Businessman and man-legend Adam Neumann is back with a new business. His company, called Flow, aims to change the residential rental market, reports The New York Times.
It’s promising that Neumann has the financial backing of Andreessen Horowitz, an early investor in everything from Facebook to Airbnb. The royalty of the world of investors invests about $350 million in Flow. In total, Neumann’s company was valued at more than $1 billion even before it opened.
Flow is expected to launch in 2023. For the project, Adam Neumann purchased 3,000 apartments in Miami, Fort Lauderdale, Atlanta, and Nashville. Its goal is to redefine the rental market by creating a branded product with aligned services and community features. Flow will manage the properties and offer its services to developers and other third parties.
In a blog post, Marc Andreessen notes that the rental market needs to change. This is especially true as more and more people work from home and don’t have the social connections and friendships they had in the office. The investor also hinted at solving the long-term problem of tenants.
“You can pay rent for decades and still have zero equity —nothing. In a world where limited access to home ownership continues to be a driving force behind inequality and anxiety, giving renters a sense of security, community, and genuine ownership has transformative power for our society,” he notes.