Dylan and Jake Cinti, co-founders of the real estate firm Yarrow, are changing traditional expectations of what renting is all about in Ypsilanti.
Yarrow's focus on quality and affordability has positioned the company in a unique space in the market.
“We want to be a part of rewriting the narrative of Ypsi to make it so anyone who is a young person or anyone who is thinking of where they want to live considers Ypsi," Cinti said.
Cinti remarked about the fundamentals of his approach to real-estate investment in Ypsilanti.
“There are two major ways we are going to contribute to a better Ypsi: our product quality and the attainability of our product," Cinti said. "I’m a firm believer that for a town to succeed, small businesses have to succeed… We look at opportunities to bring government and small business together to create a better small business space.”
Cinti outlined the Yarrow properties in Ypsilanti,
“Four properties, we recently got the downtown building, we call it the Unicorn building because Jen owned that store, she was a great steward of that building," Cinti said. "The building we just purchased at 114 is a historic building on Michigan avenue, a small but really charming building that is home to a company called Yours Truly that plans events."
Yarrow has also worked on marketing for local businesses, such as Witten Contracting, Professional Youth Theater of Michigan, John E. Lawrence Summer Jazz Festival, and more.
"Around Ypsi, a series that we release on Facebook primarily, all of it is filmed interviews of Ypsi small businesses ... At this point we have done seven of these... I wanted to bring a professional, sophisticated craftsmanship for these videos to honor the quality of the businesses."
Yarrow is seeking to promote small businesses in Ypsilanti and provide housing for those who have been priced out of other markets, including teachers, restaurant workers, and middle-income families. Cinti stated Yarrow’s aim is primarily on stewardship.
“[Stewardship is] based on the understanding that you need to respect and maintain buildings for the next generation and many generations to come,” Cinti said.
The path forward has not been without difficulties though. Yarrow has faced challenges in the form of apprehension from potential investors and community stakeholders.
“People have been rightly apprehensive, there’s a long history of contentious relations between those who own property and those who don’t," Cinti claimed. "I am empathetic to people who have been skeptical of what we’re doing. My goal, our goal, in addition to giving back to the community, is running a successful business.”
Yarrow has differentiated itself from other real estate firms by focusing on the quality of life of their tenants in tangible ways.
"We really are trying to go about this in the right way." Cinti said. "We are trying to make very livable spaces where you don't have to worry about what your home life is like."
Yarrow has a three-pronged approach to renovating properties they acquire, as Cinti defined it.
"Respect and honor original, historical details, maximize livability through amenities... and make use of outdoor space through landscaping and construction," he said.
Yarrow's aim of curating a satisfying experience for their tenants stands paramount. Cinti has placed a large emphasis on the relationship between the company and renters.
“I hate the term landlord," Cinti said. "I see myself as a service provider. The service I provide is high-attainable housing. I see it much more that way than a lord-serf relationship.”
Cinti is invested in the relationship Yarrow has with tenants and is looking to provide an “obtainable elegance” in the city of Ypsilanti for people who do valuable work in our society. Cinti remarked about the relationship he wants to cultivate with tenants in Ypsilanti.
“I saw an opportunity to elevate parts of the community that are already there," Cinti expressed. "My goal was never to save Ypsi or turn Ypsi around. We are pretty small. What we say is that we are purposefully small ... If you want to grow in real estate, you have to keep collecting ... The happiness of our tenant is the number one thing we do to measure success”.
Yarrow is primarily concerned with reinvestment in their tenants and community. The term "highly attainable" was continually emphasized by Cinti.
“We want Yarrow to be the last place you ever rent because you love the unit so much that you stop looking," Cinti declared.
Yarrow has worked in tangible ways to support their tenants and the community. Cinti remarked about a tenant's experience with Yarrow.
"We had one really long-time tenant, who are lead project manager, who is also a real-estate agent, helped represent him and buy his first house. It happened three more times. Every time it happened; I found that I was so genuinely happy to see people move forward."
