The Real Deal New York

Guess how much cash co-living startups have raised in the past year

Doubting the viability of the shared living concept? Here's how much investors think it's worth
May 20, 2018 11:30AM

(Credit from back: U.S. Air Force photo Airman 1st Class Emerald Ralston; Pixabay)

Does $78 million surprise you?

That’s what a handful of co-living and short-term rental startups between New York and San Francisco have raised in funding rounds over the past year, according to TechCrunch–and it’s not an exhaustive list. (For example, Common’s infusion of $40 million from a funding round, first reported by The Real Deal late last year, was not included.)

It would likely surprise many people as co-living has been branded a dorm-style environment for adults who live more like college students, but it’s increasingly winning over the real estate industry and, evidently, venture capital firms.

During a panel on Brooklyn’s multifamily market last week, Duke Properties’ CEO Albert Dweck said he felt confident the concept would live up to the hype, despite the naysayers.

“That’s what an emerging market or an emerging trend looks like in the beginning,” he said. “No one knew what an iPod was when they had a CD sitting next to it. This is the same kind of thing.” [TechCrunch]Erin Hudson