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Artificial Intelligence
December 2023
How Simply Homes is Revolutionising Affordable Housing With AI
In the United States, the affordable housing crisis is a complex and pressing issue, particularly for lower-income families and vulnerable populations. Amidst this challenge, Simply Homes, a startup from Portland, Maine, is stepping up with a novel solution. Established in 2020, the company is harnessing the potential of Artificial Intelligence (AI) and machine learning to create a significant impact in the affordable housing sector. Their approach goes beyond traditional methods, focusing on revitalising neglected housing stock to provide much-needed homes for those most in need.
In this blog, we'll explore Simply Homes' unique approach, which blends technology with social responsibility. Their strategy not only aims to provide affordable housing but also contributes to community development. This piece will shed light on how Simply Homes is utilising AI to transform the landscape of affordable housing, offering more than just a place to live but a foundation for community growth and stability.
Simply Homes, founded in 2020, is evolving affordable housing by employing a data-driven approach to revitalise communities. Their strategy involves purchasing single-family homes in neighbourhoods that have seen better days, renovating them, and then offering them as rentals to very low-income families, the elderly, and the disabled, including those with Section-8 vouchers. This approach is unique in its focus on communities most in need of affordable housing, which is often overlooked by other real estate ventures.
A critical aspect of Simply Homes' model is its innovative use of technology. Co-founder and CEO Brian Bagdasarian, with a background in human process automation and machine learning, along with CFO Robert Kavanagh, leverages this expertise to develop a technology platform that underpins their operations. This platform uses AI to optimise the process of sourcing, acquiring, renovating, and managing properties. By integrating Bagdasarian's AI experience and Kavanagh’s real estate knowledge, they've created a system that can accurately and efficiently assess and acquire properties.
One of the standout features of Simply Homes' approach is its ability to predict rental income with high accuracy. By utilising data from housing authorities, they can precisely underwrite the potential of each property. This method eliminates much of the risk and uncertainty that typically accompanies real estate investments, especially in the affordable housing sector.
The company's commitment goes beyond just providing homes; it's about impacting communities positively. They aim to transform neighbourhoods one home at a time, working with residents to maintain the community's distinctiveness. Their Affordable Housing Vehicle is a testament to this commitment, where they reinvest in neighbourhoods, ensuring they rejuvenate rather than gentrify.
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See our workFurthermore, Simply Homes has shown resilience in the face of economic challenges, such as high-interest rates, by incorporating these scenarios into their business model from the onset. This foresight has allowed them to remain stable and continue growing, even when other companies in the property technology sector have struggled.
Currently operating in Pittsburgh, Pennsylvania, and Cleveland, Ohio, Simply Homes has plans to expand into Baltimore, Maryland, and other parts of the Midwest. Their goal is to extend their model of affordable housing and community development to more regions, impacting more lives along the way.
Simply Homes stands as an ideal model of how technology, specifically AI and machine learning, can be harnessed for societal benefit. Their approach not only addresses the immediate needs of affordable housing but also fosters community growth and stability. As it continues to expand, Simply Homes is setting a new standard for affordable housing solutions in the United States.
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