Home-sharing is on the rise, and startups are sprouting up to meet the demand.
The phenomenon involves smaller dwelling spaces, more temporary lease options and high-touch services, TechCrunch reports. The trend is largely being seen in highly expensive urban markets like New York City and San Francisco.
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Home-sharing startups have gained momentum as demand for housing among millennials grows. The generation doesn't always fit the traditional mold when it comes to their housing needs and many would rather bunk in a house with roommates than purchase a single-family home.
For instance, HomeShare leases large units in new Bay Area buildings, then separates them into mini-spaces (as little as 100 SF to 200 SF) by means of privacy partitions.
While renters can find shared apartments for relatively low prices via platforms like Craigslist, HomeShare’s selling point is access to new construction and higher-end buildings for those normally unable to afford it, Curbed San Francisco reports.
Another approach is that of California-based HubHaus, a startup that not only rents rooms, but matches roommates and plans events.
"People can apply to rent the rooms online and the company personally screens and matches prospective roommates together to start a housing community," Forbes reports.
New York-based Roam takes its name to heart by offering, for about as much as one might pay for an apartment in one place, the option of living in various parts of the world for short periods. That is, cool living options for remote employees who can work from anywhere, Insider reports.
Though it is too soon to know which temporary housing startups will prosper, the market could eventually attract much larger investment and valuations, Tech Crunch reports. Roam has already raised $3M, HomeShare $6M and HubHaus $10M.
Other competitors in the shared housing space include Starcity and Common in San Francisco, as well as Flip, Bedly and Roomi in New York.
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