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Show HN: Colibrin – Get up to 15% of your rent back. (AMA in comments)
- somid3 8y agoHello everyone, back in 2016 I started researching how to improve the residential rental estate space and realized that long-term renters are the gold of the industry. Similar to good drivers in the car insurance industry, and inspired by cash-back programs from credit cards, and airline mile points -- I figured we could create a new financial instrument that exists between the world of renting and owning property. For our generation, it is unfortunate that rent prices are increasing faster than wage hikes. This is partly due to the influence that pension funds, sovereign funds, and other retirement funds have had on the real estate landscape. To keep returns high on pension funds, they invest in REITs that increase the rent price of our generation. In a way, the retirement fund of a previous generation is making the living expense of the current generation impractical. Colibrin sends landlords very long-term tenants, and it gives renters a 401(k) fund-like-experience that they can cash out when they move out. Overall, renters can get 10% to 15% of their cumulative rent payments when they move out, and hopefully will use that to buy their next home. We're still in the early days, so if you wish to join - this is the time. Please let me know you if you have any questions. I can be found at omid+hn [at] colibrin [dot] com Thank you all, I feel privileged to have welcomed Colibrin to the world via HN, this is our first public mention.
- dimodi9 8y agowhere does the xtra money for renters come from? Imagine rental properties are already efficient
- shahryc 8y agoI think some rental properties are definitely underutilized
- somid3 8y agoUnderutilized, and the high rate of tenant switches causes all sorts of unnecessary expenses
- makia837 8y agoseems from the lower vacancy rate. I'm curious what is the average rate for each state or county in US or abroad.
- somid3 8y agoThis varies dramatically, some areas like Rittenhouse in Philadelphia has an average of 10%, while other locations have a 3% vacancy rate -- the national average in the US is typically 7%
- somid3 8y agoGreat question, when tenants switch apartments landlords have to absorb the missing weeks of rent while they are cleaning and repairing the unit. Landlords also have to find a new tenant and cover lots of other costs. Overall, property owners have to spend 20% to 45% of their cash-flows on tenants. In a way, right now long-term renters are subsidizing short-term renters.
- tuffon 8y agoHow do I sign up to be one of the first renters on the platform?
- hackerfan123 8y agoBrilliant idea! I have been renting for the past 15 years and for a good chunk of it in between of two stretches of 3-4 years, was in the same building. Would have been great if I could have made some savings off of those stays! Excited to see this being rolled out :)
- cimmanom 8y agoThe site says there's no long term lease lock-in. If that's the case, how are you decreasing the vacancy rate?
- somid3 8y agoBecause the renter fund grows -- by the time they move out the fund will be a huge reward to let go off.
- fiatjaf 8y agoAmazing idea. I hope you succeed. Are you a global network or just US? I have small properties to rent on Brazil and would like more long-term renters.