The concept of modern, dorm-like community living (i.e., co-living and multilevel real estate innovation) is rising despite the pandemic.
Co-living is a niche model in the multifamily ecosystem where tenants share common areas with other occupants while retaining their individual private spaces. Growing from just a few hundred beds to over thousands in the last five to ten years, co-living societies add value and a sense of community to renters’ everyday life.
Companies like WeWork and many others are already up and running in the game, promoting the ideas of accessibility, community, collaboration, openness, and sustainability. The approach speaks volumes to Gen Y for its potential to offer Class A construction in an exceptional neighborhood along with assured affordability.
WeWork is a co-working setup that leases its business office to individuals and/or companies. Having attained unmatched success with their primary business model, WeWork branched off in the multifamily sector and has since moved up in creating safe and reliable millennial communes.
As this new sector evolves, we predict a significant shift from traditional apartments to co-living spaces. Renters may gravitate toward these more affordable systems of housing to accomplish their American dream of homeownership.
Is co-living something that has the potential to yield roots in your city? Also, how can a co-living property benefit your investment portfolio? Talk to a Class A Management real estate expert at 817-295-5959 to learn more about co-living and multifamily industry trends today. You can also email us at .