How A San Francisco Start-Up Is Making City Living Affordable
Want to live in San Francisco’s most desirable neighborhoods on a dime? HomeShare is building more rooms in homes by using fake walls.
SAN FRANCISCO, CA — A San Francisco start-up is making money by helping those who don’t make enough. HomeShare is creating more rooms in homes in the city’s most desirable neighborhoods. But it isn’t actually building rooms, it’s putting up fake walls.
The Business Insider reported the start-up “leases apartments in expensive new buildings and splices them into additional units, so more tenants can split the rent for less per person. A two-bedroom becomes fit for three after HomeShare installs an upholstered partition in the den.”
CEO Jeff Pang told the Business Insider it has received 30,000 applications since it opened its doors in 2016.
The company could be tapping into a unique market as San Francisco has been named one of the most expensive cities in the country.
SmartAsset estimated the average rent of a two-bedroom apartment in the city is $4,650 monthly or $55,800 annually.
“If we assume that a typical renter spends no more than 36% of her monthly income on housing, that suggests that to afford San Francisco rent, she would need to be earning $155,000 per year,” SmartAsset said.