HomeShare is a San Francisco (USA) startup that is radically reducing rents by converting apartment living rooms into bedrooms to increase the number of rooms rentable for co-sharing tenants.
Says HomeShare:"We partner with luxury buildings, match compatible housemates and install privacy partitions to provide a seamless moving experience. Our mission is to democratise cities by providing attractive yet affordable housing."
To put things in perspective, the average rents in San Francisco for 2017 ran up to $3,400 for a one-bedroom apartment. In comparison, the asking price for a HomeShare partitioned living room (turned bedroom) would be in the range of $1,125. Private rooms and room with a private bathroom fetch rents of $1,500 and $1,700 respectively.
Unlike other shared living companies - Common, HubHaus and WeLive, for example - HomeShare does not include the usual amenities such as maid services and free wifi. Instead, it gives residents access to facilities like a swimming pool, gym, rooftop deck and barbecue pit. It also provides a roommate-matching service.
The company, which was founded in 2016 has, so far, processed 30,000 applications since 2016.
HomeShare, which makes its money by taking a share of the rent, plans to expand into new markets in 2018.