Editor in Chief

Head of People

Co-founder & CEO

Many Americans are resigned to a lifetime of renting. Learn how Belong is using innovation to change this paradigm, and transform renters into owners.

How Belong is Breaking the Perpetual Rental Cycle and Turning Residents into Homeowners

Right now, in America, yet another generation is finding itself resigned to a lifetime of renting their homes. This blog discusses how Belong is using innovation to change this paradigm, and transform renters into owners.

On one hand, when you look at Belong, you’ll find two distinct sets of people: landlords – or as we call them homeowners; and tenants (ugh) – or as we call them, residents.  

But as different as these groups seem on the surface, the interesting thing about the people on our platform is that, in actuality, there isn’t that much of a difference between them. They both love the house that, on an emotional level, they share, and they both care about the neighborhood and community that surrounds the house.

At Belong we see the dichotomy between homeowners and residents as artificial and outdated; in today’s world, people should be able to move fluidly from renting to owning. 

That’s why we’re working so hard to accelerate the ramp to ownership – to shorten the rental period and extend the ownership one.

That data shows that the American Dream of homeownership isn’t going anywhere. In fact, 89% of Millennials – and this was before the pandemic – want to own a home.

But it’s harder than ever to achieve that dream. Housing prices have increased over the last decade-plus, while supply has slowed to a trickle. What’s more, cash-rich, opportunistic investors have moved into the market, sucking up supply. That’s why economists predict that even with rising interest rates, housing prices will not fall significantly.

As our founders observed in a recent blog post announcing our Series C raise, “The last ten years saw a significant concentration in ownership of the housing supply. As a result, individual homeowners and renters now compete with prominent hedge funds to access homes to live in and build long-term wealth.”

So what’s the solution? To create new opportunities for renters to become owners – and for owners to enable that transfer.

Belong is proud to be helping to break the perpetual rental cycle by innovating the Karma Wallet. Here’s how it works. Every time a resident on our Belong platform pays their rent on time, a portion of that money is stashed away in the wallet, for residents to apply to a future home purchase. 

When the resident decides to buy the property, and has reached an agreement with the homeowner, Belong provides residents with a Home Purchase Specialist who will guide them through the process. 

Of course, it might be a while before residents reach the point of being ready to buy a home, which is why we allow them to apply their Karma to the rental process as well: once you’ve built up enough Karma they’re given priority access to rental properties on the platform. 

Think of it as a twist on the classic “Rent-to-Buy” concept: residents are effectively building up equity in homes they want to call their own, while homeowners have built-in, on-demand buyers they know and trust.

We believe this is what residents want, to have the flexibility to buy with a helpful Belong boost.  And we believe that our homeowners want to see the houses they hold so dear end up with someone who will have the same kind of relationship. 

But we also know that all homeowners are different. Some may want to work through Belong and sell their home, others may choose to sell the home directly, or with a broker of their choosing.

That’s cool with us. Unlike property managers who have strict lock-in contracts, we give our homeowners the ability to sell their homes in any way they choose.

It is ideas like these that will help shift homeownership back into the hands of people, instead of hedge funds — and that will help working Americans “break the perpetual renting cycle,” to borrow a phrase — plus some inspiration — from our founders.

We know that just about all of the homeowners on our platform aren’t professional investors.  Many have moved out of their home but aren’t ready to sell it. Others are what we call “accidental homeowners,” people who’ve unexpectedly inherited a property and aren’t exactly sure what they want to do with it

These homeowners can provide the on-ramp to a generation of renters who want to become owners themselves. Being able to participate in the evolution is something that makes us happy every day.

Want to learn more about what Belong is doing for homeowners? Click here. Or if you’re a potential resident and want to learn how we’re helping people like you, click here. 

How Belong is Breaking the Perpetual Rental Cycle

Forget the comps and stats, pricing your LA rental home isn't that simple. See what happens when you take a real-world approach to pricing Los Angeles rentals.

How to Price Your LA Rental Property To Attract Long-Term Residents

The City of Angels, La-La-Land, The Big Orange. Call it what you like, there’s one thing that always springs to mind when talking about LA and that is expensive. Los Angeles rents are often reported to be among the highest in the nation. But with rent control laws, coupled with wildly contradictory forecasts on the LA housing market, how should homeowners go about pricing their homes on the rental market? By ditching the property management model for a future-ready alternative. 

Rents have skyrocketed across LA neighborhoods, but that doesn’t mean it’s all Flowers and Sunshine for homeowners in Los Angeles. For the past two years, homeowners have had to freeze rent and deal with an eviction moratorium. Some also dropped rents in 2020 when vacancies spiked. 

