Interviewer: Hi Johnny, thank you for taking the time to speak with us today. Can you tell us a bit about yourself and your role as CEO of HomeRoom?
Johnny: Hi there, I'm Johnny Wolff and I'm the CEO of HomeRoom. I founded the company a few years ago with the goal of providing affordable and flexible housing options for people who want to live in urban areas. I'm passionate about making cities more accessible and livable for everyone.
Interviewer: That's great. Can you tell us a bit about the current state of the real estate market and how it's impacting the coliving industry?
Johnny: The real estate market is currently undergoing a lot of changes and there are a few key trends that are impacting the coliving industry. One of the biggest trends is the increasing demand for affordable and flexible housing in urban areas. With more and more people moving to cities, the demand for housing is outstripping the supply and this is driving up prices and making it difficult for many people to afford to live in urban areas.
Interviewer: That's interesting. How is HomeRoom responding to these trends in the market?
Johnny: At HomeRoom, we're responding to these trends in a few different ways. First of all, we're focusing on providing affordable and flexible housing options for people who want to live in urban areas. We offer short-term lease options and the ability to rent by the room, which makes our housing options more affordable and flexible than traditional long-term leases.
Another way that we're responding to these market trends is by providing additional amenities and services that make our properties more appealing to potential tenants. For example, we offer access to gyms, rooftop decks, and other amenities that make our properties more desirable.
And finally, we're also focused on providing high-quality customer service and support to our tenants. We have a dedicated team of property managers and customer service representatives who are available to help our tenants with any issues or concerns that they may have.
Interviewer: That's great to hear. What do you see as the biggest challenges facing the coliving industry right now?
Johnny: I think one of the biggest challenges facing the coliving industry right now is the lack of regulations and standards. The coliving industry is still relatively new and there aren't many clear regulations or standards that apply to this type of housing. This can make it difficult for coliving companies like HomeRoom to operate and it can also create uncertainty for tenants.
Another challenge that we're facing is the competition from traditional housing options. In many urban areas, there is still a strong demand for traditional long-term leases and this can make it difficult for coliving companies to compete.
And finally, I think one of the biggest challenges facing the coliving industry is the perception that coliving is only for young people or students. While coliving can be a great option for these groups, it's also suitable for people of all ages and lifestyles. We need to work to change this perception and show that coliving can be a great option for everyone.
Interviewer: That's interesting. And how is HomeRoom addressing these challenges?
Johnny: At HomeRoom, we're addressing these challenges in a few different ways. First of all, we're working to educate policymakers and regulators about the benefits of coliving and the need for clear regulations and standards. We're also working to build relationships with other coliving companies and industry organizations to help promote the growth and success of the coliving industry.
In terms of competition from traditional housing options, we're focused on providing additional amenities and services that make our properties more appealing to potential tenants. We're also working to create a sense of community and connection among our tenants, which can be a key differentiator for us.
And finally, we're working to change the perception of coliving and show that it's a viable housing option for people of all ages and lifestyles. We're doing this through marketing and outreach efforts, as well as by sharing stories and testimonials from our tenants.
Want to learn more and speak to Johnny yourself — find out more at livehomeroom.com/invest.