While doing a study on housing in San Francisco, Tony and his team noticed a huge supply constraint of viable, affordable housing for students in the City.
San Francisco’s population has 68% of renters. The tech boom has created further overwhelming pressure on the housing market and as a result skyrocketing rentals. The affordable end of the market namely student housing has not been immune from this pressure. With over 110,000 tertiary students, interns and young people working mostly in the tech sector, San Francisco is a hotbed for Language schools, Universities, Art Institutes, Music Academies, Start-ups and Big Tech companies. A large proportion of the renting population come from out of town and overseas, excited to come here only to find housing extremely over priced and /or unavailable.
Urbanests is now focused on being the leading provider of affordable, clean and convenient accommodation for students, interns, and young professionals. Having started as Latitude 38 Housing Services, with about 50 rooms in a couple of locations, our small start-up company has now considerably grown to more than 500 rooms in over 25 buildings. Most properties are under our own management. We have put together an attractive student housing investment portfolio and our goal is to own and manage a large portion of our properties, as well as apply our model in other cities by implementing our know-how and investing in technology.