Introduction
Modern problems require modern solutions. High rents, cost of living, cultural reasons, and lack of flexibility in traditional leases have turned many people towards a more sustainable (both for the environment and your pocket) solution. Co-living is a modern housing concept rapidly gaining popularity, especially in large cities and mainly among younger renters.
In recent years, many companies have attempted to create renting solutions for some residents struggling with traditional leases and high rents while attracting a new group of renters – digital nomads.
To accommodate their needs and capture this large market, co-living startups provide a unique living experience to people who want to live in a community and are willing to share living spaces with others. This blog post will dive deeper into co-living and explore some companies leading the way in the field.
Co-Living Startups: Common Features
For starters, let’s take a better look at what co-living is.
What you could once do only if you had a friend willing to share an apartment with you, today you can do just with a quick Google search, faster, safer, and with many more perks.
Co-living companies offer a wide range of services that cater to the needs of their residents, while their value propositions vary enough to cover all market segments. Some provide amenities like high-speed internet, laundry facilities, and more to make living comfortable, while others promise to simplify the renting search and streamline the application process.
Being part of a community is another benefit renters in co-living units usually enjoy. Some of these companies host social events that allow residents to meet people, make friends, and participate in community activities.
Popular Co-Living Companies in America
Whether you are searching for housing or are a real estate professional interested in learning more about co-living, it is important to know the major players in the field. Let’s delve into some companies that bring this modern living concept to life on a scale.
June Homes
June Homes is a property management company specializing in co-living. The company offers both private bedrooms and full apartments that come either beautifully furnished and ready for move-in or unfurnished for the resident to bring their furniture and imprint their personalities in their room decoration. Aimed mainly at young professionals, students, and newcomers to a city, June Homes’ properties come with flexible lease lengths, including WiFi, monthly common space cleaning, 24/7 online support, and a $20 monthly credit for necessary home supplies in a $119 monthly fee. The company’s value proposition includes streamlining and simplifying the application process and move-in experience through 100% online application and accommodating even same-day move-ins.
Operating Cities:
New York City, Jersey City, Boston, Chicago, Los Angeles, San Francisco, San Diego, Washington DC, Austin, Dallas
Perks & Amenities:
- Flexible furnishing
- 24/7 support
- Mobile app to manage your stay
- Pre-set up utilities & WiFi
- Quick application process
- Monthly cleanings of shared spaces
- $20 monthly credit for home supplies
- Free relocation within June’s inventory for the first seven days after your move-in
Lease Duration: Flexible move-in data and lease duration
Services to Property Owners:
- Property Management
- Marketing & Leasing
- Real-time owner dashboard
- Rent collection
- Monthly calls with analyst
Reviews: 4/5 (Google)
Common
Common is one of the most popular co-living companies in America. It operates in many cities, including New York, San Francisco, and Los Angeles. Common also provides mobile apps that allow residents to connect and pay rent. Common has various housing options, including private studios and shared apartments.
Operating Cities:
Baltimore, Berkeley, Birmingham, Chicago, Jersey City, Los Angeles, New York, Oakland, Philadelphia, Salt Lake City, San Fransisco, St. Petersburg, Washington, DC.
Perks & Amenities:
- Fully Furnished Apartments
- High-end kitchens with essential appliances
- Shared spaces cleaning service
- Essential home suppliers like pots, pans, dishes, and paper towels
- Onsite laundry in all units
- Pre-set utilities & WiFi
- Property Maintenance
- Free community events
Lease Duration: Flexible move-in date & 3, 6, 9, and 12+ months duration leases
Services to Property Owners:
- Property Management
- Marketing & Leasing
- Access to new housing products
- Design Advisory
Reviews: 4.2/5 (Google)
Bungalow
Bungalow manages all aspects of the living experience, providing services that range from utility setup and maintenance to community events to create a hassle-free, community-centric living environment. It offers renters both co-living and entire apartment options while offering flexible duration leases. Residents can submit maintenance requests, manage payments, and meet their future roommates through its mobile up. Perks and other amenities,` like furnished shared spaces and WiFi, are included in a $175 monthly service fee.
Operating Cities:
Atlanta, Austin, Baltimore, Bay Area, Boston, Chicago, Dallas, Denver, Houston, Los Angeles, Miami, New York City, Orange County, Philadelphia, Phoenix, Portland, San Antonio, San Diego, Seattle, Tampa, Washington DC.
Perks & Amenities:
- Quick application process
- Furnished shared spaces
- Mobile app to manage your stay
- Pre-set utilities & WiFi
- Kitchen Essentials
- 30-day trial (option to relocate within Bungalow’s inventory)
Lease Duration: Flexible move-in data and lease duration
Services to Property Owners:
- Property Management
- Pricing, Marketing & Leasing
- Property Performance Dashboard
Reviews: 4.4/5 (Source)
Hello Landing
Hello Landing is a flexible leasing company that aims to redefine the experience of renting an apartment. It targets professionals, digital nomads, and anyone needing high-quality, hassle-free housing.
