An entrepreneur bets on real estate that changes “forever”
The real estate market “will change forever,” according to a New York-based apartment rental agency.
During an interview on “Varney & Co.” by FOX Business. On Wednesday, Daniel Mishin, founder and CEO of June Homes, said his business was growing to meet this demand.
“People divide their time between cities. Younger people can’t afford to sign 12-month leases,” Mishin told host Stuart Varney. “So people are looking for flexibility, convenience and ease. “
Mishin, who became a successful entrepreneur in his native Ukraine before moving to the United States, quickly built one of the largest housing companies in the world, without owning a single property.
June Homes partners directly with landlords to provide tenants with short-term, furnished and renovated rentals in New York, Washington DC, San Francisco, Los Angeles, Boston and Philadelphia.
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The company never charges brokerage fees and leases range from 1 to 18 months.
“June Homes is essentially lowering short-term rental prices by working with small family owners versus large multi-billion dollar real estate conglomerates,” Mishin explained.
“We have built an algorithm that finds apartments that are in a slightly worse shape than other apartments, slightly cheaper than other apartments,” he continued, “we are working in partnership with the owners, we are renovating them in 72 hours and then put them back on the market in this framework. new model. “
The CEO added that the recent demand for short-term leases among millennials is creating a supply shortage that they are working to address.
“Demand from our tenants has increased by just two point five times quarter over quarter,” Mishin said. “We are running out of apartments in every major American city, and the demand is there.”
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Recent financial support from venture capitalists is helping June Homes increase supply.
“We are working with homeowners to convert their multi-family or single-family homes into this new use which has a lot of demand, which decreases their vacancy time by ten, which allows them to eliminate brokerage fees, management fees and stop paying various middlemen, “Mishin said,” which ultimately lowers rental prices for consumers.
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