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Updated: February 6, 2023 @ 1:34 pm
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Buy Now
Lachlan Kirkman (left) rented a room from Doe Cote in downtown Charleston more
than a year ago through the website for startup business CoLife. The venture
recently received an infusion of money from investors to help it grow and add
more prospects. File/Lauren Petracca/Staff
Buy Now
Derek Snook talks about CoLife, a business he launched that matches people
looking for a room to rent in someone’s home with the homeowner, saving renters
the cost of a one-bedroom unit plus utilities and the expense of buying
furniture. Renters must stay at least one month. CoLife recently received an
investment to help grow the business. File/Brad Nettles/Staff
Buy Now
Home sales across South Carolina stumbled for the fifth consecutive month in
April amid anemic inventory, rising interest rates and surging prices.
File/Warren L. Wise/Staff
Buy Now
Thousands of single-family homes, such as these in Point Hope off Clements Ferry
Road, are expected on the Cainhoy peninsula north of Daniel Island in the coming
years. File/Staff
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CHARLESTON VA FOUND HOUSING FOR 400-PLUS HOMELESS VETERANS I…
Homeless veterans is a problem across the U.S. Last year, th…
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NORTH CHARLESTON'S ICE HOUSE OFFICE COMPLEX ADDITION IS EN R…
A new 28,000-square-foot, two-story office building will ope…
top story
CHARLESTON STARTUP LANDS ‘SIGNIFICANT’ INVESTMENT TO HELP WITH RENTER
AFFORDABILITY
* By Warren L. Wise wwise@postandcourier.com
WARREN WISE
* Author facebook
* Author twitter
* Author email
* May 21, 2022
* May 21, 2022
*
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Buy Now
Lachlan Kirkman (left) rented a room from Doe Cote in downtown Charleston more
than a year ago through the website for startup business CoLife. The venture
recently received an infusion of money from investors to help it grow and add
more prospects. File/Lauren Petracca/Staff
Subscribe today!
You’re seeing The Post and Courier’s weekly real estate newsletter. Receive all
the latest transactions and top development, building, and home and commercial
sales news to your inbox each Saturday here.
COLIFE MATCHES RENTERS WITH HOMEOWNERS LOOKING TO RENT A ROOM FOR LESS THAN
APARTMENT COST
Reach Warren L. Wise at wwise@postandcourier.com. Follow him on Twitter
@warrenlancewise.
MORE INFORMATION
* Kiawah Island oceanfront home on the market for $20M south of Charleston
* Kiawah Island oceanfront condos sell out, fetching more than $284M
* On SC’s Sullivan’s Island: 1 buyer, 2 properties, nearly $11M
TAGS
* Charleston
WARREN WISE
* Author facebook
* Author twitter
* Author email
TODAY’S TOP HEADLINES
* CHARLESTON RESTAURANT CLOSES AFTER NEARLY 40 YEARS IN BUSINESS
* ALEX MURDAUGH’S LAST DAYS OF INFLUENCE CAPTURED IN VIDEOS, TESTIMONY AT
MURDER TRIAL
* ‘GHOST FORESTS’ WON’T LEAF, THEY’RE HERE TO STAY IN SC. NOW YOU CAN HELP.
* WHEN SOUTH CAROLINA TEACHERS GET PRICED OUT OF THEIR COMMUNITIES, STUDENTS
PAY
* THE MINIATURE MAN: RICHARD LUSHINGTON, HIS JEWISH MILITIA, AND CHARLESTON’S
HIGH SOCIETY
* A CHARLESTON PARKING DECK CLOSED DUE TO RISK OF COLLAPSE. OVER A DOZEN NEED
$11M IN REPAIRS.
* DRONES FUEL CONTRABAND TRADE AT SC PRISONS; FEDERAL GOVERNMENT CALLED TO ACT
* UNAUTHORIZED STREET SIGNS ON CHARLESTON PENINSULA WARN OF ‘GENTRIFICATION
AHEAD’
* COMMENTARY: I-526 EXTENSION WOULD TRANSFORM CHARLESTON COUNTY, JOHNS ISLAND —
IN A BAD WAY
* IT’S OFFICIAL: NIKKI HALEY RUNNING FOR PRESIDENT. FORMAL ANNOUNCEMENT FEB. 15
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A fledgling Charleston company that’s trying to build a modern-day version of
the former boarding-house model recently received “a significant investment”
from a West Coast venture capitalist firm as well as other funding from
Lowcountry investors.
CoLife founder and CEO Derek Snook declined to disclose how much money was
invested in his company to help with the high-cost of renting in Charleston, but
he said the amount was high six figures. The largest chunk was provided by San
Francisco-based Platform Venture Studio, which was co-founded by ex-Sequoia
Capital partner Tim Connors.
