In recent months, Philly has seen a co-living boom, with developers eyeing large new construction projects that act as dorm-like buildings geared toward recent graduates and young professionals.
But San Francisco-based company Bungalow is seeking to tap into Philly’s growing co-living trend in a different way. Rather than erecting new buildings like those in Northern Liberties and Fishtown, they’re signing two- to three-year leases at existing rowhomes in places like Old City, Center City, and turning them into co-living spaces.
Bungalow announced the launch of its Philly project last week, saying they currently have over 10 homes with rooms to rent in and around Center City, but they hope to grow to 120 rooms across 40 properties by 2020.
“Bungalow leverages a two-sided marketplace between young people who need a great home, and baby boomers who own existing housing stock in areas where rent has become drastically decoupled from income,” said Andrew Collins, the CEO of Bungalow in a statement.
A current listing for various Bungalow rooms shows prices ranging from $650 in South Philly, to $970 in Center City. Collins claims that, on average, a Bungalow room costs 30 to 40 percent less than a studio apartment.
The start-up, which is based in San Francisco, says they will match roommates, provide fully furnished common areas, and cover utilities including WiFi and a monthly cleaning service. They also let residents move between homes and cities without breaking a lease, according to Collins’ statement.