When you rent with Up&Up, you sign a purchase option agreement ("Up&Up Wallet"), which is a contract giving you the option to purchase your rental home. Your Wallet can grow in three ways:
1) Contributions you make
At lease signing you are required to make a minimum initial contribution of two months of rent (legally this is referred to as purchasing premium on your option). We do not take a traditional security deposit. Over the course of your lease, you can make additional monthly or one-off contributions - it's up to you.
2) Shared rental profits from the home
As an Up&Up renter, you will share a portion of each month's rental profits. Those rental profits are added to your Wallet at the end of each month and expand its value.
3) Increases in your rental home's value
If the value of your rental home increases over the course of your lease, the value of your Up&Up Wallet will also increase like a landlord's might.
The value of your Up&Up Wallet represents the dollar value of the contributions you've made and any growth they have experienced.
At the end of your lease, you can choose from several different options including putting your Up&Up Wallet's value towards a purchase of your rental home, transferring your Wallet to another rental in our network, or cashing the value of your Wallet out for 90% of its value.