The unconventional co-living industry will make its biggest bet yet in San Jose – one of California’s least affordable cities – with a plan that calls for almost 800 bedroom-only units.
This month, the startup company Starcity – best known for transforming hotels, retail buildings and parking garages into dorm-style complexes – announced what it claims is the largest co-living project of its kind, Business Insider reported.
Co-living has been put forward as a potential solution to the affordability crisis that plagues cities throughout the state. Starcity’s project allows residents to rent their own rooms, but share common spaces like kitchens, living rooms and sometimes bathrooms with other tenants.
Leases are designed in three-, six- and 12-month terms, and come with utilities, home cleaning, laundry service and other amenities. The project in downtown San Jose is expected to open in 2021, with rents ranging from $800 to $2,500 per unit.
Real estate players are increasingly developing or investing in the concept of co-living throughout the country.
In September, Starcity partnered with developer Worthe Real Estate Group to launch its first co-living project in L.A. at 29 Navy Street in Venice. Memberships at the Venice location range from $2,200 to $3,100 per month. [BI] – Gregory Cornfield