A shared living community offering per-room leases in furnished property.
We live in an era trending towards the access economy with high mobility lifestyles. Ownership of expensive, underutilized assets is considered burdensome where services such as transportation and dining can be ordered on demand. So why do we live in the stone-age when it comes to sharing rental property?
Roommates share housing to meet two primary needs: financial and social. Housing consumes more than 30% of income for most Americans. As a result, one in three adults in the US live in shared housing. These people tend to be young professionals who place high value on their money, time and social network.
However, the process of renting property with roommates is miserable. It is hard to find good people with similar preferences for budget, location and timing. It is equally hard to find compatible rental property and sign a shared lease. Once you sign that lease, you have to deal with splitting the cost of furnishings and utilities.
LivingLab is a platform that enables co-living in any rental property, making it easy for professionals to find community in shared housing. Our technology matches individuals to bedrooms in beautiful homes and then configures those properties to include furnishings, wifi, utilities, housekeeping and community events. By individually pricing rooms and offering flexible lease lengths, LivingLab is able to collect 30% of rent for its services. We can complete this entire process in 48 hours.
Last year 80M adults, not including students, lived in shared housing. These renters are spread across 28M multi-bedroom rental properties, costing on average ~$1500 per property, making this a +$100B opportunity.
We currently operate in the Raleigh-Durham triangle and most of our customer acquisition has been word of mouth. We have 550 users, 206 of which have actively used our platform to seek housing. Since launch we contracted 45 residents across 10 properties. Our average revenue per customer is $2280 per year.
As for the team, Colin is a Duke undergrad in mechanical engineering and economics with finance experience at ICBC. Patrick is a full-stack engineer and Duke grad with majors in computer science and psychology. Sticking with the theme, Mitchel is also a Duke grad with majors in biomedical engineering, mechanical engineering and economics, as well as an MBA. He has experience going from small team to public company and looks forward to doing it again.
We are on track to reach 100 tenants, 40 properties and two additional cities by the end of the year, having spent less than $60k to get there. This means handling ~$650k in rental payments with a revenue stream of $130k per year.
We will make co-living as easy as booking an Uber. This LivingLab lease, with a single bedroom as the unit, will redefine what it means to find a home anywhere in the world.
Go to www.mylivinglab.com to check out our platform.