It’s no secret that the DFW housing market is hot right now, and that's typically viewed as a boon for the local economy. But many of the people working in the area, especially millennials fresh out of school or landing their first gig, are more concerned with the rental market.
According to a report from ApartmentData.com, the DFW apartment market has seen 4.4 percent rental rate growth over the past 12 months, with an average price of $1,160 per month. There are currently about 733K units in the DFW area, with about another 29K units expected to come onto the market soon – and considering a 91.7% occupancy rate finding, applying and getting set up in a new pad is becoming more and more competitive.
This is where Dallas-based SetMeUp Group comes in. Started last year, the insuretech company provides a platform to find insurance plans that best fit with the customer. Currently, the company’s main focus is on renter’s insurance, but has other policies available such as health, home and auto.
“You look around Dallas and there's multifamily units everywhere, I mean there’s hundreds of people moving here every day,” said Turner Massey, founder and CEO of SetMeUp. “Anybody can go into the leasing office and get all of these forms signed, but no one is going to do that… to save $10 or $20 on insurance; you just want to move in and unpack, so if we can deliver, if we can do that legwork for the customer that was something.”
Rather than just a platform for comparing rates, SetMeUp uses its algorithm and database to bring down costs for customers. By combing through data related to the multifamily properties, such as renovations and upgrades to safety equipment, the app is able to pre-screen risks and deduct amounts from your rate.
Also, any purchase of renter’s insurance is automatically sent to the customers landlord – easing and streamlining the process of purchasing insurance at nearly every step.
“You can’t do [work on a multifamily] without filing a permit with the city, so everything is on the record and we’re able to use those permits, that data to drive down insurance rates for our customers,” Massey said. “We actually make sure that management receives the actual policy; you come to us and you’re done.”
The company has been largely funded through bootstrapping, but Massey said the growth from B2B customers has been rapid. And with recent deals SetMeUp is looking to expand. Combining his background in insurance as well as energy, Massey is looking to provide electricity policies for customers as well.
Eventually, Massey said, SetMeUp plans to also launch an aggregation program that will allow customers to combine their energy usage and policies in order to help get a lower rate.
“The last two consumer products you buy after you after you sign your lease, the only two things you need are your electricity contract and your renter's insurance; you don’t have to buy internet, you don’t have to buy cable... You can do without all that, but the last two things you actually need to move in are those two products. So, I always knew I wanted to add energy down the line with SetMeUp power, but I didn’t know it was going to be this early,” Massey said. “So, you’re getting a commercial rate on a residential meter.”
