City-living is expensive. In places like San Francisco, rent can cost thousands of dollars a month, and not everyone’s got the kind of money to afford that. For the people who still want to live in the city but without going completely broke, there is a company that wants to help.
HomeShare is a San Francisco-based company that allows people to live in luxury apartments for a reduced cost. This company makes leasing and renting apartments cheaper by splitting the apartment into different rooms so that more tenants can live there and share the rent.
One Apartment, Multiple Tenants
With HomeShare, tenants do precisely what it says in the name: they share a home. Everyone wants their space and sometimes finding roommates to reduce rent costs is a bit tricky. HomeShare doesn’t rent out an entire apartment to one or two people, but instead, it converts individual rooms of an apartment into bedrooms.
Apartments all have kitchens and closets that can be utilized for storage. There will also typically be some shared living space or living room that all tenants are permitted to use.
Though multiple people may share an apartment, it won’t be overcrowded. Most apartments have three tenants. There will typically be two bedrooms per apartment, and one room will also be converted into a bedroom for the third person.
Rooms can come either furnished or unfurnished, and users can choose which option they prefer.
All HomeShare apartments have a gym. Other amenities may vary, but they may also have pools, terraces, patios, grills, and so on.
How it Works
Apartments are listed on HomeShare’s website, along with pictures of the apartment and information on its cost and the amenities available. It’s also possible to see a layout of the apartment and take a virtual tour.
If an apartment catches your eye, there is a form to contact HomeShare. From there, take an actual tour, get matched with roommates, and move in. Privacy partitions are installed, where necessary, once you are ready to move in.
Payment
There are no upfront fees that come with using HomeShare, and HomeShare’s profit comes from taking a small percentage of each tenant’s rent.
Leases last twelve months or more. Payments are paid directly to HomeShare, who then passes it along to the property owner.
Where It’s Available
Currently, HomeShare is only available in San Francisco, but the company has announced plans to expand to other cities, as well. There are plans to expand to New York City, Silicon Valley, Los Angeles, and Seattle.
Partnerships with real-estate developers are what makes it possible for HomeShare to expand to these areas. In the future, as the company begins to grow, they may be able to expand to other large cities and form more partnerships.
Some Restrictions
Unfortunately, HomeShare is not suitable for pet owners. In the interest of keeping things fair and not burdening other housemates, HomeShare does not work to match people who also require housing for their animal companions.
If you have a significant other that you wish to room with, that may also not be possible. HomeShare likes to make things as fair as possible for its tenants, and having two people in one room could make the apartment feel crowded.
Housemates and Matching
If you decide to try out HomeShare and end up clashing with some of your housemates, you won’t end up stuck. HomeShare realizes that their roommate matching system isn’t perfect, and they allow for one transfer at any time during the term of a lease. There is no cost, but if you prefer a particular building or unit, there may not be available spaces in that specific location. It might be a good idea to know what’s available before you choose to transfer.
HomeShare was founded in 2016, by Jeff Pang, who has a bachelor’s degree in Management Science and Engineering from Stanford University. He is very confident in HomeShare, and especially the company’s ability to match people with housemates. So far, HomeShare has had a high success rate in ensuring that everyone finds people they can live with.
