HomeShare, a housing startup that matches compatible roommates with affiliated apartment buildings, announced it will be expanding into five new buildings in three cities this week.
The company, which raised $5.7 million in seed funding in January, will expand into Los Angeles, as well as rollout additional partnerships in San Francisco and Seattle, where it already has a presence, according to HomeShare executives.
Besides one undisclosed new property in Los Angeles, the company will expand into that city’s Next on Sixth building in Koreatown, 150 Van Ness Ave. in San Francisco, and the Cascade at 221 Minor Ave., and the Leeward at 1305 Dexter Ave. N in Seattle, executives told Inman.
“Our goal is to further lower operational costs for our clients by having a wider range of properties to choose from,” HomeShare CEO Jeff Pang told Inman. “Our goal is to expand to 10 markets by the end of the year.”
Launched in 2016, the San Francisco-based company matches qualified roommates based on personality type and shared living preferences, according to Kevin Vincenti, HomeShare’s director of growth. The company has distinguished itself by focusing on luxury properties and tenants who desire those spaces but, in many cases, need a roommate to help with rent, Pang said.
The age of the average user is 29, and he or she typically earns the city’s median salary. Proof, Pang said, that in a competitive housing market more people are choosing to live with roommates.
“I started HomeShare because I wanted to live in the heart of cities like New York and San Francisco,” Pang said. “We aim to offer our clients affordable and attractive housing.”
“There’s been a lot of appetite for apartment sharing,” he added. “People are looking for these types of spaces.”
Pang said the company plans to expand into five more markets by the end of the year while continuing to partner with other property owners and adding apartments to its platform.
Email Veronika Bondarenko
