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In today’s landscape, soaring interest rates, inflation, economic uncertainty and high real estate prices make it difficult for many people to purchase a home. First-time homeowners, like millennials and Gen Z, often struggle to save for a down payment while paying rent, especially if they don’t have the extra funds to make the new home energy efficient.
This is a significant problem in countries like Belgium, where about 99% of houses and 95% of apartments do not yet meet the energy ambitions of the Paris Agreement. This is contributing to the country’s declining homeownership rates, which slipped from 72.50% in 2022 to 71.90% in 2023—a trend that is expected to continue into 2024.
To help address this issue, Bundl helped BNPPF to join forces with Matexi to launch HappyNest, a solution that provides renters with a pathway to sustainable homeownership using a unique “rent now, buy later” financial model. As explained by General Manager Erik Neven:
“Our mission is to make the dream of owning your own home a reality for a wider audience. With a focus on sustainable real estate, we also respond to a social issue.”
Let’s take a closer look at the genesis of HappyNest's value proposition and the role Bundl played in the validation process that helped bring it to the market.
A winning proposition
We kicked off the project with a comprehensive business model analysis to identify specific market pain points, define our target audience, and determine how to effectively leverage BNPPF and Matexi's extensive assets to address market needs and demands. This included identifying the type of partners needed to make the proposition viable and scalable (e.g. new builds vs existing projects).
We worked closely with the HappyNest team and conducted extensive market research, gap analysis, ideation, and validation to help bring the venture to life (more on that below).
As we got closer to the first launch, Bundl also spearheaded a marketing and communications roadmap with specific touchpoints and channels designed to help the HappyNest team successfully draw the attention of their target market.
The year it was launched (2023), HappyNest concluded contracts for over 50 houses and apartments. In the six months leading up to March this year, the venture saw interest from 3,000 prospective buyers looking to acquire a new home through its rent-to-own program. That’s a pretty stellar beginning for a young venture, showing the high market demand for its offering.
The validation process
Validating the venture involved diving into market trends and consumer data to identify a clear demand for more accessible and flexible homeownership options.
Based on our findings, we developed 10 potential concepts, each tailored to fill those gaps. We tested 8 of the strongest concepts to see which ones resonated the most with our target audience. To gather the data we needed, we conducted several smoke tests, surveys, and personal interviews.
The top 2 concepts were further developed and tested, leading to the final standout proposition, which was launched as HappyNest.
Making homeownership sustainable and accessible
Following a successful launch in Flanders, HappyNest has expanded into Wallonia, bringing sustainable and affordable housing to regions like Hainaut, Liège, and Walloon Brabant. This growth highlights the strong demand for its unique rent-to-own solution. There are also plans in the works to make the service available in Brussels by summer this year.
For more updates, be sure to visit the HappyNest website or the HappyNest case page on the Bundl website.
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