Coliving as a housing trend is becoming more popular in the United States, giving renters a more affordable option and becoming a strong part of better community. The trend is exploding in Europe as well, explored here in this Bloomberg article.

Medici Living Group, a Berlin-based provider of communal housing for millennials, won a commitment from Corestate Capital Holding SA to invest 1 billion euros ($1.13 billion) over the next five years to fuel European expansion.

The equity and debt investment will go toward the development of 35 co-living properties in countries including Austria, Switzerland, Spain and Poland, according to a statement Wednesday. Corestate will handle the financing and project development while Medici will design and operate the buildings under its Quarters brand.

“What you see in every major city around the globe is that there’s an issue around affordability in housing,” Medici Chief Executive Officer Gunther Schmidt said in an interview. “In a lot of cases, you finished your studies or you moved into a new city and what you really want to have is an on-demand product that you already see in other industries -- like Uber or Netflix.”

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