california’s housing shortage has companies carving up apartments to lower the rent - living room partition wall

by:EBUNGE     2019-08-24
california’s housing shortage has companies carving up apartments to lower the rent  -  living room partition wall
When Christopher caco came home, 23-year-
Old data experts don't do much unusual things.
He may perform computer analysis at his desk, play video games, or lie down with a good book.
But when he does that, he's going to go from about 11-by-8-
Walking space blocked by foldable tan walls on wheels.
To get the expensive Southern California real estate market to serve him, CaCO turned to a company that rented him a split part of the living room.
He made his bed and TV in there.
There is a small square table and ottoman in the corner.
"It works as well as a converted table," the recent college graduate said . ". Hard-
Stressful families have long turned the sofa into a bed, and it is common for fresh graduates to sleep in a house with friends.
But as housing costs rise sharply in the booming United StatesS.
Cities, a growing number of companies have said that the burden crisis has become so serious that at least in terms of providing some relief, if not a solution, there is a lot of money to earn.
Some companies sell partition walls or curtains to build new bedrooms.
Other rooms have bunk beds. And some —
With the support of Silicon Valley and the brand of "cooperation"living” —
Various sleep situations and services are provided to make it easier for you to find roommates and then stay with them.
In the greatest sense, these costumes are actually adding bedrooms in a tough area
Forced to build enough new homes and apartments to meet demand.
"People share space at a very high speed," said Taylor Lundmark, chief executive of RoomDividersNow, who sells partitions.
"We have managed this wave. ”Such set-
Ups has become even more eye-catching due to housing conditions in many big cities, which have added a lot of work but have insufficient residential units.
In the already expensive cities of Los Angeles, San Diego and San Francisco, the average rent for a vacant apartment is 1-
According to Zillow, this is third higher than in 2012.
Zillow data shows that as more supplies go online and tenants are tapped out, the median has dropped slightly in recent months.
But for about half of the people in California's main metro area who pay rent that experts think can't afford, that's not a relief. The tried-and-
The real way to reduce costs is to double or triple.
Nationwide, the number of people per housing unit has been declining.
But in California, this ratio has gone from 2.
On 1990, 79 to 2 per unit.
According to the Ministry of Finance, this year is 97.
Percentage of rent r in case of congestion-
More than one person in a room
Jumped up during the recession, then started to drop, and then took off again in 2014 as rents climbed.
As of 2017, the most recent year of census data was more crowded than before the recession.
Many companies that promote sharing cater to those who can afford the extra service, if not their own comfortable apartment.
For example, caco moves to L. A.
A region of northern California that serves as a data expert at a local non-profit organization.
He wants to have a nice, affordable place in a safe neighborhood with parking and
Washer and dryer.
To get it, he turned to a San Francisco company called HomeShare, which signed a contract with the main landlord of the expensive city to build additional bedrooms and matching roommates.
CaCO now lives in a new luxury building called Griffith on Los Feliz Road in Glendale. The 220-
Unit development in Dallas-
Parking available at Mill Creek residence
Washer and dryer etc.
There is a gym, pool and even a viewing deck with football and kederator.
CaCO pays $990 a month for his partition space
He and two roommates shared the bedroom unit found through the family.
It's not cheap, but it's not cheap for other options.
The smallest unit for advertising on Griffith's website is-
$2,565 bedroom.
In the surrounding community last Tuesday, there were no units on Zillow below $1,000.
The latest is $950. a-
Five miles from Hollywood studio
The hotel is close to the 101 highway with no parking and no private bathroom.
There are showers and toilets under the lobby, which are shared by others.
If CaCO wants to share a larger apartment, there are seven
If split evenly, the bedroom units in the area will be less than $1,000.
The buildings have parking lots but are older without bells and whistles.
"These amenities are my turning point," says CaCO.
"CaCO has recently started repairing electronic equipment on one side to help pay off his student debt, and if he finds two people on his own to rent one or two, he could have saved more money
Griffith's bedroom may sleep on the sofa by itself, or may buy a partition by itself.
This is because the cost of family sharing is included in the monthly rent.
Jeff Pang, founder and chief executive of HomeShare, declined to disclose the company's fees, but said the company's fees were small and worth it.
This is because it is often difficult to find roommates, especially for people who have just arrived in the city who need to rush to find a place.
HomeShare asks potential residents about their personality, cleaning habits, etc.
It inserts the answer into a "proprietary algorithm" that outputs the desired match result.
"We basically treat it as a big math problem," Pang said . ".
If the relationship gets worse, even during the lease period, family sharing transfers residents to another unit free of charge, while the landlord will not charge any fees, Pang said. Other co-
To add extra bedrooms, the living company divided the whole building.
Starcity, another San Francisco company, recently teamed up with Worthe Real Estate Group to cut a Venetian building, said Snap Inc.
Used for corporate housing.
Rent there is less than 500 feet and starts at $2,050, including services such as furniture, concert tickets, utilities and cleaning of public spaces.
For those with a higher budget, RoomDividersNow sells partitions for as low as $80.
In East Hollywood, Echo Park and nearby communities, a company called (st)
In most studios, art has taken over the house.
Even in the buildings of 1920
Rent over $1,000.
Jeremiah Adler, founder and chief executive of the company, said his company had signed multi-year lease contracts with owners, usually 10% to 15% higher than the market.
He then added bunk beds or stacked enclosed "sleep pods" with a monthly rent of between $695 and $775.
Adler says his company is a club that only allows him to rent beds to artists and other creative types.
The rental includes performance and dance classes, as well as the use of live recording and photography studios.
"This is the future," Adler said . "
"There are more and more people coming here, and the only way to solve the problem is that people have to start taking up less space.
"Unlike Adler's companies, family sharing works with developers to divide units.
The company has offices in New York City, San Francisco, Silicon Valley, Seattle and Los Angeles
Some of these family shares are not subdivided and only match with roommates.
The company declined to disclose the total number, but there were 11 units in the Mill Creek building where CaCO lived.
Kristin Franz, vice president of property management on the west coast of Milcreek, said that Milcreek did not receive part of the family sharing fee and did not otherwise charge the family sharing resident an additional fee --
Pang said how the service works with other landlords.
Rather, Franz says family sharing is attractive because it matches people with roommates and allows more people to afford apartments, making it easier to fill vacancies.
"This gives us another way to go in a market that we haven't really been involved in yet," she said . ".
There is an additional benefit, Pang said: once a unit is leased through the home, it will take longer than the traditional one.
This is because, if a person leaves at the end of the lease, his company can insert a new tenant.
In traditional cases, the remaining tenants may leave if someone cries because they don't want to find a suitable new roommate.
Rick Palacios, research director at John Burns Real Estate Consulting, said companies like HomeShare are now particularly attractive to landlords because after years of rapid growth, the rental market is
This is especially true in the high-end market where most new buildings are concentrated and the number of people who can afford the studio is limited and the studio is up to $3,000 per month.
"Any developer who talks to you, they are no longer on top-
"In these Portal markets, gap luxury apartments," Palacios said . " He did not work for family sharing.
Franz said there was no problem with the apartment rental in Millcreek.
But in theory, if developers can fill up more units with family sharing, they will not have the incentive to reduce rents, nor will they have more and more discounts, for example, free rent for one month.
Peng Richeng doubts whether the landlord can reduce the rent to the family level.
Builders still want to make money and often have loans to cover high land and construction costs.
"We are able to make better use of supply, to take advantage of what is already there, to allow more people to enjoy supply and to allow more people to get it," he said . ".
Staff writer Ryan Menezes contributed to the report.
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