“Our typical renter is usually 27 years old and maybe five years out of school. A lot of our clients work in the tech field, some are teachers and others are in grad school,” says Aaron McEvoy, Senior Business Operations, HomeShare. “We even have renters in their 50's and 60's who are downsizing and then there are those who utilize their HomeShare space as their secondary option in the city.”

If these roommate relationships do not work out, HomeShare will transfer residents to another apartment free of charge, Pang tells GlobeSt.com.

Co-living is, of course, most popular in areas with a high urban density, strict zoning laws and some luxury amenities which results in high rental prices. HomeShare offers unfurnished, multi-bedroom apartment homes that range from approximately 1,000–1,300 square feet which would typically rent out to couples or an individual. With Pang's platform, these same configurations and rents accommodate up to three individuals, depending on the locale.

With the success of HomeShare and similar companies, developers are now constructing more co-living spaces as the concept is a win-win for tenants, landlords, and city governments all anxious to reap the rewards of more rental per square foot, higher housing density, and fewer commuters (most residents prefer living close to work).

“We are happy we are able to be trailblazer in this industry. We have plans to expand as we work to accommodate more people seeking affordable yet comfortable and upscale housing,” says Pang.

As HomeShare fulfills the housing needs of many residents, persistent hot topics arise such as the shortage of affordable housing, expensive housing markets, and how to accommodate seniors who may need similar services as they age. Of course, co-living cannot solve all of these complex issues but it is one solution for many renters.