SAN FRANCISCO—Residents using Campus, an app that provides affordable shared housing in New York and San Francisco, will have to find a new place to live as the start-up announced its imminent closing on Friday, June 19.

The company’s web page had a message from Campus founder and Stanford dropout, 23-year-old Tom Currier stating, “we very regretfully announce that Campus Co-living will cease operations on August 31, 2015. Despite continued attempts to alter the company’s current business model and explore alternative ones, we were unable to make Campus into an economically viable business.”

The app, which many thought to have the potential to revolutionize the housing industry for millenials, provided shelter and the ability for students to gain the experience of what it would be like to live on a real college campus.

“The decision to close Campus was the most difficult decision of my life. Words cannot express how sorry I am for the problems this may cause for our members,” said Tom Currier in an email to Biz Journals.