HomeShare's Growing Presence in the Co-Living Space

SAN FRANCISCO, CA—Jeffrey Pang had a problem that he needed to quickly solve. He was in San Francisco and needed an affordable place to live. However, with San Francisco being one of the most expensive places in the U.S. to live, he could barely rdly afford the expensive rents. Thus, the Stanford University alum and engineer got inspired to create the HomeShare.com platform to fulfill his desire for affordable housing with like-minded roommates in the local Bay area.

“Finding someone via Craigslist is not the most trustworthy method of finding roommates who were similar to me,” says Pang, CEO and founder of HomeShare. ”So I founded HomeShare where roommates can get affordable access to luxury rental spaces in the city.”

Located in five of some of the most expensive U.S. rental markets—Los Angeles, San Francisco, Seattle, Silicon Valley and New York—HomeShare says it is the first co-living company to have moved in 2,000+ residents nationwide. They have worked with over 50 apartment buildings across their five markets.

HomeShare’s co-living platform uses an algorithm to match compatible residents based on  lifestyle habits and personality profiles such as eating preferences, cleanliness and how often each person likes to entertain.

“Our typical renter is usually 27 years old and maybe five years out of school. A lot of our clients work in the tech field, some are teachers and others are in grad school,” says Aaron McEvoy, Senior Business Operations, HomeShare. “We even have renters in their 50’s and 60’s who are downsizing and then there are those who utilize their HomeShare space as their secondary option in the city.”

If these roommate relationships do not work out, HomeShare will transfer residents to another apartment free of charge, Pang tells GlobeSt.com.

Co-living is, of course, most popular in areas with a high urban density, strict zoning laws and some luxury amenities which results in high rental prices. HomeShare offers unfurnished, multi-bedroom apartment homes that range from approximately 1,000–1,300 square feet which would typically rent out to couples or an individual. With Pang’s platform, these same configurations and rents accommodate up to three individuals, depending on the locale.

With the success of HomeShare and similar companies, developers are now constructing more co-living spaces as the concept is a win-win for tenants, landlords, and city governments all anxious to reap the rewards of more rental per square foot, higher housing density, and fewer commuters (most residents prefer living close to work).

“We are happy we are able to be trailblazer in this industry. We have plans to expand as we work to accommodate more people seeking affordable yet comfortable and upscale housing,” says Pang.

As HomeShare fulfills the housing needs of many residents, persistent hot topics arise such as the shortage of affordable housing, expensive housing markets, and how to accommodate seniors who may need similar services as they age. Of course, co-living cannot solve all of these complex issues but it is one solution for many renters.