Co-living company Common has announced plans to expand capacity to 10,000 residents, up from the current 1,000, and to open in more US cities. The company, which is based in San Francisco, said it would be able to provide a “safe, comfortable and affordable home for people who are looking for an alternative way of living.” Founder and CEO Brad Hargreaves said the co-living market is based on trends including salaries not keeping pace with rental prices and adults putting off marriage and staying in cities for longer while also seeking a community. Today, 44 percent of its projects are ground-up construction, not renovations, and 23 percent are so-called “blended” projects, mixing coliving and traditional studio and one-bedroom units. He said competitors had once just been start-ups but now included established firms and investors. Its developers fund the new buildings while Common runs them when complete.
Co-living company Common has announced plans to expand capacity to 10,000 residents, up from the current 1,000, and to open in more US cities. The company, which is based in San Francisco, said it would be able to provide a “safe, comfortable and affordable home for people who are looking for an alternative way of living.” Founder and CEO Brad Hargreaves said the co-living market is based on trends including salaries not keeping pace with rental prices and adults putting off marriage and staying in cities for longer while also seeking a community. He said competitors had once just been start-ups but now included established firms and investors. Its developers fund the new buildings while Common runs them when complete.