# June Homes Financial Model Tech-enabled residential rental operator that partners with mom-and-pop landlords to upgrade, furnish, and lease apartments - owning no property itself. - Canonical: https://finamodel.com/startups/june-homes - Excel download: https://finamodel.com/startup-models/june-homes.xlsx - Category: Marketplace - Model type: SaaS ARR / Valuation - Funding round: Series B - Funding: $27M - Founded: 2021 - Geography: U.S. - NYC confirmed; Boston mentioned in testimonials; "top 10 U.S. markets" as target. - Customer: B2B ## About the company June Homes is a technology-enabled rental operator that partners with small landlords to upgrade, furnish, and lease apartments without owning the underlying real estate. Tenants receive flexible terms, digital tours and move-in, bundled utilities, and support, while landlords gain faster leasing and renovated units. The company earns the spread between gross tenant rent and payments to landlords and direct operating costs. Its deck showed occupancy recovering to more than 90% after the COVID trough and outlined a portfolio approach with a contribution-margin target above 45%. The model is a residential rental-unit P&L. Units under management, launch and refurbishment timing, occupancy, rent, lease duration, landlord payments, furnishing, and utilities build the revenue and margin waterfall. Supply acquisition, tenant defaults, churn, city mix, and unit-level contribution margin determine whether growth creates durable cash flow. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition **For tenants:** - Flexible lease terms: 1–18+ months - Furnished or unfurnished options - Bundled WiFi and pre-set utilities - Vetted roommate matching - 24/7 in-app support - Fully digital end-to-end: search, 3D/VR tours, digital application, e-sign, contactless move-in - 4.9/5 stars on Facebook **For landlords:** - Algorithm identifies underperforming units - Renovation/refurbishment at no cost to owner; completed in ~72 hours - Templated designs + centralized procurement - Leasing ~10x faster than market - Reduce idle time (1.5–2 months between tenants) and middleman costs (8–20% of rental income) ## Market - TAM: Total U.S. rental market - $518B - SAM: U.S. multifamily rental market - $138B - SOM: June Homes target - $6.9B - Total rental apartments in top 10 U.S. markets: 10M units - COVID context: U.S. rents dropped 20–40% YoY; company framing this as a window to lock in discounted long-term leases - No market growth rate (CAGR) stated in deck. ## Revenue model The deck does not explicitly break down the fee structure, but the following can be inferred from context: - **Gross Rental Income**: Company masters/subleases units, collects rent from tenants at market rate (or premium for furnished/flexible). - **Net Revenue**: Gross Rental Income minus rent paid to landlords and direct operating costs. - **Contribution margin target**: >45% portfolio-wide - Distribution: 23 platforms posted per listing; direct channels >50% share; 94% of leases signed without in-person tours - Pricing: Example listing visible at $1,995/mo for a shared apartment unit (NYC) - Lease durations: 1–18+ months; flexible = likely premium pricing vs. annual lease ## Traction & metrics - **Occupancy Sold Rate (OSR)**: - Jan 2019: 83.8% - Jul 2019 (x2 peaks): 96.0%, 96.3% - Jan 2020: 97.7% - COVID trough (~Apr 2020): 59.0% - Recovery: 67.9% → 81.6% → 85.0% → 91.1% (Jan 2021) - Portfolio unit count on left axis peaked ~750–800 units (read from chart scale) - **Revenue growth** (exact $ amounts blurred/redacted in deck images): - Gross Rental Income YoY: 193% (2021), 287% (2022), 125% (2023 - projected) - Net Revenue YoY: 108% (2021), 146% (2022), 84% (2023 - projected) - Target: ~$100M net revenue - **Tenant default rate**: - June Homes Apr–Jan 2020/21: 0.0%–0.4% (avg <0.2%) - Legacy U.S. market same period: 4.1%–6.8% (avg >5%) - Source: NMHC Rent Payment Tracker 2020 - **Facebook rating**: 4.9/5 stars - **Avg time on market**: Redacted/blurred in slide 15 image - stated as "days" with a number obscured - **CAC/LTV ratio**: Present as a metric on slide 15 but value is blurred/redacted - **Leases without in-person tours**: 94% - **Direct channel share**: >50% ## Unit economics - **Contribution margin**: >45% portfolio-wide (stated in slide 19 headline; exact figure blurred in image) - **CAC/LTV ratio**: Cited as a KPI on slide 15 but value is blurred - not readable - **Landlord cost**: 8–20% of rental income lost to middlemen (the problem June Homes solves) - implies June Homes takes a slice of this as its spread - **Tenant upfront cost removed**: 3x rent in upfront costs at