Cinti, a graduate of Community High School and the University of Michigan, is a native of Ann Arbor. He provided personal insight into how the housing market has changed in Ann Arbor over the past few decades.
“I am largely disappointed in the direction that Ann Arbor has gone as far as home availability," Cinti critiqued. "It’s a great city to get an education and it’s a fantastic place to raise kids. It has become a place of enormous privilege that denies opportunity to people that do not make a certain income. For instance, social workers, who make way less than MDs or government workers who make a lot less than a lawyer. What precipitated that?"
Cinti shared his thoughts about Yarrow's pricing and how it reflects his philosophy.
"Ypsi is a place that is liveable for people doing the most important work in society. We model our pricing on the median income of Ypsilanti," Cinti said.
Cinti also spoke to the experience of renting from Yarrow and his attitude toward what proper stewardship looks like.
“If someone leaves because they don’t like your unit, I consider that sort of a failure. What could I have done to retain them longer? If they are leaving to buy a home then that fulfills what I want to see, people who do great jobs that get to own their own home. I want to be a part of making sure social workers, teachers, and people making modest salaries get to own homes.”
Through Yarrow’s stewardship and the thoughtfulness in supporting local businesses, the company has made real efforts to support the growth of downtown. Cinti explained that the success of the community depends on the success of small businesses.
“[The Downtown Development Authority] focuses on creating a more prosperous downtown and supporting local businesses. I would say there are definitely businesses in Ypsi that are gone too soon, and you want to see them around longer. We looked for ways for how businesses can help each other to succeed and talked about some strategies and tactics in which businesses can last longer in Ypsi.”
There are different opinions among the Ypsilanti DDA concerning the approach the community should take with crime. One side favors a more punitive approach and the other favors more relaxed measures. Cinti has stated that he wishes to bridge that divide and find compromise.
“What I am trying to do is find a common ground ... The quality of life for an unhoused person is significantly better in Ann Arbor. Ypsi needs to take steps to better address the needs of the unhoused’s problems, better mental health services, and better rehabilitation services," Cinti said. "On the other hand, I do think policing and safety are important, as well. I see our success as being intertwined with the success of Ypsi business owners and people — which means we have a responsibility to give back to the community.”
Yarrow has positioned itself as a leader in the cultivation of the community by subverting expectations of traditional real-estate ventures and providing affordable housing.
“I don’t feel excited when we come into possession of a building," Cinti said. "I feel a responsibility. To make sure the roof is in shape, that the HVAC is properly installed. It is much more gratifying if you do it right."
Cinti, alongside his brother Jake, has been looking to invest in Ypsilanti for many generations to come. They have brought a fresh perspective on what renting in Ypsilanti looks like.
"Jake works full time in New York City. I am more of the boots-on-the-ground person and Jake provides a lot of the strategic guidance. He is a commercial real estate professional and brings a lot of skills to the table ... My brother really enjoys the process of negotiatin," Cinti said. "It's great to work with my brother and he brings a totally different perspective. I don't do anything big without consulting him ... Working with a brother who is your best friend and also your business partner."
Yarrow has also stated plans for the short and long-term.
“Short term we are doing a number of renovation projects that make sure our portfolio looks great across the board," Cinti said. "We have a substantial amount of money we put toward capital improvements and remodel projects. We are doing it strategically and thinking long term… While we are not going to be expanding anytime soon, our next step would involve further expansion into the commercial area to play a more helpful and valuable role in longevity.”
Cinti's decision to invest in the city was partially informed by his own experience.
“Ypsilanti is the most architecturally beautiful city in Michigan," Cinti said. "The aesthetic of Ypsi lines up with my personal preferences there. Anecdotally, in my life, the coolest, most thoughtful people I know lived in Ypsi. So many thoughtful, civic-minded people made me really want to contribute to that community.”
Yarrow has emerged as a company with a specific identity.
"We are an Ypsi-based, Ypsi-focused company that believes strongly in the community in tangible, meaningful ways, and we are going to continue to do that," Cinti said.
