I do not know if anyone has discussed the coliving trend that some companies are betting on. I believe it has taken off in the commercial space (companies like WeWork https://www.wired.com/story/this-is-why-wework-thi...). Companies can rent space and do work together. I am not familiar with it personally, but I know Chicago, San Fran, NYC, etc have these types of spaces.
WeWork is also betting on this concept for residential living. Many young people are choosing to rent and do not mind the concept of roommates. I am 28 years old and have no problems with roommates. I, like many melinnials, value experiences and coliving can be part of that. I am sure concepts like AirBNB seemed crazy at first but now people are really starting to embrace it.
I think this could work in expensive cities with young professionals. The value compared to a traditional set of apartments or condos is the experience and potential for genuine interaction. It is very similar to college campuses with dorms. People who are new in a city, like myself, would benefit from these experiences. No different than being a freshman coming to college.
I am a new investor, but I could see this trend happening more and more. Has anyone experimented with this or seen how it works? Has anyone lived in one?
Hey Michael, I have not lived in a co-living space but I think it is definitely the way things are trending. It's all cycles, right? People used to live in the city and share space. Then the whole "white picket fence" and suburbia rose as the pre-dominant lifestyle. Now, the trend is reversing, people are coming back IN the city and living together again. Like you said, people want experiences, not just plain old average. Which sounds cheesy, but it's true haha.
Check out "The L" in Logan Square, which has been a phenomenal success: http://logansquarel.com/.
As people start embracing the 'sharing economy' I think we're going to see a whole lot more co-living buildings pop up.
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