traditional lease signing (broker fees, security deposit, etc.) - June Homes eliminates this friction - No explicit CAC, payback period, or LTV figure stated. ## Competition / moat - **Moat claims** (from deck): - Proprietary algorithm to identify underperforming units - Templated renovation process enabling 72-hour unit turnaround - 23-platform real-time distribution - 10x faster leasing than market - <0.2% default rate vs. >5% market (superior tenant underwriting) - All-in-one app with 3D/VR tours, digital lease, contactless entry - **Competitive landscape**: Not explicitly covered; no competitor comparison slide in deck. - Implicit competition: traditional brokers, legacy property managers, other proptech operators (Sonder, Locale, etc.) - none named. ## Team & funding ask / use of funds **Team**: - Daniel Mishin - Founder & CEO ("Dropped out" noted) - Daneel Siddiky - CFO - Jennifer Gardner - Chief People Officer - Mauricio Zuniga - Chief of Staff - Erin Abernathy - VP Brand Marketing - Ivan Zolotukhin, PhD - CTO - Avi Goldenberg - General Counsel - Mateus Rocha - VP Growth Marketing --- ## Recommended financial model - **Archetype + why**: **Residential rental operator P&L with unit-economics waterfall** - closest analogy is a master-lease / sublease proptech (Sonder, WeLive). Revenue is Gross Rental Income; net revenue is the spread after rent-to-landlord and direct unit costs. A contribution-margin-by-cohort model is appropriate given the stated >45% target and the two-sided (tenant + landlord) economics. A light 3-statement can wrap the unit model for investor purposes. - **Forecast horizon & granularity**: Monthly for Year 1 (2021), quarterly for Years 2–3 (2022–2023), consistent with the 4-year bar charts shown in the deck. The deck itself forecasts to 2023. - **Key drivers & assumptions**: - **Units under management (UUM)**: Starting base ~800 units; target 10,000 units in 24 months - **Unit ramp rate**: ~380 net new units/month to reach 10,000 from ~800 in 24 months - **Average monthly rent (Gross)**: ~$1,500–$2,500/unit - **Occupancy Sold Rate (OSR)**: 91% steady-state; model COVID-period trough at 59% - **Revenue per occupied unit/month**: Average gross rent × OSR - **Rent-to-landlord pass-through**: - implied by >45% contribution margin and the 8–20% middleman cost framing; exact split not disclosed - **Net revenue take rate**: - to be calibrated to hit the >45% contribution margin after direct costs - **Direct unit costs** (renovation amortization, utilities, WiFi, maintenance, cleaning, in-app support): - key sensitivity driver - **Renovation capex per unit**:; amortize over lease term - **CAC**:; model separately for tenant and landlord acquisition - **Average lease duration**: - given 1–18 month range and flexible positioning, weight toward shorter end - **Gross Rental Income YoY growth**: 193% (2021), 287% (2022), 125% (2023) - **Net Revenue YoY growth**: 108% (2021), 146% (2022), 84% (2023) - **Net Revenue target**: ~$100M by 2023 - **Contribution margin**: >45% - **Default rate**: <0.2% - model as bad debt/revenue haircut - **Scenarios (Base / Bull / Bear - which variables flex)**: - **Bull**: Units ramp to 10,000 by month 24; OSR holds at 91%+; take rate expands as direct-channel mix grows; contribution margin reaches 50%+ - **Base**: Units reach 6,000–7,000 by month 24 (execution friction); OSR ~88%; contribution margin 45% - **Bear**: Unit ramp stalls at 3,000–4,000 (landlord acquisition slower than modeled); OSR dips to 80% (market softness); contribution margin 35% due to higher direct costs in new markets - **Required sheets / outputs**: 1. **Assumptions** - all drivers in one place, clearly tagged DECK vs. ASSUMED 2. **Unit Growth Schedule** - monthly new units signed, churned, active UUM 3. **Revenue Build** - Gross Rental Income = UUM × OSR × avg rent; Net Revenue = Gross minus pass-through; by month 4. **Unit Economics** - contribution margin per unit: net revenue minus direct unit costs (renovation amortization, utilities, maintenance, CAC allocation) 5. **P&L (Income Statement)** - Net Revenue → Gross Profit → Contribution Margin → EBITDA (after G&A, S&M, tech/product) 6. **Headcount & Opex** - ops team scales with UUM; G&A relatively fixed 7. **Cash Flow & Runway** - working capital: renovation capex is upfront, rent collected monthly; model cash timing 8. **Scenario Toggle** - Bull/Base/Bear switchable from assumptions sheet 9. **Dashboard** - UUM, OSR, Net Revenue, Contribution Margin %, Cash runway ## Frequently asked questions ### Is the June Homes financial model free? Yes. The June Homes model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.