Platform comparison
Fundrise vs CrowdStreet: Which Fits You?
The short answer
Fundrise vs CrowdStreet is no longer a like-for-like choice, because the two now sell different funds to different investors. Fundrise sells its own real estate funds to anyone from $10. Crowd Street (formerly CrowdStreet) sells other large managers' funds and REITs to accredited investors, typically from $5,000. The fit depends on whether you qualify and whose funds you want.
- The two are no longer substitutes. Crowd Street's offerings page listed 10 funds and REITs and no single-sponsor deal on October 20, 2026.
- Access splits them. Fundrise accepts non-accredited investors from $10; Crowd Street is for accredited investors, typically from $5,000.
- The fees work differently. Fundrise charges 0.15% plus 0.85% a year; Crowd Street funds deduct a 1.5% to 3.5% sales load.
- Neither pays out on demand. Fundrise prorates quarterly repurchase requests that exceed the offer; each Crowd Street fund sets its own rules.
In this guide · 14 sections
- What is the main difference between Fundrise and CrowdStreet?
- Why are Fundrise and CrowdStreet no longer substitutes?
- Which older Fundrise vs CrowdStreet figures are out of date?
- Who can invest in Fundrise and Crowd Street?
- How do the Fundrise and CrowdStreet minimums compare?
- How do Fundrise and CrowdStreet fees compare?
- What do you actually own on Fundrise and on Crowd Street?
- Can you get your money out of Fundrise or Crowd Street?
- How have Fundrise and CrowdStreet returns compared?
- What has happened at Fundrise and Crowd Street since 2023?
- Fundrise vs CrowdStreet vs Yieldstreet: where does the third name fit?
- Which fits you: Fundrise or Crowd Street?
- How did we check these Fundrise and Crowd Street facts?
- What if you want individual sponsor offerings instead?
Short answer
What is the main difference between Fundrise and CrowdStreet?
The main difference between Fundrise and CrowdStreet is whose funds you buy and whether you qualify. Fundrise sells its own real estate funds, run by one manager, to anyone from $10. Crowd Street (formerly CrowdStreet) sells funds and non-traded real estate investment trusts (REITs) from other large managers, among them Nuveen, PGIM, StepStone and Clarion. It sells to accredited investors only, typically from $5,000.
Many comparisons still set a $10 fund against a marketplace of individual deals. Crowd Street's offerings page showed no single-sponsor deal on October 20, 2026.
| Dimension | Fundrise | Crowd Street |
|---|---|---|
| What you buy | Fundrise's own funds | Other managers' funds and REITs |
| Who manages the assets | Fundrise, as the only manager | Many institutional managers |
| Who can invest | Anyone, accredited or not | Accredited investors only |
| Minimum | $10 through investment plans | Typically from $5,000; no account minimum |
| Investor fees | 0.15% advisory and 0.85% management a year, plus fund expenses | No account fees; sales load typically 1.5% to 3.5%, plus fund fees |
| Who pays the platform | Investors, through those fees | Issuers, through loads and servicing fees |
| Getting money out | Quarterly repurchase offers, filled pro rata when full | Set by each fund's repurchase program |
| Registered firms | Fundrise Advisors, LLC, SEC adviser (CRD 172036) | Broker-dealer (CRD 312762) and SEC adviser (CRD 299176) |
Then and now
Why are Fundrise and CrowdStreet no longer substitutes?
Fundrise and CrowdStreet stopped being substitutes when Crowd Street changed what it sells. CrowdStreet began as a place where accredited investors chose individual commercial deals from many sponsors. It renamed itself Crowd Street on May 29, 2025, and began adding Nuveen and StepStone funds in October 2025. By October 20, 2026, its offerings page showed 10 pooled funds and REITs.
Fundrise still sells only its own products:
- The Flagship and Income real estate funds, interval funds registered with the U.S. Securities and Exchange Commission (SEC).
