Updated 9 months ago on . Most recent reply
Co-Living Goldmine Trend Continues in Bloomington
Bloomington is a city located in south-central Indiana, approximately 52 miles southwest of Indianapolis. en.wikipedia.org
Recently, the city has been exploring co-living arrangements as a strategy to enhance affordable housing options. A recent article discusses how Bloomington is considering flexible zoning to support dorm-style units, aiming to provide housing solutions for residents earning 30% of the area median income (AMI). finance-commerce.com
The city has successfully added new rental units in the 50% and 60% AMI bands but faces challenges in creating units for the 30% AMI bracket due to financial constraints. Co-living is seen as a non-financial tool to encourage deeply affordable units, serving as transitional housing along the housing continuum.
A study by Gensler and The Pew Charitable Trusts highlighted that adaptive-reuse co-living spaces could offer more affordable housing solutions compared to traditional studio apartments. For every $100 million in public subsidies, approximately 1,157 co-living spaces could be created, compared to 313 studio apartments.
The Bloomington City Council is reviewing potential ordinance language to facilitate co-living spaces, considering factors like parking, minimum square footage, and the definition of "family" in housing contexts.
As real estate investors, it's essential to stay informed about such developments, as they can present new opportunities and models for investment.