Sequoia invested early in many big companies, the most noteworthy being Google,
Youtube, Apple, Whatsapp, Paypal, Instagram, Linkedin, Oracle and Zoom.
Snook also said another six-figure amount came from Charleston-area investors as
well as others across the nation. “About 12 percent came from local investors,”
he said.
The money will be used to help grow the company and add a full-time software
developer and a marketing representative.
Buy Now
Derek Snook talks about CoLife, a business he launched that matches people
looking for a room to rent in someone’s home with the homeowner, saving renters
the cost of a one-bedroom unit plus utilities and the expense of buying
furniture. Renters must stay at least one month. CoLife recently received an
investment to help grow the business. File/Brad Nettles/Staff
CoLife started with about $60,000 in late 2019 and eventually signed up about
400 homeowners interested in renting out a room in their owner-occupied house.
The effort resulted in about 100 matches between a renter and a homeowner.
Snook said when the money ran out, sign-ups fell off and he had to turn to
raising more funds to keep the company going.
He believes the new injection of capital will result in about 2,500 homeowners
signing up to participate with up to 500 matches that place a renter in a home.
“We are a big solution to the housing crisis in Charleston,” he said, pointing
to ballooning home prices and escalating rental rates.
Real Estate
CHARLESTON-AREA APARTMENT COMMUNITIES SELL FOR $18M AND $24M IN SEPARATE DEALS
* By Warren L. Wise wwise@postandcourier.com
He noted thousands of homes in the Charleston area have furnished rooms that
aren’t being used and said the program helps people rent a room for less money
than a traditional apartment with the added benefits of not having to live alone
and making new friends.
The online platform matches prospective renters looking for furnished rooms with
homeowners willing to rent a space and make some extra cash.
Homeowners register with the online business and undergo a background check,
offering a room in their homes for a set price including utilities.
Prospective tenants sign up and fill out what they are looking for in a
co-living space.
If there’s a match, CoLife puts the client in touch with a homeowner and they
chat online or on the phone before meeting in person to get a sense of one
another.
The $75 background check fee is refundable if no match is identified. CoLife’s
service fee is $99 to $199 depending on the length of stay, which must be at
least one month. It’s also refunded if the arrangement doesn’t work out within
30 days.
Real Estate
$20M SALE OF CHARLESTON DOCKWORKERS’ UNION HALL FALLS THROUGH AFTER CONTRACT
TALKS BREAK DOWN
* By Warren L. Wise wwise@postandcourier.com
Homeowners registered with CoLife generally charge from $600 to $1,000 a month
for rent. Utilities are included, there is no security deposit and the room is
already furnished.
There is a downside to the arrangement. Renters must weigh the loss of privacy
of not living on their own against the amount of money they could be saving.
“In addition to being far more affordable, furnished and flexible, you also get
an automatic friend,” Snook said. “We are reimagining the modern boarding house
... and we only work with homeowners who live in the residence.”
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Buy Now
Home sales across South Carolina stumbled for the fifth consecutive month in
April amid anemic inventory, rising interest rates and surging prices.
File/Warren L. Wise/Staff
SC HOME SALES DECLINE FOR 5TH STRAIGHT MONTH
Home sales across South Carolina remain healthy, but they dipped for the fifth
consecutive month in April across almost every submarket as borrowing costs
surged and prices continued to rise.
BY THE NUMBERS
4: Number of venues the owners of three Dog & Duck restaurants will have after
they open a new location in Moncks Corner later this year.
2: Number of stores a Sullivan’s Island jewelry and apparel shop will have if
plans go forward for a sister site in Mount Pleasant.
2: Number of new sweet treat shops on the way to the Charleston area.
Real Estate
LONGTIME CHARLESTON ENGINEERING FIRM FOUNDER STEPPING ASIDE, PASSING BATON TO
NEW LEADERS
* By Warren L. Wise wwise@postandcourier.com
THIS WEEK IN REAL ESTATE
+ Tax district: Some aren’t sold on a proposed new taxing district along King
Street in downtown Charleston.
+ Under review: Developers want to build a 150-room hotel on the Charleston
peninsula near the Ravenel Bridge, but they need city approval.
+ Filling up: A year after opening in a renovated school, a North Charleston
office building is now more than 80 percent occupied.
+ Home cost help: A Mortgage Credit Certificate can help pay part of the
mortgage interest on your home, but get it before closing on the purchase.
CRITICS: 9,000-HOME CAINHOY DEVELOPMENT COULD WORSEN CHARLESTON FLOODING RISK
Buy Now
Thousands of single-family homes, such as these in Point Hope off Clements Ferry
Road, are expected on the Cainhoy peninsula north of Daniel Island in the coming
years. File/Staff
Thousands of single-family homes, like these in Point Hope off Clements Ferry
Road, are expected on the Cainhoy peninsula north of Daniel Island in coming
years.
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