- One Fundrise eREIT, formed when seven legacy eREITs merged on April 29, 2026.
- The Innovation Fund (VCX), a pre-IPO technology fund that listed on the New York Stock Exchange (NYSE) in March 2026.
The choice today is one manager's funds for everyone, or a broker-dealer's menu of other managers' funds for accredited investors.
Which older Fundrise vs CrowdStreet figures are out of date?
Several widely cited Fundrise vs CrowdStreet pages still print figures that the platforms' own filings no longer support. The pages were last updated between August 2024 and July 2026.
| Older figure | What the record shows now | Source |
|---|---|---|
| A CrowdStreet minimum from the single-deal era | Typically from $5,000; varies by offering | Form CRS, May 18, 2026 |
| CrowdStreet sells individual sponsor deals | 10 funds and REITs, no single-sponsor deal | Offerings page, Oct 20, 2026 |
| Sponsors pay CrowdStreet a listing fee | Sales loads, typically 1.5% to 3.5%, come out of the amount invested | Form CRS, May 18, 2026 |
| Fundrise eREIT redemptions paused pending mergers | The seven-eREIT merger closed; redemptions have been limited | eREIT merger filing; closed Apr 29, 2026 |
| Nightingale loss totals from press reports | "At least 700 investors" and "more than $52 million" | SEC release, Feb 21, 2025 |
| Yieldstreet as a third option | Renamed Willow Wealth in late 2025 | Finder, Oct 2026 |
Access
Who can invest in Fundrise and Crowd Street?
Anyone can invest in Fundrise, including non-accredited investors, but Crowd Street is open only to accredited investors. Fundrise's real estate funds are SEC-registered interval funds or Regulation A offerings.
Regulation A caps a non-accredited investor's purchase in an unlisted Tier 2 offering at 10% of the greater of income or net worth. Crowd Street's limit is in its Form CRS dated May 18, 2026. The accredited investor guide has the income, net worth and license tests.
How do the Fundrise and CrowdStreet minimums compare?
Fundrise starts at $10 through its investment plans, and its fund prospectuses list higher amounts for direct purchases. Crowd Street has no account minimum, and its offerings "typically have an investment minimum starting at $5,000," with minimums varying by offering.
Both are low next to direct private offerings. Relli's Form D minimums study covered 4,172 U.S. real estate offerings that filed a Form D in the year to September 30, 2026. Their median stated minimum was $50,000.
Fee math
How do Fundrise and CrowdStreet fees compare?
Fundrise charges investors directly: "a 0.15% advisory fee" plus "an annual 0.85% flat management fee" on its real estate funds. Together that is about 1% a year, with other fund expenses on top. Its prospectuses put total fund expense ratios at about 1.6% to 2.1% a year.
Crowd Street charges no account fees. Instead, the funds it sells deduct a sales load from your money and pay some or all of it to Crowd Street. Each fund also charges its own management fees.
Worked example
You put $10,000 into each platform for one year. Only the published platform-level fees are counted.
| Fee | Fundrise | Crowd Street |
|---|---|---|
| Upfront | $0 | $150 to $350 sales load |
| Money put to work | $10,000 | $9,650 to $9,850 |
| Yearly platform fees | $15 advisory + $85 management = $100 | $0 in account fees |
| Still to add | Each fund's other expenses | Each fund's management fees |
In year one Fundrise's published fees cost $100 on $10,000, and a Crowd Street sales load costs $150 to $350 once. Over five years the Fundrise fees reach about $500 on a flat balance, but every Crowd Street fund adds yearly fees too.
What do you actually own on Fundrise and on Crowd Street?
On Fundrise you own shares of a Fundrise fund, and on Crowd Street you own shares or units of another manager's vehicle. One Fundrise manager picks, runs and values every asset, and VCX holds technology companies rather than property.
Crowd Street's vehicles include interval funds, tender-offer funds and non-traded REITs, each with its own prospectus. Investors who bought older single-sponsor deals on CrowdStreet own interests in those deals' entities until each one ends.
