HomeRoom is on a mission to deliver the best Co-living experiences for owners and tenants, with our goal of allowing everyone in the US to have an affordable place to live. We are excited to partner with you on this exciting and challenging journey. We are going to begin providing quarterly updates to owners so that you are aware of the many activities we’re doing to deliver great tenant experiences and improve your returns. Following are updates along our three core themes of Quality, Occupancy and Revenue.
Improve Tenant Quality
We have found that better tenant quality drives improved occupancy rates and property revenue. Thus, we have implemented a Stricter Screening Process. Over the last 8 months, we've made our screening parameters 50% more stringent, which has resulted in longer stays, 29% more on-time rent payments and 80% fewer evictions. This has not only enhanced the overall creditworthiness of our tenant base, but continues to provide improved rental income. Improving tenant quality is an important initiative and we have additional several initiatives in the works for 2024.
Improve Property Occupancy
We continue to invest in technology to improve occupancy rates by improving the pre-tenant experience. Improving the pre-tenant experience drives more applications and more tenants. We have been working on two key initiatives:
1. HomeRoom – powered by AI. We are in the alpha stage of launching an AI Chat Bot to help prospective tenants through the process of finding and applying for rooms. This will enable us to instantly respond to prospective tenants 24/7 and drive higher occupancy rates. Use the link here to test it out (click the chat window on the bottom right)
2. LiveHomeRoom.com 2.0 : We are excited to announce the launch of our new website. This new website upgrades the prospective tenant web experience by improving search for finding the perfect room, enhancing loading speeds, and delivering a cleaner and more user-friendly experience. There are also a number of enhancements to improve SEO and drive more prospective tenants to our site!
Improving Owner Income
We are constantly working on ways to drive additional revenue streams. We are about to launch a new Parking Monetization system that will provide a new parking rental product for tenants! HomeRoom residents will be able to lease available parking spaces as early as this December. Implementing a parking fee system is an opportunity for investors to increase revenue with zero effort and offer tenants a more comfortable living environment.