HomeRoom
HomeRoom, based in San Jose, CA, is a real estate company specializing in affordable housing, offering a comprehensive range of services from property sourcing to tenant management, and achieving significant annual growth and investor returns.
Company Overview
HomeRoom is a real estate and construction company founded in 2018 in Kansas City. The company has since expanded its operations to 105 homes in 31 cities across the United States. Its workforce consists of 25 individuals, with both on-site and remote team members. HomeRoom is a part of the Y-Combinator W22 batch. The company specializes in sourcing properties, arranging capital, managing construction, vetting tenants, and collecting rent by the room.
Services
HomeRoom provides a wide range of services for real estate investors and renters. For investors, the company handles property sourcing, capital arrangement, construction management, tenant vetting, and rent collection. HomeRoom offers furnished common areas, fast WiFi, community events, 24/7 support, and maid and garden services for renters. The company's tech-enabled homes come with an app that allows renters to pay rent, lock bedroom doors, RSVP to events, and make service requests.
Market Performance
HomeRoom has demonstrated rapid growth since its inception, achieving a 6X annual growth rate. In 2021, the company's rental GMV reached $1.8M, representing a 300% year-over-year increase. The company has also brought on 85 property investors, offering a 22% ROI. Investors experience returns up to 50% higher than traditional rental properties. The average rent across all HomeRoom properties is $458, approximately 50% lower than market comparables.
Locations
HomeRoom operates in multiple cities across the United States, including Kansas City, Dallas/Fort Worth, Austin, San Antonio, Pittsburgh, Indianapolis, Phoenix, Tampa, Houston, Atlanta, and Charlotte. The company offers properties in both urban and suburban locations, catering to a diverse range of tenants.
Investor Opportunities
HomeRoom offers lucrative opportunities for real estate investors. By collaborating with HomeRoom, investors can avail themselves of comprehensive services such as property sourcing, capital arrangement, and construction management. The company has successfully brought on 85 property investors, providing strong growth prospects and high returns. With an annualized net-revenue of $420K, HomeRoom stands as a promising venture for property investors aiming for higher ROI compared to traditional rental markets.