Source: The New York Times
Finding an affordable home in NYC is notoriously difficult, especially for those seeking rent-stabilized or below-market units. The search often relies on luck, endless viewings, and navigating complex government bureaucracy. Two innovative high school students realized this struggle and set out to build the centralized affordable housing portal that the city desperately needed.
One of the co-founders, Beckett Zahedi, personally experienced the "grueling ritual" of apartment hunting with his family after his parents divorced. He witnessed how emotionally and financially trying the process was, often seeing only one affordable apartment listing per month. This personal struggle, combined with his entrepreneurial spirit, fueled the idea for a tech solution that could make the search faster and easier.
To turn the idea into reality, Beckett first had to teach himself the necessary skills. He spent two months learning to code using online tutorials. In July 2024, he and his classmate successfully launched Realer Estate. This platform combines public data with real estate listings to help users find below-market and rent-stabilized apartments, achieving what city officials have not managed to do.
While it's difficult for the public to access a comprehensive list of rent-stabilized units, this new platform cross-references active sales/rental listings with rent-stabilized building addresses. The algorithm even calculates an "undervalued" score for properties at least 15% below market rate.
In just a few months, they attracted over 27,000 visitors and earned high praise from local city officials. One local real estate professional was so impressed, they provided capital to advertise, resulting in a contracted client from the site.
Currently, finding rent-stabilized homes often requires extreme "hustle," including sifting through outdated lists. Housing experts note the desperate need for a streamlined, uniform way for New Yorkers to find affordable options, which these young inventors are now providing.
While running the platform consumes much of their time outside of school and college applications, the developers see it as a civic duty. They continue to refine the site, recently implementing an alert system for new listings. This feature is similar to what the City Council will soon require, demonstrating their foresight. Their goal is to collaborate with the city and continue helping more people find affordable homes.
