As developers think about increasing density in terms of units, others are also exploring density options within the unit with up to five people in one apartment. This product type is being introduced en force in Chicago.
German company is looking for 10,000 Chicagoans to rent small bedrooms within shared apartments, betting that communal living is primed to take off in big cities.
Medici Living Group will open its 175-resident Quarters property in Chicago’s Fulton Market district on April 15, CEO Gunther Schmidt said.
The development at 171 N. Aberdeen St. will be the Berlin-based firm’s initial step of a broader push into Chicago, with other deals expected soon, Schmidt said. “We’re seeing massive demand, and we’re really reacting to that demand,” he said. “I think you’re going to see this expand in every city.”
Since emerging in recent years, co-living has been derided as dorms for adults but hailed by proponents as a way for young, transient professionals to afford to live in desirable areas of costly cities.
Those who are bullish, such as Medici, believe it will continue to gain acceptance among new generations of college graduates who are saddled with debt and unsure where they’ll be living in coming years, or even months. There’s also a social aspect.
“It’s not about partying 24/7 like in college,” Schmidt said. “Imagine you’re from (Los Angeles), you’re moving to Chicago, and you don’t know anybody. You’re immersed in this community, and within one week you have 100 new friends.”
Co-living offers a quick move-in process without a long-term lease commitment or a need to line up roommates. Quarters, for example, will offer furnished, move-in-ready bedrooms that include a mattress, sheets and pillows.
The first Chicago facility will be on the top five floors of MCZ Development’s 10-story mixed-use project west of the Kennedy Expressway downtown, Schmidt said. Quarters will have 35 residents each on floors 6 to 10, topped by amenities and outdoor space available to all residents. The rooftop will include a kitchen, lounge, outdoor grills, a bar with views of the Chicago skyline and a co-working space.
Apartments accommodate one to five people, with a kitchen, one or more bathrooms and bedrooms ranging from 77 to 198 square feet.
Medici’s contracts are for as short as three months, with an average stay of just over a year companywide, Schmidt said.
Rents, which start at $1,200 per month and will average $1,600 per month, aren’t cheap relative to the small unit size but include expenses such as utilities, wireless internet and Netflix movies.