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Bungalow, an online marketplace for residential real estate, has more than tripled its valuation to over $600 million after raising $75 million in equity funding.

Renters continue to flood secondary markets even as NYC, SF bounce back, CEO says.

Bungalow, the largest co-living network in the U.S., provides early career professionals with private bedrooms and fully-furnished common areas in urban cities spanning from New York to Portland to Los Angeles.

Start-up Bungalow is taking homes and making them co-living communities.

Bungalow, the co-living company announced a new $47 million fundraise, including a $15 million Series A extension and a new $32 million Series B round from Coatue, Founders Fund, Khosla Ventures and A-Rod Corp, among others.

Finding a place to live with compatible housemates can be a challenge when you relocate to a new city. The newly launched Bungalow aims to solve that issue and to help homeowners and landlords find renters.

Cofounders Andrew Collins and Justin McCarty say that the idea for Bungalow was born out of their own housing frustrations — both moved to San Francisco shortly after graduating college to work for tech companies in the Bay Area.

It’s time for real estate to adjust to the modern world. So what’s exciting about Bungalow is it takes existing inventory (...) and converting it to meet the demands of millennials that we see today.

Bungalow, currently operating in seven U.S. cities, is an Airbnb-like platform that makes it easy to find roommates or to rent out one`s apartment--thus, potentially, bringing more units on to the market.

Bungalow works with homeowners to lease their homes as the master tenant for three years at time. From there, Bungalow rents out the property on a room-by-room basis while guaranteeing occupancy to the homeowners.

The expansion will provide customers with more opportunities to stay with Bungalow if they have to move to a new city. Tenants don’t have to worry about breaking a lease if they are offered a job in a different city and need to move, provided they choose to rent another Bungalow property.

Unlike its peers Common, Ollie and WeLive, Bungalow shies away from major multifamily properties and new developments. It also markets itself as a cheaper alternative, with rents for a bedroom ranging from $800 to $1,700 per month.

Bungalow, a co-living housing provider has, outpaced competitors WeLive, Ollie and Common to become the country’s fastest-growing shared living startup after announcing that it has more than 1,250 housemates in 10 of the nation’s most expensive cities.