Homesharing Initiative Offers Solutions for Those Seeking to Reduce Housing Costs in the South Bay
In the wake of the COVID-19 pandemic, which altered lifestyles and economic realities for millions of Americans, a new partnership between the South Bay Cities Council of Governments (SBCCOG) and Silvernest, an online service that matches homeowners who have rooms for rent with tenants seeking housing, aspires to provide a new housing resource in the South Bay.
The program was created through Measure H Innovation Funds, which take aim at homelessness in Los Angeles County. Home Share South Bay facilitates homeowner-tenant matches and covers the cost of a six-month membership to Silvernest services for a limited number of homeowners. It also covers fees for a limited number of background checks for potential tenants.
How Home Share South Bay Works:
Home Share South Bay, through the Silvernest online platform, updates the age-old concept of homesharing. Through this program, compatible homeowners and renters find each other. Once a homeowner and home seeker list their profiles with Silvernest, the site provides support throughout the homesharing journey. It does this by screening their compatibility based on personal preferences. It also offers insurance coverage to the homeowner and the home seeker, a customizable, state-specific lease builder, along with a platform that automates rent payments. Rent is negotiated and can be reduced in exchange for household services.
It’s free to sign up, match and message on the Silvernest site. Membership only starts after rent is collected. The homeowner’s monthly membership fee is 5% of monthly rent. COVID-19 protocols are included and addressed in the matching process.