OpenDoor CoLiving
National housing brand for Millennials
Company Information
OpenDoor creates and operates "co-living" homes: rental housing with 10 to 15 residents who share meals, space and experiences.
The company has completed the first phase of its growth. It has launched 3 properties in the Bay Area with 40 residents. It is now partnering with innovative developers on larger-scale retrofit and new construction projects, with another 150 bedrooms in its pipeline.
The company believes that it's proven that there is high demand for co-living, but that it performs well financially:
The business model is traditional real estate, but co-living creates more asset value and higher management margins for OpenDoor. The company currently has $50,000 in monthly recurring revenue.
The company believes that young, urban Millennials increasingly crave "real community and strong friendships."