Co-living concept might be finally taking off

After relatively slow start, more firms are working on large-scale projects

Oct.October 16, 2018 11:00 AM

(Credit: iStock)

Co-living may have reached its maturity phase.

The concept is less than 10 years old, but developers are now getting ready to build some of the continent’s biggest new co-living properties, indicating its growing popularity, according to the Wall Street Journal.

Starcity, a co-living startup based in San Francisco, agreed to buy a development site in San Jose, California, last week where it is planning a co-living building with 750 units. It also intends to file plans for a 270-unit co-living building in San Francisco’s SoMa neighborhood this week.

In New York, London-based co-living company The Collective has purchased a site in Williamsburg where it plans to build its first American project with more than 500 units.

A co-living project at 29-22 Northern Blvd in Queens

If these larger projects take off, larger investors could be more encouraged to enter the co-living market that has so far grown slower than expected. For instance, WeLive, the co-living concept that is part of WeWork, told investors in 2014 that it expected to have 69 locations by the end of 2018 but has so far completed just two.

“Co-living’s institutional moment is now upon us,” chief executive of the co-living company Ollie Chris Bledsoe told the Journal. “There’s no more flying by the seat of your pants.” [WSJ] — Eddie Small

Related Articles


Opportunity Zones, luxury residential pricing, the diversity dilemma and more at TRD Miami’s Showcase & Forum

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

Brad Hargreaves and a project illustration (Credit: Francesco Sapienza)

NYC is banking on Common to deliver affordable beds

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest