Fast Company staffer Adele Peters reports on The Collective, a London-based start-up that's launching high-profile high-rise co-living multifamily communities, aimed at serving sharing economy young adults who can't ante up for soaring rents.
Peters notes that the jury's still out on co-living in the U.S., as Silicon Valley attempt, Campus, failed, and a couple of Brooklyn, N.Y., initiatives are in the too-early-to-tell state. Peters' main perspective comes from The Collective ceo Reza Merchant, a 26-year-old big believer in co-living's viability.
Merchant thinks growing interest in the idea is a logical reaction to the housing affordability crisis many cities face. "There is a massive issue in big cities like London, San Francisco and New York where the lifeblood of these economies simply cannot afford to live properly," he says. "When you have such an acute issue for what is such a key part of the economy, the market will inevitably come up with solutions."