Silvernest and Open Up Collaborate on Homesharing Initiative Designed to
Create More Affordable Rental Housing Options in Denver
Silvernest tapped to provide the technology to make the process easy and secure
DENVER, July 21, 2021 – Silvernest and Open Up are joining forces on a homesharing program that aims to bring more affordable housing options to those living in the Metro Denver area. As part of the relationship, Open Up will use Silvernest’s online platform to match employed renters in career development programs with homeowners who choose to rent out space in their homes.
Working collaboratively, the organizations hope to broaden the adoption of homesharing in the Denver area and help solve community challenges, such as providing an immediate inventory of more desirable, budget-friendly rental housing and heading off homelessness.
Denver’s housing prices are quickly climbing to levels that are significantly higher than before the pandemic, with the monthly rent for a one-bedroom apartment averages $1,724 — a price that’s out of reach for many area residents. At the same time, one report estimates that there are about 442,000 owner-occupied homes in the metro area that have spare bedrooms.
Through Open Up’s homesharing program, renters benefit by gaining access to housing options that are typically below market rent rates, saving an average of $659 a month. Meanwhile, homeowners are able to leverage their homes to generate supplementary income, as well as reap the satisfaction that comes with supporting their neighbors.
“Open Up is thrilled to bring Silvernest’s world-class platform to our hard-working clients to make finding a safe, stable, and affordable home more easily within reach,” said Andy Lyde, executive director for Open Up. “Together with Silvernest, we are demystifying homesharing in Colorado with an easy-to-use and simple process for finding a great housing match. Now, working Coloradans have more affordable housing options available to them immediately and don’t have to spend over 30% of their paycheck just to live in their preferred location.”
By tapping into Silvernest’s all-in-one homesharing platform, Open Up is able to make its process as simple and straightforward as possible. Open Up clients now have access to the technology tools needed to match with potential housemates based on compatibility, request background screens (sponsored by Open Up), communicate securely without sharing personal details, generate Colorado-specific leases and manage automated payments.
"Silvernest is proud to team up with nonprofits to scale and support their critical work in communities,” said Amy Ford, vice president of strategic partnerships and business development for Silvernest. We believe deeply in the power of homesharing and its positive impact, and collaborating with Open Up allows their team to focus on case management and robust support for those who may need it. We're here to make the rest of the process easy for everyone."
Homeowners and renters interested in homesharing through Open Up can get started here:
Silvernest was created to change how we can live by delivering the many benefits of homesharing (independence, housing choices, financial wellness, powerful social connections) at scale through an all-in-one online homesharing platform. Features include roommate matching via a proprietary compatibility algorithm, in-app messaging and background screens, a lease creator, rent auto-pay, insurance and an online hub of resources and tools. To date, we’ve helped homeowners and renters recognize over $50 million in rent income and savings by homesharing with a compatible roommate. Visit us at www.silvernest.com, read our blog and follow us on Facebook and Twitter.
Open Up makes existing shared living space available to people earning between 30% and 50% area median income in Colorado as an affordable housing option. While Colorado is short on affordable housing, it is not short on unused bedrooms. Homeowners earn extra income through sharing their home and our clients save money. Instead of spending a large proportion of their income on rent, in 2020 our clients saved an average of $659 every month living in a homeshare. Visit us at https://letsopenup.org/ and follow us on Facebook and Instagram.