Co-Living Apartments in Chicago
I see this trend slowly popping up in Chicago and I was curious, does anybody here have experience with co-living apartments? If so, what kind of returns are you getting vs a traditional lease? I'm thinking about this as a possible strategy for a multi-unit investment. Since it's a rather new concept for me, I'm trying to weigh the pros and cons.
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Unfortunately, I am not using this strategy. But! I am a big believer in this. As rents increase and millennials shift from needing the "white picket fence" to experiences in the ity, I think this trend will continue. I personally would do a co-living apartment but maybe I am not the norm.
I think because you're selling a hybrid of a community/hotel/apartment, you have to have a plan that's a little more than just "sign lease, pay rent, call if there's a problem." A lot of the services that offer these seem to have cleaning, events, etc. You're acting almost like a luxury service. You'd need figure out what would make someone see a little more than "rent savings." You're potentially bidding for someone who is on the fence of having a roommate, but needs a little more.