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A San Francisco startup is cutting San Francisco and Silicon Valley rents in half. HomeShare converts living rooms in apartments to increase the number of bedrooms, Business Insider reports. The company, which was founded in 2016, has partnered with 10 properties in San Francisco, Silicon Valley and New York City to provide lower rent options to hundreds of renters.
A partitioned living room will fetch rents of $1,125 in San Francisco. Rents are $1,500 for a private room and $1,700 for a room with a private bathroom. Average rents in San Francisco were about $3,400 for a one-bedroom apartment in 2017. HomeShare makes its money by taking a share of the rent. The company has processed 30,000 applications in the Bay Area since 2016.
HomeShare works with five properties in San Francisco: 340 Fremont, Abaca, LSeven, 855 Brannan and Potrero 1010. It also partners with Anton Menlo and Encasa in Silicon Valley.
Unlike co-living companies Common, HubHaus and WeLive, HomeShare does not include typical co-living amenities like maid service and free internet. Instead, residents have access to property amenities, such as pools, fitness centers, rooftop decks and barbecue pits.
It also provides a roommate-matching service. HomeShare plans to expand into new markets in 2018.
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