D
ivvy Homes, a San Francisco-based rent-to-home startup, is being acquired by Maymont Homes, the build-to-rent arm of Brookfield Properties. The deal was reported by Fast Company but details were not disclosed. This marks a significant turn for Divvy, which has faced challenges in recent years.

    Founded in 2017, Divvy once boasted a valuation of nearly $2 billion after securing a $200 million funding round in August 2021. At its peak, the company owned over 7,000 homes across 19 markets, valued at more than $1.7 billion. However, the housing downturn and customer dissatisfaction took a toll on the business.

    In response to declining fortunes, Divvy implemented multiple rounds of layoffs, cutting nearly 200 employees in two years. The company also faced criticism from customers who reported inadequate repairs and rising threats of eviction. Despite this, Divvy claimed its rate of eventual homeownership was around 50 percent, although this figure is unclear.

    As Maymont Homes takes control, it's uncertain what parts of the business will remain intact. In a bid to revamp its image, Divvy launched a subscription-based homeownership readiness program in March.