With rising costs of living in the Bay Area, homeowners can now make extra income by letting a startup put a tiny house in their backyard.
Technological innovation and investment in Silicon Valley has created a pressing housing crisis. The situation is very alarming, however, ingenuity works best under pressure. New forms of living and usage of space are being created in this area. Startups such as Rent the Backyard are questioning conventional development patterns in terms of current the housing market status.
People tend to move to houses with backyards in search of privacy and a more comfortable way of living. How willing will homeowners be to give up their space for someone else to live there? The offer from Rent the Backyard is quite enticing as the startup takes care of the permitting, construction, maintenance of the modular home as well as finding a suitable tenant. All the homeowner has to do to participate is to meet the requirements of living in the Bay Area, having a big enough backyard and living in the property for most of the year.
This partnership would entail splitting rental income for 30 years where at that point onwards the homeowner has full ownership of the tiny house. Of course, profit will depend on how close the home is to San Francisco and San Jose. Because these houses are modular, they would be prefabricated off site and installed within a week avoiding major disturbances in the neighborhood.
Housing is a basic human need, but many major economic centers like Silicon Valley are being affected by increasing populations and housing prices. The way that these urban areas are dealing and adapting to such a crisis will set a precedent for more conscious future urban development.