While housing leaders are focusing on collaborating for the next generation of more affordable housing solutions, residents are banking on new developments that allow them to collaborate. Resident demand for more affordable housing has led to many different shared-living solutions that lower overall cost, making them an attractive living arrangement.
Common, a national property manager that designs, operates, leases, and brands multifamily properties to appeal to today's renters, has been leading the trend and now has properties in New York City, Los Angeles, San Francisco, Chicago, Washington D.C. and Seattle.
Renting at a Common property can save more than $500 per month compared to other studio apartments in the markets that Common serves. In New York City, where an average studio costs $2,610 per month with services included, the rent at a Common property is only $1,300. Common bundles services and provides furniture in the units as well, which aren’t all included in the cost comparison.
In Chicago and San Francisco, the cost comparisons are even more dramatic, saving up to $2,300 per month.
But, the benefits of coliving don’t end with a dollar sign. The built in social network that a coliving property offers can be a huge plus someone moving to a new part of town or relocating to a new city. Many new developments today are trying to create spontaneous collisions that create an opportunity for people to socialize, which are an integral part of the coliving design, and lead to improved emotional health. This comes at a critical time when social isolation is on the increase and cited as the leading cause of preventable death in the world by Joanna Frank, president and CEO at the Center for Active Design.
We spoke to Shaina Li, director of real estate for the west region at Common, about the current coliving trends and where the business opportunities could be. Watch this short video to learn more.
As the nation faces increasing urbanization in the next several decades, not only will single renters be looking for a product to share, but so will families that are attracted to the convenience and work offered in an urban setting. With that in mind, Common recently introduced a new product, called Kin, in collaboration with real estate investor Tishman Speyer. Kin is a property designed for families that includes playrooms, larger units and on-demand child care.
There is a prototype of the concept being tested now in Long Island, New York that will roll out to future locations. Kin locations will not share kitchens and bathrooms, but are designed to be more dense to drive down costs and to increase the common spaces.