The coliving trend has taken off among younger renters looking to save money on housing costs without sacrificing quality. Coliving has been primarily popular in multifamily developments so far, until Bungalow came on the scene.
Bungalow, a real estate startup, recently launched to bring a new renting option to some of nation’s largest cities. The company pairs “early career professionals who need a home in booming cities” with homeowners who own the “existing, outdated housing supply” to solve a problem for both, reports Ben Lane for HousingWire.
Think of the company as a cross between the new trend of co-living with a short-term rental platform like Airbnb, because instead of co-living in an apartment building, Bungalow renters co-live in a house. And instead of only staying for just a few days, Bungalow renters stay for an average of 12 months. The company takes older homes and “repurposes and redecorates” them, modernizing the homes for what today’s renters want. Then, the company vets and matches renters together to serve as housemates in the fully rented-out house.
And now, the company is officially launching nationwide with $64 million in backing.
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