Coliving pioneer Common expanding nationwide, adding thousands of units
In the News. Sep 17, 2019
So-called “adult dorms” are here to stay.
Coliving company Common announced a significant expansion this morning, with a plan to grow from housing 1,000 to 10,000 residents in the next few years. The company’s flurry of new deals, including buildings in the new-to-Common markets of Denver, Boston, Baltimore, and Portland, Oregon, underscores the continued growth of this new category of residential real estate—smaller, furnished private rooms, shared common space, and flexible, month-by-month lease terms—amid widespread affordability challenges for many renters.
“It’s an indicator of our growth and the maturation of the space,” says Brad Hargreaves, the company’s founder and CEO. “You’re going to see people approach this from a few directions. We’re the first to reach this scale, but we won’t be the last.”
Common now has a pipeline of operational or under-construction projects in 19 cities, which would vault it ahead of competitors such as Hubhaus, which operates 1,400 beds, Starcity, which will have 500 beds operational by the end of the year and has an additional pipeline of 5,200 beds, and Bungalow, which currently operates 2,800 beds nationwide, and has plans to eventually expand to 10,000 beds. This new announcement that the company will expand by a factor of 10 comes after a year where other coliving companies have also announced new, larger projects, including Starcity’s 800-unit building going up in San Jose, California.