According to RentCafe, the median rent in LA neighborhoods is anywhere between ~$1,500 per/month in Vermont Vista up to more than $4,500 per/month in Santa Monica neighborhoods like North of Montana. When looking at the stats available online, it’s worth remembering that these are asking-rents for available properties only and aren't reflective of what is actually being paid in the market. 

These medians often incorporate high-end luxury properties that aren't indicative of all rents, especially with LA’s rent control laws in effect. 

How to price your LA rental property with real-time demand

The best way to stay in step with the market and rising costs is to price your Los Angeles home correctly from the start. But looking at stats and comps alone isn’t enough when things get this complicated. Yet that’s exactly what real estate agents and property managers do, because it’s the way it’s always been done. 

“The way it’s always been done” is exactly why Belong has ditched the property management model to offer a completely unique service that takes a humanized approach to the rental market —  including pricing.

When helping owners price Los Angeles rental properties, Belong uses technology to blend live market data with an all-important metric: real demand for each home. We determine the right price for your home that will maximize rental income and keep vacancies low, long-term. And because we extend our services to renters as part of our community, we attract the best of the best to place in your rental property. 

Once your home is on Belong, we get a true measure of the market by looking at impressions, clicks, tour sign-ups and how many people have started applications. With all that data at our fingertips — plus local-market benchmarks — we can work with homeowners to react quickly and maximize rental value, while minimizing vacancy. 

As a result, we trump the property management industry with 66% less vacancy. And our residents want to stay, with 71% renewing their 1-year lease (and unlike property management companies, this is done at no cost to homeowners). 

How to price rent in compliance with Los Angeles rent control laws

Speaking of lease renewals, when pricing a home in LA for rent, be aware that it may be subject to the LA’s Rent Stabilization Ordinance (RSO). The RSO governs allowable rent increases and evictions. 

Single-family homes are almost never subject to rent control, but if you have a duplex, townhouse, subdivision or ADU, the RSO may apply. 

Rules vary across California, but generally you can only increase the rent once every 12-months by 3-8% in accordance with the annual rent increase percentage, based on CPI. If you need to raise the rent to cover costs for improvements, major renovations, or the inflation rate is not enough to cover your operating expenses, you can apply to the LAHD for approval of a higher rate. 

Before making any decisions on rent hikes, check with your local city for rent-controlled laws specific to your home’s location:

You can learn more about cost recovery and rent adjustments at the Los Angeles Housing Department website. 

Goldilocks rental pricing that is just right, for right now.

With a unique approach and live insights from the Los Angeles rental market, Belong addresses the complexities and shifts in the rental market to determine exactly what high-quality, long-term residents are looking for and what they are ready to pay, right now. 

The result is fewer vacancies, great people caring for your home, profitable rental income, and no tricks or compromises that could devalue your home as a rental investment. 

From Adams-Normandie to Baldwin Hills, Venice to Woodland Hills and everything in between, find out how Belong would value your LA rental at https://belonghome.com/homeowners/los-angeles

Forget the comps and stats, pricing your LA rental home isn't that simple. See what happens when you take a real-world approach to pricing Los Angeles rentals

Pricing your Bay Area rental isn't about comps anymore. See what happens when you take a new approach to pricing your rental home in SF's sought-after Bay Area

Bay Area Prices are in Flux: How Much Rent Should You Charge?

They’re up, they’re down, they’re back up again. Bay Area rents are some of the highest across the country — and the most unpredictable. With prices bouncing around after the pandemic, you don’t need a crystal ball to price your home in the Bay Area rental market. You need Belong. 

Like all major cities, Bay Area rents suffered a big blow during the peak of the pandemic in 2020-2021. And while prices are on the rise again, the Bay Area is unique in that in May 2022 it was reported to be the only major metro area where prices have yet to reach pre-pandemic levels.

Of course, that isn’t the entire picture. Nor is it doom-and-gloom news for owners of rental properties in San Francisco’s Bay Area. Given that the pre-pandemic rents were some of the highest in the country after years of astronomical growth, today’s market isn’t exactly soft. 

San Francisco, Oakland and San Jose remain among the top 10 most expensive cities in the country to rent, despite being down on pre-pandemic levels. 

With this state of flux, coupled with rising interest rates and troubling inflation, homeowners could be forgiven for thinking that you need a crystal ball to price your Bay Area rental. But Belong has a better solution, based on real-time demand.  

How to price your Bay Area rental property with real-time demand

Looking at hard numbers and comps alone isn’t enough when the market gets this complicated. Or looking to outdated models such as asking for 1-2% of the mortgage rate or property value. Yet that’s exactly what real estate agents and property managers do, because it’s the way it’s always been done. 

