Silicon Valley, trendy and expensive, is becoming a hotbed for shared living
- Businesses like HomeShare focus on young, single professionals who are looking to save rent money
- Trend is catching on in big US cities, as well as in Australia, Hong Kong and elsewhere
Silicon Valley, the northern California innovation hub that is home to the likes of Apple and Facebook, is becoming a hot spot for another kind of experimentation – shared living quarters.
The concept has been spreading around the globe, including in Hong Kong, as companies spring up in cities with eye-watering housing costs and lots of young and single professionals open to group living arrangements.
Different business models are being tried.
One company getting its footing in expensive Silicon Valley is HomeShare, which acts as a online matching service to connect people seeking affordable housing in expensive markets with landlords specialising in group homes. These residences generally offer private bedrooms but shared common areas such as bathrooms, kitchens and living rooms.
“Customers are on average 28 years old and range between high-paid engineers as well as service workers," said Jeffrey Pang, HomeShare’s founder and CEO.
People looking for group housing go to his website, submit an application, and are matched with others seeking group housing at the same time. They pay a “very small percentage” of the monthly rent – “lower than 10-15 per cent” – Pang said.