The market for housing has constantly been changing and HomeRoom is a new solution to navigating through it.
HomeRoom offers fine-tuned roommate matching to help better ensure shared co-living preferences and personalities. One of the ways they achieve this is through hosting sponsored social events to connect with other members. RSVPing for these types of events can be done through their app, which users can also use to pay their rent, lock their bedroom doors, make service requests, and so much more. In addition to their large network of housing spaces available, each home is tech-friendly and has furnished common areas, wifi, maid, and garden service–all while offering flexible leases and prices.
As of July 1, 2022
Overall, there have been some significant issues addressed by both tenants and investors posted on Reddit about whether the company's business plan is too good to be true. Some customers feel that the amenities promised are not to the level of quality as expected, or what was paid for. While some investors do not believe the returns are as rewarding, one commenter claimed that HomeRoom decreased the property’s rent without their knowledge.
For example, Reddit user goliath said in 2022, “HomeRoom reduced the rents without informing me! Their projected [rent] is now $3200 and they have only been able to fill 5/7 rooms, meaning I continue to lose money each month since 85% of the 5 rooms net me $1912. Homeroom continues to make money off their monthly fees and 15% while I continue to lose money having invested 45k dollars. It's astonishing to me that with 5/7 rooms rented it is still unprofitable.”
A much longer post from a tenant, known as the Reddit user scottyprovolone, recounts their experience of maintenance and their property’s quality.
From a December 20, 2021 report
Since HomeRoom is still a newer company, there are not many reviews of its services compared to most companies. However, HomeRoom was mentioned by CBS Austin, after one of their viewers sent in a complaint.
Janet Williams, a woman who has never used HomeRoom, became concerned when an individual came to her door to ask about a room she allegedly had for rent. HomeRoom had mistakenly posted her house on their site for an available property with several rooms for rent.
Williams was alarmed by this as she hopes the photos of her house were not used by HomeRoom to mislead people.
HomeRoom founder Johnny Wolff says the mistake was promptly corrected as this is something that does not often happen, claiming that around 80 percent of renters take the online virtual tour.
Overall, HomeRoom seems like a unique co-living business plan. However, the lack of reviews and positive user input could cause some to be hesitant in using HomeRoom. Though this is a setback for potential consumer perceptions, in regards to projections, HomeRoom has been very successful. Sales velocity for HomeRoom was up 300% in 2021, with properties in 23 different cities according to co-living investing news sources. While in 2020, HomeRoom had 99% on-time rent payments, full occupancy, and zero evictions.
If you’re looking for a shared home with roommates and an alternative to Homeroom, Alcove is a great option that can be significantly cheaper than a studio and offers preconfigured apartment features to make moving in a breeze.
Check out our testimonials from some of our hundreds of users in our four different locations, and judge for yourself!