-In Cost:

$

0.00

Move-out Calculator

$
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Move-Out Prorated Rent:

$

0.00

Continue to next chapter