70% of under-40s in the US are renters
70% of Americans aged 40 and under are renters, spending a third of their income on rent, yet there is no recognised brand in the multifamily rental space.
Snapshot · The a16z Show
Adam Neumann: This Is How You Build Iconic Companies
Explore episode
Jul 8, 2026
Where this was said
Flow's Early Results: NOI, Occupancy, and Brand Power in South Florida
At 59:00 · chapter starts 52:55
The numbers from Flow's South Florida portfolio are the clearest signal that the thesis is working. The Fort Lauderdale building was already at 95% occupancy when Flow took it over. It is still at 95%. But NOI is up 30% [1] — Adam Neumann "30% higher NOI at Fort Lauderdale building: Flow's Fort Lauderdale building achieved 30% higher net operating income than when Flow took it…" 57:41 . The gains come not from filling empty units but from lower churn, higher rent per unit, and a brand that attracts renters directly. Eighty per cent of South Florida multifamily leases typically come through brokers. For Flow, 90% of inbound inquiries arrive direct to the website [2] — Adam Neumann "90% direct inbound vs broker: While 80% of most South Florida leases come through brokers, 90% of Flow's inbound inquiries come direct to t…" 58:35 . That is brand power from a young company that has been deliberately quiet about its progress. Adam Neumann adds a structural observation: 70% of Americans under 40 are renters who spend a third of their income on rent, and there has never been a consumer brand in that space — not in hotels, not in condos, not in office before WeWork. Flow is the first attempt to create that brand at scale. Horowitz's most pointed observation: WeWork reached extraordinary heights with just the brand, and no technology platform underneath. Flow has both.
The Real Estate Software Problem: You Are an Attribute of a Building
Legacy real estate software treats human beings as attributes of a building — a bill, an apartment number. Flow's CTO Scott built the entire stack around the resident, not the property, making it possible to run multifamily, hotel, short-stay, furnished, and corporate housing on a single platform with the press of a button.
Flow's Fort Lauderdale Building: 30% Higher NOI, Same Occupancy
Flow's Fort Lauderdale building is at 95% occupancy — exactly where it was when Flow took over. But NOI is up 30%. No marketing gimmick: lower churn, higher rent per unit, and a direct-to-consumer acquisition model where 90% of inquiries bypass brokers entirely.
30% higher NOI at Fort Lauderdale building
Flow's Fort Lauderdale building achieved 30% higher net operating income than when Flow took it over, at 95% occupancy, driven by lower churn and higher rent.
90% direct inbound vs broker
While 80% of most South Florida leases come through brokers, 90% of Flow's inbound inquiries come direct to the brand, demonstrating early brand power.
The Housing Crisis Is an Assault on Young People
Marc Andreessen and Ben Horowitz are blunt: the US housing market is an active political transfer from young people to boomers, epitomised by California's Prop 13. Unaffordable cities, crashing birth rates, and the impossibility of family formation are the downstream consequences. Flow is one of the few companies trying to solve this at scale.
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