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Common Living

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Common Living
ISIN🆔
IndustryColiving
Founded 📆
Founder 👔
Headquarters 🏙️,
Area served 🗺️
New York, San Francisco, Oakland, Washington D.C., and Chicago
ServicesProperty management of coliving spaces
Members
Number of employees
🌐 Websitewww.common.com
📇 Address
📞 telephone

Common Living is an American company that provides coliving, a form of shared housing, to renters in various cities.[1] Founded in 2015 by Brad Hargreaves, the company designs, creates, and operates homes in 5 cities: New York, San Francisco, Oakland, Washington D.C., and Chicago. In January 2018, the company secured a Series C funding that brings their venture funding total to over $65MM.[2]

Common is one of the major players in the coliving space, a new trend in rental housing. The company offers members a private bedroom within a shared suite in a home that’s fully furnished and includes various other amenities like: cleaning, laundry, utilities, household essentials, spaces like lounges, coworking, roof decks and more that depend on the home and location.[3][4]

History[edit]

Common was founded in 2015 in New York City as a way to offset problems renters face in America’s densest cities. Its first several homes were clustered in the Crown Heights area,[5] and the company has since expanded to other neighborhoods in New York City, with several more homes planned in Brooklyn and Manhattan in 2018. In 2016, Common expanded to Washington, DC, then San Francisco, and Chicago, and has announced plans to introduce homes in Los Angeles and New Orleans, which will be the company’s first 100% affordable housing coliving development.[6]

Coliving model[edit]

Coliving is a type of rental housing, where members of a given home share communal spaces like kitchens, living rooms, backyards, etc., and have their own private bedrooms.[7]

Common serves as a property manager of coliving homes. The company works with real estate developers to adapt existing housing or build ground-up construction, then leases up and property manages all of their homes.[8] As of 2018, this includes properties in New York, Washington DC, San Francisco, and Chicago, including one home in Brooklyn which contains both coliving units and traditional studios, one, and two bedrooms.[9]

References[edit]

  1. Bernard, Zoe (28 February 2018). "Take a look inside the stylish, modern-day communes that are taking over US cities". Business Insider. Retrieved 29 June 2018.
  2. Parker, Will; Putzier, Konrad; Samtani, Hiten (8 December 2017). "Co-living startup Common finalizing new venture round: sources". The Real Deal. Retrieved 29 June 2018.
  3. Robinson, Melia (26 July 2017). "Inside the 'co-living' spaces where millennials pay over $1,400 a month for maid service and instant friends". Business Insider. Retrieved 29 June 2018.
  4. Sayer, Jason (30 January 2017). "With 595 Baltic, Brooklyn's co-living market continues to grow". Architects Newspaper. Retrieved 29 June 2018.
  5. Cutler, Kim-Mai (19 October 2015). "Common, The Co-Living Startup From A General Assembly Founder, Opens Its First Building in Brooklyn". TechCrunch. Retrieved 29 June 2018.
  6. Williams, Jessica (16 April 2018). "Proposed 'co-living' complex gets tax break, agrees to keep rents steady for 15 years". The New Orleans Advocate. Retrieved 29 June 2018.
  7. Widdicombe, Lizzie (16 May 2016). "Happy Together". The New Yorker. Retrieved 29 June 2018.
  8. Barzilay, Omri (3 January 2018). "How Major Real Estate Developers Are Experimenting With Co-Living". Forbes. Retrieved 29 June 2018.
  9. Warerkar, Tanay (26 January 2017). "Co-living start-up Common expands in Brooklyn with market-rate rentals". Curbed New York. Retrieved 29 June 2018.

External links[edit]


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