But we’re playing a different game now. Property values have changed from that once-neat sum. And as workers return to the city, the wish list of amenities has changed. People have become accustomed to more space. They want outdoor areas, fast wifi and home offices. Studios and 1-bedroom apartments are still trickier to shift, while roomier homes are being snapped up soon after listing. 

Belong addresses these complexities and shifts by taking a modern approach to pricing homes on the rental market. In fact, Belong has ditched the property management model to offer a completely unique service that takes a humanized approach to the rental market —  including pricing. 

When helping owners price rentals in SF’s Bay Area, Belong uses technology to blend live market data with an all-important metric: real demand for each home. We determine the right price for your home that will maximize rental income and keep vacancies low, long-term. And because we extend our services to renters as part of our community, we attract the best of the best to place in your rental property. 

Belong averages 66% less vacancy than property managers

SF is one of the biggest tech hubs in the country, isn't it about time you start using first-class technology to power your rental investment? With a unique approach and live insights from the local rental market, Belong knows exactly what high-quality, long-term residents are looking for and what they are ready to pay, right now. 

Find out how Belong would value your Bay Area rental at https://belonghome.com/homeowners/bay-area 

Getting the right price for your Seattle rental isn't about comps alone. See what happens when you take a human approach to pricing your Washington rental home

How to Find the Sweet Spot of Rental Pricing For Your Seattle Home

Getting the right price for your Seattle rental property is all about market data, right? Not always. Find out what happens when you take a more human approach to pricing your home on the Washington rental market. 

In 2022, the Seattle rental market skyrocketed. Fuelled by jobs growth in the area, it was reported that Seattle rents are up 29% over last year. This is well above the already-high average nationwide increase of 15%. 

But how long will this last? Large price rises should slow in the later half of the year, so is now the right time to raise rents through the roof? Or should you be looking long-term, creating fairer pricing to stop your residents from bailing every 12 months in search of a better deal?

There’s also the new issue emerging that will affect locals. Some of Seattle’s biggest employers — including the goliath that is Amazon — are now overstaffed. What happens when job growth slows down? If you capitalize on growth outside of the greater Seattle area, what happens to your rental value when remote workers get called back into the office?

You see, market data is great, but it’s not perfect. If you look at the hard numbers alone, as most real estate agents and property managers do, you could be setting yourself up for failure later. Overprice your home now and you will be limiting your applicant pool and risk having to drop your rates dramatically when the market softens. Price too low now and you could devalue your property or even upset your HOA. 

How to price your Seattle rental property

The old model for rental rates used to be to ask for 1% of the mortgage rate or property value. This model is painfully outdated. With the rate of inflation and interest rate hikes, you could have difficulty finding someone to rent your home at that ask. 

The best way to avoid leaning too hard on market data, speculation, and outdated calculations is to take a human approach to renting your home. After all, that’s exactly what renters are and your home is set to become theirs when they move in. 

While the property managers of Washington are keeping an eye on comps, Belong takes a different approach to pricing homes on the rental market. Belong has ditched the property management model to offer a completely unique service that takes a humanized approach to the rental market —  including pricing. 

When helping owners price their homes for the Seattle rental market, Belong uses technology to blend live market data with an all-important metric: real-time demand for your home. By looking at how many people are in the market and their budget, we can determine the right price for your home that will maximize rental income, while attracting the best people to care for your home in the long term. Renters love Belong because we extend our services to them as part of our community, ensuring we find the best of the best to place in your rental property. 

Belong’s average time to rent in Washington is an industry-leading 12 days

Once your home is listed on Belong, we get a true measure of the market by looking at impressions, clicks, tour sign-ups and how many people have started applications. With all of that data at our fingertips — plus local-market benchmarks — we can work with homeowners to react quickly and maximize rental value, while minimizing vacancy. As a result, we trump the property management industry with an average time to rent of just 12 days in Washington (as of May 2022). 

And if you want to keep your cash-flow running in those 12 days (or less!), we can make sure you continue getting paid with our fee-free Smooth Payments option, unique to Belong. 

Goldilocks rental pricing that is juuuust right.

What happens when you couple current market data with live, real-time demand from the local rental market? The sweet spot, the Goldilocks of rental pricing. Belong takes the guesswork out of what to charge by using first-class technology to determine the right price for your home, including what high-quality, long-term residents are prepared to pay right now. 

The end result is fewer vacancies, great people caring for your home, profitable rental income, and no tricks or compromises that could devalue your home as a rental investment. 

Find out how Belong would value your rental home at belonghome.com/homeowners.

Belong

Adam Hanft

Lucas Hanft

Flora Fiorillo

Ale Resnik

Afton Brazzoni

Adam Hanft

Lucas Hanft

Flora Fiorillo

Ale Resnik

Afton Brazzoni