Founded in 2020, Simply Homes spent its first couple of years developing its platform and associated models before buying its first home in January of this year. By the end of this month, the startup is expected to have 108 units, or homes, in its portfolio. Since its first-quarter launch, it’s seen its revenue grow by more than 50% quarter over quarter. Over 80% of Simply Homes’ tenant base are single parents who would need to work an estimated 150 hours a week to afford market-rate rent on a home, notes Bagdasarian. Utilizing HUD’s HCV program through Simply Homes, these families are paying no more than 30% of their income for rent, claims Bagdasarian. Currently, Simply Homes operates in Pittsburgh, Pennsylvania and Cleveland, Ohio. Its goal is to expand into Baltimore, Maryland and parts of the Midwest, including additional markets throughout Ohio and in St. Louis, Missouri, among other cities. The company looks for stable markets that aren’t susceptible to wild fluctuations in the housing industry. Simply Homes operates in an operating company/property company structure, with the operational company using its technology platform and operational teams to source, acquire, renovate and manage the properties. The property management company holds them long term. Many proptech companies have struggled, or outright shut down, this year, in large part due to the sky-high interest rates. But Simply Homes, according to Bagdasarian, factored in the possibility of high interest rates very early on in its model so it has been less affected by the macro environment.