Stage 3 Properties and RoomMatchers.com Unveil Strategic Partnership at ULI Deal brings a first-of-its-kind "click and mortar" strategy to New York's shared-housing market
CHICAGO, Nov. 7, 2013 /PRNewswire/ -- Stage 3 Properties, Inc. --- Concurrent with today's panel discussion on shared-housing at the Urban Land Institute's 2013 Fall Meeting, New York based micro-suites developer Stage 3 Properties and online roommate-matching startup RoomMatchers.com plan to unveil a strategic partnership with implications for New York City's multi-billion dollar underground market for shared-housing.
"This click-and-mortar partnership, along with our fully code-compliant micro-suites, represent an unprecedented step towards alleviating some of the most grievous challenges faced by the hundreds of thousands of New Yorkers who have been priced out of the official housing market and otherwise left to fend for themselves," said Stage 3's Christopher Bledsoe, a founding partner.
Kyle Freedman, founder of RoomMatchers.com, further added, "Stage 3 and RoomMatchers are a perfect match. Whereas Stage 3 brings to market a vastly improved product designed uniquely for shared renters, RoomMatchers delivers a huge improvement to the process."
In addition to implementing the roommate-matching platform in the leasing operations of its future micro-suites developments, Stage 3 and RoomMatchers will also look to license the technology to other landlords of shared-housing throughout the United States. Currently, however, over 70% of the existing underground shared-housing market is believed to transact on the "Rooms & Shares" section of Craigslist, a static classifieds website that does not offer a roommate-matching algorithm.
In markets like New York City, the chronic under-supply of available room-share product, coupled with the high volume of responses they receive from prospective tenants, give the master leaseholder the ability to make one-sided roommate compatibility decisions and, in some cases, extract a disproportionate share of rent from the incoming roommate. This dynamic severely limits an incoming tenant's ability to secure a space, let alone find one with a compatible roommate. Working together, Stage 3 and RoomMatchers expect to create a more level playing field for New York's first-time renters.
Specific terms and monetary figures of the deal have not been disclosed.
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About Stage 3 Properties, Inc.
Stage 3 Properties, Inc. works in concert with institutional real estate investors, landowners, and multi-family developers to overlay its micro-suites strategy in prime development locations.
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