Posted on 01/29/2019 11:08:12 PM PST by 2ndDivisionVet
Quarters, a major European co-living company, plans to invest $300 million toward building new developments across the United States and becoming the nation’s largest co-living operator by 2022, according to an article in Curbed.
Millennials are the primary target demographic for the co-living industry. Due to financial issues and their tendency to lead nomadic lifestyles, young adults are typically the most interested in shared housing spaces. By offering pre-furnished bedrooms, shared common spaces, and amenities such as 24/7 laundry access, cleaning services, Wi-Fi, and community events, co-living companies like Quarters want to provide Millennials with more affordable access to increasingly overpriced, metropolitan neighborhoods.
Quarters’s $300 million expansion deal was made possible by a $1.1 billion fundraiser led by its parent company, Medici Living. Medici’s goal is to buy and build up to 35 co-living facilities throughout Europe, and over 1,300 new residential units in the U.S. within the next three years, according to Curbed.
The Berlin-based company already operates co-living spaces in New York City and Chicago, but it plans on expanding its footprint to cities like Boston, Denver, Los Angeles, Philadelphia, San Diego, and Seattle—all of which are teaming with millennials and startup activity. Residential projects at these sites could house between 100 and 300 people, while new spaces in New York could hold up to 500.
Like Quarters, other co-living firms have upped their ambition, diverting their attention away from small group homes to focus on large-scale high-rises. WeWork, the massive, New York-based co-working company, recently unveiled “WeLive,” its latest co-living project with its first apartment building located at 110 Wall Street in Manhattan. The Manhattan high-rise, whose private studios start at $3,050 a month, offers apartment dwellers flexible leasing, access to fitness classes, cleaning and laundry services, potluck dinners, and a digital social network, all conveniently accessed through a mobile app. According to Curbed, WeLive, if successful, plans to eventually house 600 people throughout the 20 floors of the Lower Manhattan high-rise, as well as build more developments in other major U.S. cities.
While co-living is not a new or innovative concept, companies like Quarters and WeWork have transformed it into a business model to take advantage of the fluctuating economy and provide young adults with a service that can make city living more affordable and hospitable.
The new and improved Hostel.
Each unit should come with a “house mother” to do the cooking and cleaning.
How to insure that Millennials NEVER manage to grow up, get married, become responsible adults.
Basically dorms for adults.
I dont know any real moms that do housework or actual cooking.
“Co-Living”?
Better be sure all the RULES about sleep over guests are made crystal clear in the tenant agreement. Some people don’t really pay attention to that part until a holiday comes up,
or until they want people over to watch the Super Bowl.
Be sure to cover Pets, Companion Animals, whatever you want to call them. Pit Bulls allowed? How about Sugar Gliders?
Those are small, animals that look like flying squirrels.
Can I have a Flag in my window?
While co-living is not a new or innovative concept, companies like Quarters and WeWork have transformed it into a business model to take advantage of the fluctuating economy and provide young adults with a service that can make city living more affordable and hospitable...
So $3k/month for a studio is considered "more affordable"?
Stupid.
Stationed in Germany in the 70s; much of their housing was geared to younger generations living on the lower floor of two-story housing where the older generation (the owners) lived on the second floor.
That would work here now.
Co-living, co-presidents, co-expiry.
What other new things will they invent next?
I have a Muslim cleaning lady and she is really great.
That’s about twice my mortgage payment.
Not that I would ever want to live in NYC or any city over 10,000 people.
I will happily live out my days in Flyover Country.
Living in the sticks is the life for me.
I look out my back door and see only my barn and trees. I look out my front door and only see the occasional car drive down the road. That’s the life for me.
I’d live farther out in the sticks if I could get my wife to move.
This is why i’d never live under the petty authoritarianism of an HOA
Sounds like a great concept for a TV Show.
You gotta pry these tender-hearted millenials out of mom’s basement first I think? Are they ready to see sunlight and breath fresh air yet?
I am not sure how I could package that for a TV show, I am not a small town sheriff (Andy Griffith) or a gator hunter.
But if was interesting two summers ago when the 17 year locust popped out of the ground.
Their mating calls were deafening for about three weeks straight. And our dog wanted to be out constantly so he could eat them.
This will increase abortions and shootings.
==========
Sounds about like where I grew up.
If you didn't cut enough firewood last winter you'll be burning green wood (and starting chimney fires) this year.
A half-mile walk down a dirt road to the black top to catch the school bus in the morning. It would be pretty cold out there this time of year.
Builds character.
I guess you don’t know many real moms then. Plenty of us do actual cooking and cleaning
Or SRO hotels, with upgraded amenities for an upscale but still nomadic clientele.
Nothing wrong with the concept, but two things need to be disentangled. There are people who are transient because their job situations are unsettled. How much of the "gig economy" chatter is hype vs. how much is a real, long-term shift, I don't know, but chronic job instability is a bad thing. The separate problem is that housing costs are so out of line in some areas that even people with stable, high paying jobs are priced out of the market. This is linked to the question of how much of a commute do we accept before admitting that the situation has become ridiculous.
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