Dorm rooms and roommates are quintessential elements of the school expertise. However when at the moment’s college students wrestle to search out applicable housing choices, shifting to a brand new city for faculty turns into a degree of hysteria slightly than an thrilling a part of the expertise. That worry and nervousness are, partially, what impressed Lumi, an all-inclusive co-living expertise resolution for college and school college students.
“The method of discovering and securing off-campus housing hasn’t modified a lot in 20 years. It’s simply as annoying and aggravating because it has at all times been. Besides in at the moment’s market, the method is much more difficult on account of a scholar housing disaster,” explains Lumi’s chief govt officer and co-founder, Ryan Stohl. “Proper now, 90 p.c of housing builders are specializing in 20 p.c of the inhabitants: Renters looking for luxurious residences incomes nicely over six figures a yr. College students are left searching for housing elsewhere.”
Changing into the Airbnb of Pupil Housing
Based in 2022, Lumi goals to vary the coed housing expertise. Based on Stohl, the model creates a seamless course of for college students to go away behind cramped, outdated dorm rooms and discover their very own area. Lumi aids college students in each stage of the off-campus housing search, from discovering the proper home and roommates to navigating the rental software course of via its all-in-one digital platform.
At present, Lumi options 11 Instagram-worthy leases in Miami, Florida—many inside strolling distance of the College of Miami campus. The native market is an instance of how new development leaves out student-friendly housing for college-aged tenants, as luxurious residences and condominiums dominate the rental market whereas driving up development prices.
Lumi curates an off-campus dwelling expertise that college students wouldn’t discover in a typical residence. A Lumi home affords the standard co-living expertise whereas offering the privateness and private area not at all times obtainable in a school dormitory. College students’ month-to-month lease is an all-inclusive value that covers the necessities for off-campus housing—furnishings, utilities, parking, smart-home options, landscaping, and cleansing. Even pantry objects and favourite streaming providers like Hulu are included within the flat price price.
“However you continue to should do your personal grocery procuring,” Stohl jokes.
Streamlining Mother and Pop Leases
Lumi additionally helps one other important participant within the off-campus housing market: Landlords. An estimated 99 p.c of all single-family leases in the USA are owned by non-public people or buyers, in keeping with the Nationwide Rental Dwelling Council—generally referred to as “Mother and Pop Landlords.” These people steadiness landlord duties with the calls for of every day life, together with full-time careers and households.
“We’re an middleman between the 2 teams,” says Stohl. “Lumi is there to unravel two distinct issues: The coed home disaster that’s taking place throughout the nation and the useful resource calls for that include being an efficient landlord.”
Lumi’s expertise platform helps handle the standard prolonged processes related to a brand new renter. From rental purposes to credit score checks, the platform offers a holistic resolution that simplifies the tenant screening course of.
However Lumi continues that seamless expertise via move-in and past: discovering renter’s insurance coverage, placing in upkeep requests, and extra. College students’ month-to-month price funds their whole dwelling expertise that features a fully-furnished residence, web entry, cable and streaming providers, utilities, and even a bi-weekly cleansing service. The all-inclusive pricing creates a low-stress expertise to each scholar renters and landlords. As a result of owners who add their homes to the Lumi rental pool obtain greater than onboarding help.
The model is a cheap property administration resolution that addresses the distinctive wants of each renters and landlords. Lumi units itself other than typical property administration firms as a 360-degree expertise resolution that serves landlords at each stage of the rental course of. Upkeep requests, lease assortment, and different time-consuming duties are dealt with on the platform. However Lumi goes on to craft an elevated expertise for renters, serving to to make sure tenant satisfaction and constant rental money stream via its elevated facilities and high-touch providers.
With speedy enlargement in markets throughout the USA, Lumi is working to be the answer to that fast demand. The expertise model is ready to launch in Boston and Atlanta after its pre-seed spherical of investing. Tour Lumi’s scholar housing choices and co-living platform at lumi.home.