They provide fully furnished apartments in various cities across the United States, offering flexible lease terms starting at 30 days. Landing members enjoy benefits such as fast and easy move-ins, a 24/7 member support team, no security deposits, and the ability to move between Landing homes in different cities at their convenience with as little as two weeks’ notice. To access these perks, the company charges a $199 annual fee.
Operating Cities:
Atlanta, Austin, Birmingham, Chicago, Dallas, Denver, Las Vegas, Los Angeles, Miami, Nashville, New York, Orlando, Phoenix, Salt Lake City, San Francisco, Seattle, Tampa, Washington DC.
Perks & Amenities:
- Quick application process
- Fully equipped kitchen
- Pre-set utilities & WiFi
- Fully furnished apartments
- Mobile app to manage your stay
- No security deposit
- Free cancellation within 24 hours of booking
- 7 Day Guarantee
- Relocation Options
Lease Duration: Flexible move-in data and stay duration
Services to Property Owners:
- Property Maintenance
- Pricing, Marketing, and Leasing
- Rent & Utility Collection
Reviews: 4.3/5 (Trustpilot)
Outsite
Outsite is a hospitality company that combines coworking and coliving for a unique accommodation experience, mainly catering to digital nomads, remote workers, and adventurous travelers. It offers beautifully designed, fully furnished spaces in some of the world’s most stunning locales. Each Outsite location has workspaces and high-speed internet, making them ideal for working remotely while exploring new destinations. In addition to providing a comfortable living and working environment, Outsite fosters community, often organizing local events and activities for its members.
The company offers two subscription options – a yearly one for $149 and a lifetime one for $399
Operating US Cities:
San Diego, San Francisco, Lake Tahoe, Santa Cruz, Los Angeles, Boulder, Denver, Honolulu, New York City, Austin
Perks & Amenities:
- Workspace & supplies
- WiFi
- Fully furnished homes
- Well equipped kitchen
- Fresh towels & linens
- Professional cleaning
- 24/7 support
- No minimum stay
- Community events
Lease Duration: Flexible move-in data and stay duration
Services to Property Owners:
- Property Management
- Marketing and leasing
- Design Program
Reviews: 4.8/5 (coliving.com)
The Challenges of Co-Living
Like any emerging industry, co-living also faces its own unique set of challenges.
For Residents
Despite the numerous benefits, co-living also presents its own set of challenges. The primary concern is privacy for most people who decide to try co-living. Given that many spaces are shared, disagreements among residents may occur. In addition, even though solutions like “house rules” are implemented by property managers, issues concerning cleanliness, noise levels, guests, and even fridge space can arise.
Despite these challenges, co-living startups continue to innovate and find solutions to adapt to the changing housing market and the needs of modern renters.
For Coliving Companies
From the company’s side, running a co-living business also presents unique challenges. The first is maintaining a balance between affordability for the residents and profitability for the business. Despite the potential for higher overall revenue from renting out individual rooms, the overhead costs, such as utilities, maintenance, community events, and added services like cleaning or high-speed internet, as well as the logistics cost that come with come of the perks companies in the field offer, can be substantial.
Another significant challenge is tenant management. Ensuring a harmonious living environment involves more than just leasing out rooms. Managing expectations can be challenging, as tenants may have different definitions of respectful shared living.
Property acquisition and scalability also pose challenges. Co-living startups usually don’t own the properties but lease them from owners. This business model can make it challenging to scale, as each new location requires negotiating a new lease and customizing the property to fit the co-living model.
Lastly, since co-living is a relatively new concept, there is a constant need for consumer education and market awareness. The companies must continuously communicate the benefits and differentiators of co-living to break down the traditional mindset of renting and establish trust with potential residents, thus increasing the marketing cost.
Despite these hurdles, the growth and success of co-living startups indicate that they are finding ways to address these challenges effectively.
Conclusion
Co-living has revolutionized how we approach housing, particularly in densely populated urban areas where space is at a premium and rental costs are high. Through shared living spaces, co-living offers a more affordable, flexible, and community-oriented housing solution. By providing fully furnished apartments, added amenities, and the opportunity to live in vibrant, diverse communities, co-living startups cater to modern renters’ needs, including young professionals, digital nomads, and students.
As we look forward, it is clear that co-living is more than just a fleeting trend. It represents a paradigm shift in how we perceive and experience urban living. For many, co-living has become a lifestyle of choice, suggesting that this innovative housing model is here to stay. As companies continue to innovate and regulatory frameworks catch up, co-living will become an even more integrated part of our housing landscape.