As coworking spaces have become a staple in alternative workplaces, coliving spaces have swooped in to tap into this community-oriented market.
Common, a New York-based company, offers 700 beds in 25 locations across six cities and is now planning its largest expansion since its founding in 2015.
Common provides tenants with their own lease that covers furnished bedrooms, shared spaces, cleaning costs, utilities, and Wi-Fi.
Now, Common will team up with real estate developers in Atlanta, San Diego, Philadelphia, and Pittsburgh to build new properties over the next three years that will quadruple its current footprint.
Currently, the company is centered around high-priced coastal housing markets in New York, San Francisco, and Seattle, but CEO and founder Brad Hargreaves said that its amenities appeal to people beyond these areas.
Common’s largest plan will be in Philadelphia with 1,000 new beds and $100 million of new developments.
“What we noticed in the early days is that there aren’t a lot of homes built with roommates in mind, yet a huge chunk of inventory in urban centers were being taken up by people with roommates,” said Hargreaves.