Proptech startup Bungalow makes its HQ home in Miami’s Wynwood

By Nancy Dahlberg

Bungalow, a full-service tech platform for renters expanding in major metros across the United States, announced today that it is moving its headquarters from San Francisco to Miami’s Wynwood neighborhood.

The new HQ office in The Annex will double Bungalow’s office footprint, to about 3,000 square feet, and allow the company to focus on expanding the venture-backed startup’s offering in Miami. To start, 20% of Bungalow’s employees – about 20 people – will move to the Miami area, including much of the leadership team, said Andrew Collins, Bungalow’s CEO and co-founder, who moved to the Magic City himself at the start of 2021.

“What makes Miami so special is everyone is so welcoming and yet it’s small enough that it is really approachable. It reminds me of the early days in San Francisco a decade ago when everyone was building and figuring it out and just wanted to help each other – it’s authentic,” said Collins, in an interview with Refresh Miami.

Collins said he is particularly impressed by the diversity and level of talent the “business forward” Miami offers across all industries, but particularly relevant to Bungalow would be real estate, private equity, venture capital, hedge funds and technology. “I would argue that probably no other city outside of New York has this caliber of talent in the US, and then unlike New York, Miami is small enough that it’s accessible and welcoming.”

Collins announced the HQ news during a Cafecito talk with the mayor today.

 “Bungalow is disrupting the property tech industry and we are excited for their decision to move its headquarters to Miami. Having Bungalow become a part of our city is a strong addition to our growing tech ecosystem. We are thrilled that this expansion will also bring high-quality jobs to Miami residents,” said Miami Mayor Francis Suarez.

Founded in 2017 when Collins was an Entrepreneur in Residence at Atomic, Bungalow began as a coliving company but has grown into a full-service digital real estate platform.

“We help our renters find amazing places to live in, whether that is looking with roommates or looking for a place on their own. We’ve taken care of making everything a digital-first leasing experience. We can furnish the apartment if you wish. We can clean the apartment if you wish,” Collins said. For renters that includes flexible lease terms, in-app payments, maintenance, roommate vetting, and seamless add-ons for cleaning, utilities and wifi.

“We’ve been able to leverage our 5 1/2 years of operating history and data now to help our homeowners and investors identify great properties to purchase as well as then helping them connect with young professionals. We can usually help them make a little bit greater net operating income than they would if they use a traditional property manager,” Collins continued, adding that Bungalow has a best in class renewal rate of around 68%, compared to the market average of 53.3%. “We help with everything end to end to make your life seamless, whether you’re a renter or homeowner.”

The startup arrives at an interesting time for Miami, which is currently experiencing a housing affordability crisis; the city and metro area rank among the worst in the country. Bungalow’s offering could help, and Bungalow has tiptoed into the Miami market with limited offerings but right now it is fully leased. “Housing supply has been challenging for us,” Collins acknowledged. “We’re looking to find new capital partners to bring online to add inventory in the coming months and into 2023. We’ll be launching [in Miami] in earnest next year.”

Miami faces a lot of the same challenges that San Francisco did when Bungalow was founded, Collins said. “This is where us helping people find great properties at a great price with great people will be hugely advantageous, and I’m really excited to be able to help offset some of those costs to bring not only folks working in our company but also many others that are finding a new home here in Miami. There’s a lot more to come on that front.”

Bungalow is now in 21 US markets including New York, Washington, DC, Austin, Dallas, Denver, San Francisco and LA. In 2023, in addition to growing its product offering in the Miami metro area, Bungalow will be focusing on entering the Atlanta market, growing its presence in cities it is already in, and evaluating additional markets to enter.

Bungalow’s new HQ will officially open Jan. 9 but some of the team is already here. Bungalow’s presence will include its leadership team, including Collins, Kash Mathur, CFO; Ellen Fehr, VP of Real Estate; and Mike Sijon, Controller. The cross-functional group will include data science, product, business development, real estate and finance, Collins said. “Bungalow is always looking for great talent and has a deep focus on future hiring efforts in Miami – and beyond – for 2023,” Collins said.

To continue its growth, Bungalow has raised $153 million in venture capital – including $75 million raised last year at a $600 million valuation –  from top investors including Atomic, Coatue, Khosla Ventures, Deer Park Road, and Founders Fund. Founders Fund’s Keith Rabois and Atomic’s Jack Abraham helped persuade Collins to check out Miami, Collins said.

 “At the core of our mission and vision is to help people access these great markets and not just only be able to afford their rent, but actually be able to afford experiencing the cities they live in.”

Follow Nancy Dahlberg on Twitter @ndahlberg and email her at [email protected]

Nancy Dahlberg