Bungalow is a full-service tech platform that offers a digital-first leasing experience for renters across major metropolitan areas in the US. The company's core offering revolves around providing flexible lease terms, in-app payments, maintenance services, roommate vetting, and add-ons like cleaning, utilities, and Wi-Fi. Bungalow's business model involves partnering with homeowners and investors to identify suitable properties, which the company then leases out to young professionals, typically aiming to achieve higher net operating income compared to traditional property management firms. As of December 2022, Bungalow operated in 21 US markets, including New York, Washington D.C., Austin, Dallas, Denver, San Francisco, and Los Angeles. In June 2024, the company's renewal rate stood at an impressive 68%, significantly higher than the market average of 53.3%. Bungalow originally launched in 2017 as a co-living company but has since expanded its offerings to cater to a broader audience of renters. In December 2022, the startup announced its plans to relocate its headquarters from San Francisco to Miami's Wynwood neighborhood, citing the city's welcoming business environment and diverse talent pool.
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