Founded in 2020, Simply Homes has grown its revenue by more than 50% quarter over quarter since its first-quarter launch. Over 80% of its tenant base are single parents who, without the company's help, would need to work an estimated 50 hours a week to afford market-rate rent. The company uses its technology platform and operational teams to source, acquire, renovate, and manage the properties, and plans to use its new funding to develop AI-powered virtual analysts to interpret data for acquisitions.
Key takeaways:
- Simply Homes, a startup that buys and renovates single-family homes in blighted neighborhoods for rent to low-income families, has secured $22 million in funding.
- The company currently operates in Pittsburgh, Pennsylvania and Cleveland, Ohio, with plans to expand into Baltimore, Maryland and parts of the Midwest.
- Over 80% of Simply Homes’ tenant base are single parents who, through the company's use of HUD’s HCV program, pay no more than 30% of their income for rent.
- The company plans to use its new capital to develop AI-powered virtual analysts that interpret data for making acquisitions and to expand into new markets.