San Francisco renters are dishing out $1,200 a month for bunk beds in co-living buildings to avoid the city’s high rents — here’s what they get for their money

• California-based company Podshare is renting out bunk beds in a co-living building in San Francisco for $1,200 per month.
• The median rent for a one-bedroom apartment in San Francisco is the highest in the country.
• The national median price for a one-bedroom apartment is $1,216. In San Francisco, it’s $3,600.
• The bunk beds are one of many alternative housing solutions San Francisco’s residents are turning to in reaction to the city’s soaring rents.
• Visit Business Insider’s homepage for more stories.

Some San Francisco renters are dishing out $1,200 a month for space in a co-living building — and to sleep in bunk beds.

The co-living situation is a symptom of the city’s soaring rent: While the national median rent of a one-bedroom apartment is $1,216 per month, in San Francisco, it’s $3,600.

Read more: Here’s how much it costs to rent a one-bedroom apartment in 15 major US cities

That means the co-living solution offered by California-based company PodShare is $2,400 cheaper per month than the median rent for a one-bedroom apartment in the city. The only thing renters have to give up is their privacy.

PodShare

According to CNN Business reporter Anna Bahney, tenants have access to a bed, locker, and WiFi. Currently, there are seven PodShare locations: six in Los Angeles and one in San Francisco. 

The San Francisco location includes one floor of beds, three floors of lounge space, and a communal kitchen. Tenants must stay for a minimum of 30 nights in San Francisco, but can rent for as little as a day or as long as months at a time at the other six locations.

As Business Insider’s Megan Willett previously reported, PodShare tenants share a community fridge, food, bathrooms, toiletries, and workspace areas.

a workspace area in PodShare’s San Francisco location.

PodShare founder Elvina Beck explained to Bahney that affordable housing — even at the cost of privacy — in the middle of the city is hard to pass up. She said that tenants are usually between their late 20s and early 30s. Some of the tenants are new to the city, she said, while others are in town for business.

PodShare

With rents in major cities on the rise, co-living communities and buildings — where utilities, furniture, and housekeeping are often included — are gaining popularity.

In Cushman & Wakefield’s 2019 Coliving’s Moment report, data shows that tenants who live in co-living spaces spend an average of 20% less on living costs a year than renters who live alone.

Renters are finding other creative ways to save on living costs, too. As Business Insider’s Hillary Hoffower previously reported, some San Francisco residents are living in houseboats instead of apartments to avoid high rents. Others are  living in cars, vans, and RVs. Just consider the Bay Area News Group reporter, Tracey Kaplan, who avoided the expensive housing market by using her retirement fund to buy a $53,894 cargo van. 

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See Also:

• NYC has a penthouse problem, LA has a mansion problem, and Miami has a condo problem
• A top NYC broker who has sold over $1 billion of real estate in the past 4 years says there’s a critical component to her business that lets her show as many as 10 homes a day
• The 25 US cities where rent is increasing the fastest, ranked

SEE ALSO: Hong Kong locals desperate for housing are considering putting in offers on haunted houses, and it’s a sign of how unaffordable property in the city is

DON’T MISS: NYC rents just hit a 3-year high, and the city’s prices are pushing everyone from millennials to wealthy Wall Street bankers away

Source: Business Insider – feedback@businessinsider.com (Libertina Brandt)