A property management company is taking the coliving lifestyle to the next level by providing luxury amenities that will surely become a hit to millennial renters.
What is Coliving?
The modern form of communal living means offering affordable housing shared by five or more people who will be roommates. The new apartment rentals trend often requires short-term leases that come with perks like sharing fully-furnished amenities, utilities, cleaning services, and more.
Most of the time, coliving is viewed as sharing ordinary apartments and merely having a space to live in. But in reality, coliving could have a broader meaning from having intentional communities to living with a total stranger roommate.
The coliving trend is not only popular in the US. In Hong Kong, coliving became a great alternative to those millennials who no longer want to live with their parents. The lifestyle allows them to live independently and save money to buy their own home in the future.
SAN FRANCISCO, CA - APRIL 21: A sign is posted in front of an apartment building on April 21, 2015 in San Francisco, California. According to a report by Forbes magazine, San Francisco, Oakland and San Jose top the list of worst places in the nation for renters. Bay Area renters are faced with extremely low vacancy rates that have prompted high rents that average over $3,100 for a one bedroom in San Francisco
Coliving Reimagined
Common - a US-based property management company recently launched a reinvented concept of coliving to attract millennial renters. The company has buildings in ten cities, including New York, Jersey City, Philadelphia, Chicago, Los Angeles, Seattle, San Francisco, Oakland, Washington DC, and Fort Lauderdale.
Unlike others, Common's coliving renters are not called tenants. They are called "members" who pay for a separate room in a shared apartment. Members get to enjoy luxury amenities, including a private bedroom, high-speed Wi-Fi, free laundry, weekly room cleaning and provided basic supplies such as dish soap and paper towels.
Each member will also have access to a kitchen with high-end appliances and other essential kitchen tools like pots, pans, dishes, and more.
Common creative director Jenn Chang told Forbes: "We preemptively address the pain points of living with roommates through design, so roommates don't have to stress about having enough space, who owns the nice sofa, or how to split the utility bills."
Coliving Apartment Details
Common's ten coliving spaces feature fully furnished apartments complete with high-end furniture. They boast trendy furniture from popular retailers like Article, Restoration Hardware, West Elm, and CB2.
The layout is composed of two, or three-bedroom studio units meant for shared living. It is available in furnished and unfurnished types, depending on the location.
The luxury amenities also vary by location. Some buildings offer co-working spaces, gyms, wellness studios, lounges, on-site parking, pool, and roof decks.
Ms. Chang said that these amenities were designed as an extension of the shared apartment units.
"This concept really works well in response to COVID, as people need additional space for a simple change of scenery during their daily routines. We were able to adapt our communal spaces easily by adding large-surfaced tables suitable for working," Chang explained.
"We also provided thoughtful clusters of seating for people to spread out, whether they want to curl up with a laptop on a sofa or have a glass of wine at the wet bar," she added.
In terms of leasing, each member is only required to have a minimum of three months contract - enough time for someone who wants to get to know the environment first before finally settling down.
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