HW Media connects and informs decision makers across the housing economy. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. Moving the Housing Market Forward.
InvestmentsReal Estate

WSJ: Millennials are opting for all-in-one co-living situations

Co-living is gaining popularity and increasing the scope of its services, and it seems to be a hit

Co-living properties are growing in popularity and scope.

According to a feature by Christopher Mims in The Wall Street Journal, communities that plan out residents’ social lives and take care of all the little time wasting adult annoyances that pull at their attention after they punch out are fast carving out a niche for themselves in the multifamily market.

Alta+ is one such community in New York, and it is not unlike a dorm in its function and social structure.

Residents pay $1,800 a month for a 98-square-foot space with a Murphy bed, a host of cleaning services and social programming. The community even has the equivalent of a resident assistant know as a “community manager.”

The value-add is that though residents are paying a premium for less space, they feel they are getting a better deal because they are saving time, energy and money on chores and social planning.

According to Mims, developers are sinking hundreds of millions of dollars into building or reimagining properties around the co-living model. These developers typically partner with the likes of Ollie, Common, Starcity, Podshare, or WeWork’s WeLive to help them bridge the gap between traditional multifamily practices and the new-fangled co-living style of multifamily.

Could this be the future of multifamily in high-density areas? Or is it just a flash in the pan? Only time will tell.

Most Popular Articles

Latest Articles

SEC claims Angel Oak Capital Advisors deceived investors HW+

Angel Oak Capital Advisors, the investment management arm of non-QM lender Angel Oak Cos., has agreed to pay $1.75 million to settle charges brought by the U.S. Securities and Exchange Commission (SEC) alleging that the company mislead investors about the delinquency rates in a 2018 private-label securitization involving fix-and-flip loans.

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please