Shutterstock coupon code 20176/1/2023 ![]() The question agents should be asking themselves, he said, is what are these millennials going to be doing once they start families? “We are seeing people delaying marriage and staying in cities longer, delaying buying into their thirties.” Is co-living disrupting the real estate industry, panel host Katie Maxell, asked?ĭemographic and macro trends are already disruptive, argued Hargreaves. What is really disrupting the real estate industry? As they move to these cities and others, Common clients will see the same restaurants, the same retail, the same buildings which will feel similar to them, said Hargreaves. Hargreaves laid out some interesting statistics - that the average person under 35 stays in a job for 16 months and when he changes jobs, he often changes cities, too.Ĭommon buildings are currently in New York, Washington D.C. “If you look at who is living in Common, it would be the top 5 percent of people in Craigslist,” he added. “We had seen nothing between Craigslist-scary and going and hiring a broker and looking for a very traditional apartment that way. ![]() An alternative to ‘Craigslist scary’Ĭommon is filling a gap in the market, said Hargreaves. Renting out 150 rooms recently attracted 12,000 applications, he said. “We saw a need for something higher end but still designed for community living,” said Hargreaves. He said companies such as Common are highly complementary - they are enlarging the class of real estate as an investment. Oetting sees Common’s offering as an innovative product which works well for real estate owners because of the yields it offers them. To want to spend time with other people is a human need, added Drew Oetting, founding partner at San Francisco-based tech investment firm 8VC, an investor in Common. “We saw that a lot of people were living with roommates, which people would often associate with students, but they were actually people further into their careers - and then there were also empty-nesters who wanted to live with others.” The range of people interested in co-living is much broader than you might think, said Hargreaves. This type of arrangement is appealing to consumers from all generations taking a pause between their next home buying decision. This trend may not seem like a relevant topic for residential real estate agents based in the suburbs.īut any agent who wants to know the full scope of clients’ housing needs over a lifetime should take notice of what is happening in the co-living space with companies such as Common, led by entrepreneur Brad Hargreaves, who spoke at an ICNY panel session, “The New American Dream: How co-living is disrupting real estate.”Ĭommon, called the most advanced of the co-living start-ups by The New Yorker, rents whole apartment buildings and then sublets furnished rooms in shared units, with a number of services - from weekly cleaning to utilities - covered in the rent. Upwardly mobile consumers are leasing private rooms in urban buildings, sharing upscale kitchen and living spaces with other like-minded people.
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