Tax forms follow the structure. A REIT shareholder receives a Form 1099-DIV, not a K-1, while partnership and LLC interests, such as single-sponsor syndications, produce a K-1. This is general information, not tax advice. The Fundrise 1099 vs K-1 comparison goes further.
Getting out
Can you get your money out of Fundrise or Crowd Street?
You can ask Fundrise's interval funds to buy back shares each quarter, but not on demand. Each quarter a fund offers to repurchase a set share of its stock, recently 5%. When requests exceed that, they are filled pro rata, so you may get back only part of what you ask for.
SEC Rule 23c-3 allows offers of 5% to 25% of shares and a repurchase fee of up to 2%. Fundrise eREIT redemptions have been limited, and VCX shares trade on the NYSE at market prices.
On Crowd Street, the exit is written into each fund's own prospectus. The SEC warns that non-traded REIT redemption programs "may be discontinued ... without notice." The guide on selling a private real estate investment early covers the options.
How have Fundrise and CrowdStreet returns compared?
Fundrise and CrowdStreet returns cannot be compared like for like, so this page does not set one against the other. Fundrise reports results for its own funds in SEC filings. Crowd Street's current offerings are other managers' funds, each with its own history. Realized results for CrowdStreet's older single-sponsor deals appear mainly on third-party sites rather than on Crowd Street's own pages.
When you compare any two figures, check that both are net of all fees and cover the same period. Also check whether they are realized or based on estimated values. Private real estate is illiquid, past results do not predict future ones, and you can lose money on either platform.
Since 2023
What has happened at Fundrise and Crowd Street since 2023?
Since 2023 Fundrise has settled an SEC case over paid promoters, and Crowd Street has faced the Nightingale fraud's fallout. The dated record:
- August 22, 2023: the SEC settled charges that Fundrise Advisors paid more than 200 online influencers and newsletters to solicit clients without the disclosures then required. Fundrise paid a $250,000 penalty without admitting the findings.
- 2023 to February 21, 2025: in 2023 CrowdStreet disclosed that investor funds in Nightingale offerings had been misused. On February 21, 2025, the SEC charged Nightingale Properties and Elie Schwartz with defrauding at least 700 investors of more than $52 million. The SEC did not charge CrowdStreet.
- March 14, 2025: investors filed a class action against CrowdStreet, which was sent to individual arbitration and stayed in August 2025, according to Bisnow. The company denies the claims.
- June 30, 2026: Rise Companies, Fundrise's parent, reported $3.4 billion of assets under management and more than 404,000 active investor accounts.
The longer story of what happened to CrowdStreet and where its former deal investors went has its own guide.
Fundrise vs CrowdStreet vs Yieldstreet: where does the third name fit?
Yieldstreet renamed itself Willow Wealth in late 2025. It sells alternative investments across several asset classes, mostly to accredited investors, with offerings from about $10,000, per Finder. CNBC reported on December 5, 2025, that investors had lost at least $208 million on earlier Yieldstreet deals.
In September 2023, Yieldstreet settled SEC charges over a marine offering for $1.9 million. Yieldstreet also bought Cadre in 2024; see Cadre alternatives. The Yieldstreet guide has the full picture.
Which fits
Which fits you: Fundrise or Crowd Street?
Fundrise fits investors who want one hands-off, diversified fund at a very low minimum, accredited or not. Crowd Street fits accredited investors who want to pick among large managers' private funds and REITs from about $5,000.
Fundrise
Single manager · Own funds
- Minimum
- $10
- Who can invest
- Anyone
Fundrise, the investment platform of Rise Companies Corp., sells only its own products: two interval funds, an eREIT and the NYSE-listed Innovation Fund. Its real estate funds charge a 0.15% advisory fee and a 0.85% management fee each year, plus fund expenses. Quarterly repurchase offers give some liquidity, though requests can be filled in part.
