As a housing affordability crisis deepens on the West Coast, a new style of living, one that reminds millennials of their college dormitory days, is springing up in cities across California.
Called PodShare, it's a byproduct of the housing bubble and out of control rents offers bunk beds for $1200 per month.
A PodShare membership allows millennials to sleep in any of the 220 beds at six locations across Los Angeles and one in San Francisco. With no commitments nor deposit, a bed, a locker, WiFi, a personal television, and a communal atmosphere is included. Food staples, like avocados, cereal and ramen, and toiletries like toothpaste and toilet paper, are also included in the flat rate.
Stephen Johnson, a 27-year-old tech entrepreneur, told CNN that high rent for a tiny San Franciscan apartment is absurd.
"I had a micro studio that was $1,750 per month," said Johnson. "It was less than 200 square feet. This is actually a luxury and costs less than the place that I lived a couple blocks down the street."
He's been sleeping at a PodShare for almost half a year and uses the space to work out of.
"I think anyone that's staying in arrangements like this is just early to a new form of housing," Johnson said. "There's so many different living arrangements and I think this will just be one of the available options to everyone in the future."
Another millennial living the pod life is a 23-year-old software engineer Rayyan Zahid, told CNN he gave up privacy for cheaper living options.
"What does matter is if I'm in the right place and surrounded by the right people and if it is efficient," he said.
Elvina Beck, 34, established the company several years after the financial crash of 2008, told CNN it's a perfect solution for millennials. Beck said she has plans to scale up the dormitory-style lodging across the country.
Beck's mission for PodShare is global: "The goal is to empower the global citizen and live anywhere across the world for one monthly price. A $1,000 a month [membership] should get you a chance to live from here to Taiwan back to Boston. You cover the flight and we'll cover the housing. It's all included."
Residents must adhere to house rules, one being that lights go out at 10 pm each night, and no guests are allowed inside.
"You can't invite any friends over," Beck told CNN. "Sorry, just make new ones here."
This new living arrangement is just more evidence that the standard of living for millennials has crashed. When the next recession strikes, expect dorm-style living to flourish across the country, could be called