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Co-living Crusade Finding a Home in U.S.
By Dennis Kaiser
Co-living is the newly-arriving cousin to co-working, a workspace movement that has spread across the country in recent years. Though operators of the residential version of shared office spaces have yet to command the same market share or popularity as such companies as WeWork, which has become the largest tenant in NY, the burgeoning sector shows promise.
Not only are the companies building shared living spaces securing capital for expansion, they are gaining momentum. That’s especially true in hot job markets where renters are flocking, but face the challenge of finding affordable housing. Co-living companies such as Starcity, Quarters, The Collective and Treehouse have landed in markets such as San Francisco, Los Angeles and New York. Beyond the cost consideration, co-living spaces tend to appeal to the convenience, community and “cool” factors certain segments of today’s renter demographic seeks – think Millennials.
Common, one of the nation’s leading residential brands in the co-living sector, recently announced major expansion plans across the United States. Common plans to bring its signature brand of all-inclusive living to four new cities — Philadelphia, Atlanta, Pittsburgh, and San Diego — over the next three years, representing more than $300 million in new ground-up co-living developments. With new partnerships and an ambitious, rapidly expanding pipeline of projects across the country, Common is the U.S.’s largest co-living operator.
Brad Hargreaves, founder and CEO of Common says, “With a major presence in six metro areas, we’ve seen a real need for innovative housing solutions in growing, mid-size cities that are facing challenges of rising rents and demographic change. Philadelphia, Atlanta, San Diego, and Pittsburgh present Common an opportunity to offer cheaper rent, needed density, and amenities that foster community.”
Common opened its first home in New York City in 2015, and has since expanded to Chicago, San Francisco, Oakland, Los Angeles, Seattle and Washington, D.C., with more than 700 beds currently open across 24 buildings. Common says it retains 99% occupancy, and receives more than 2,500 new applications for membership per week. Memberships come with beautifully-designed and furnished homes, weekly cleanings of shared spaces, hospitality-grade amenities with community events, shared supplies, and a tech-forward living approach where everything can be done online.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development