Good fit if you
- Want one diversified real estate fund
- Are not accredited
- Want to start small
Not a fit if you
- Want to choose sponsors or properties
- Need your money back on demand
Crowd Street
Broker-dealer menu · Large managers' funds
- Minimum
- Typically $5,000
- Who can invest
- Accredited only
Crowd Street sells funds and non-traded REITs from institutional managers through its broker-dealer, CrowdStreet Capital LLC. It charges no account fee. Sales loads of typically 1.5% to 3.5% are taken from the amount you invest, and each fund adds its own fees. How you get money out depends on each fund's repurchase program.
Good fit if you
- Are accredited
- Want a menu of large managers' private funds
- Want lower minimums than most direct deals
Not a fit if you
- Are not accredited
- Want individual sponsor offerings
Eight checks
How did we check these Fundrise and Crowd Street facts?
Relli checked both platforms on October 20, 2026, against the eight questions in the first table. Primary sources came first (Fundrise's help center and SEC filings, Crowd Street's Form CRS, offerings page and releases, FINRA BrokerCheck and SEC orders).
Figures from Bisnow, Finder and CNBC are named in the text. Relli is not a side in this comparison and appears only in the section below and the disclosure. Nothing is scored or ranked, and no platform paid to be included.
A third model
What if you want individual sponsor offerings instead?
Neither platform offers individual sponsor offerings today, so that model now lives on a sponsor marketplace, a third model. There, independent sponsors list their own offerings, you compare them, and you deal with the sponsor directly. It suits investors who valued choosing one sponsor's deal on the old CrowdStreet and judging that sponsor themselves.
Whichever model you choose, settle three things first. Check whether you qualify, what you pay in dollars at every layer, and how and when you can get your money back.
Sources
- Fundrise Advisors, LLC: order instituting settled proceedings (Release IA-6381), U.S. Securities and Exchange Commission (Aug 22, 2023)
- SEC charges Nightingale Properties and its CEO (Litigation Release 26254), U.S. Securities and Exchange Commission (Feb 21, 2025)
- Rise Companies Corp. quarterly report (Form 10-Q), SEC EDGAR (period ended Jun 30, 2026)
- Fundrise Flagship Real Estate Fund prospectus, SEC EDGAR (May 1, 2026)
- Fundrise Flagship Fund repurchase offer (Form N-23C3A), SEC EDGAR (2026)
- Fundrise eREIT merger registration (Form S-4/A), SEC EDGAR (2026; merger closed Apr 29, 2026)
- Rule 23c-3, repurchase offers by closed-end funds (17 CFR 270.23c-3), Cornell Law School LII (accessed Oct 20, 2026)
- Investor Bulletin: Non-traded REITs, SEC Office of Investor Education and Advocacy (Aug 31, 2015)
- Crowd Street Form CRS (client relationship summary), Crowd Street (May 18, 2026)
- BrokerCheck: Fundrise Advisors, LLC (CRD 172036), CrowdStreet Capital LLC (CRD 312762), CrowdStreet Advisors, LLC (CRD 299176), FINRA (accessed Oct 20, 2026)
- Form D data sets, SEC Division of Economic and Risk Analysis (period Oct 1, 2025 to Sep 30, 2026 | pulled Oct 20, 2026)
- Fundrise fees, Fundrise (accessed Oct 20, 2026)
- Crowd Street offerings, Crowd Street (accessed Oct 20, 2026)
- Crowd Street launches new brand for private market investors, Crowd Street (May 29, 2025)
- Crowd Street expands private markets investing, Crowd Street (Oct 2, 2025)
- Fundrise Innovation Fund to list on the NYSE, Business Wire (Mar 3, 2026)
- CrowdStreet accused of raising securities without a license in class action, Bisnow (2025)
- Willow Wealth review, Finder (updated Oct 2, 2026)
- Yieldstreet investors face losses as company rebrands as Willow Wealth, CNBC (Dec 5, 2025)
