Anyone running CoLiving / rent-by-the-room in Georgia? Looking for real-world experie
Hey everyone,
I’m a long-term investor in central Georgia and I’m exploring a CoLiving / rent-by-the-room model on a larger property I’m considering bringing to market.
The concept I’m evaluating:
12 bedrooms / 4 bathrooms (all rooms newly furnished... 6 Queen Bedrooms & 6 Twin XL Bedrooms with premium hybrid mattress, chest of drawers, night stand, lamp and mini fridge in each single occupancy room. All utilities and high speed internet are provided.
Shared kitchens and common living areas = newly renovated with all new cabinets, countertops, and stainless appliances
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Rent by the room
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Weekly rent, paid every Friday
Target tenant base: working adults (not student housing), transitioning veterans, travel nurses etc.
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House rules focused on stability, cleanliness, and safety (single-occupancy rooms, limited guests, etc.)
Before I move forward, I’d really like to hear from others who are actively operating CoLiving properties in Georgia (or similar landlord-friendly states):
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How intensive is the day-to-day management compared to traditional rentals?
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What systems have made it manageable (weekly rent, strict house rules, software, on-site management, etc.)?
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Any surprises — good or bad — that you didn’t anticipate going in?
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How has tenant turnover been compared to standard SFR or small multifamily?
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Would you do it again, or has it turned into more of a headache than expected?
I’m not new to rentals, but I want to be realistic about the operational intensity before scaling this model. I’m especially interested in hearing from anyone running this outside of major metros (Atlanta, Savannah, etc.), since this would be in a more small-city / regional market.
Appreciate any insight you’re willing to share — happy to learn from others who’ve already been down this road. I look forward to any insight you guys may offer.
Thanks in advance.
Shane
Most Popular Reply
Hey Shane! I released the book on Co-Living with BiggerPockets ~6 months ago (25% off here: https://CoLivingBook.com). You are on the right track! I'm not in Georgia, but I can still answer some of your questions :)
How intensive is the day-to-day management compared to traditional rentals?
Much more intense. I'd put it on a similar scale to short-term rentals. But that is why we are able to cashflow ~$2k/month per property instead of $0 or less with traditional (in my market). To get the juice, you have to squeeze.
What systems have made it manageable (weekly rent, strict house rules, software, on-site management, etc.)?
Automating inquiry responses has been the biggest game-changer. Co-Living is a volume game. When you have 1 house, it isn't 1 lease to fill. It is 8+ leases to fill. That means you get LOADS of messages from interested renters. Having a streamliend processed for automatically replying and pushing them somewhere to gather their info has made this strategy possible for us at scale. (discussed in-depth in the book)
Software-wise, we use Innago to collect rent and make maintenance requests. It is free and works very well. No need for a paid software.
How has tenant turnover been compared to standard SFR or small multifamily?
Average length of stay in the industry is probably 6-10 months, so shorter than SFR. Co-Living is 80% about markteting. As I mentioned earlier, you have lots of leases to fill, AND they turn over more quickly than SFR.
Would you do it again, or has it turned into more of a headache than expected?
Yes! If you want extreme cash flow and are willing to build a business around it, this is the strategy for you. I'm very upfront about the work involved, but the rewards have been fantastic. In 2 years, we bought 7 properties that produce ~$10k/month in cash flow, and I was able to quit my job. Pretty sweet!