Coliving firm Common has announced a massive expansion across new markets such as Denver, Boston, Baltimore, Portland and others. The expansion would allow the company to house up to 10,000 residents in the next few years.
“It’s an indicator of our growth and the maturation of the space,” said Brad Hargreaves, founder and CEO of Common. “You’re going to see people approach this from a few directions. We’re the first to reach this scale, but we won’t be the last.”
Common has a pipeline of operational or under-construction projects across 19 cities, putting it ahead of competitors like Hubhaus and Starcity.
Hargreaves said that while coliving and coworking are often used synonymously, his company targets a market based on young adults who stay in cities longer and whose wages do not keep up with rent growth in these urbanized areas.
Additionally, Hargreaves said that the company’s competition has shifted from startups with a similar business model, to more established real estate companies that are offering their own coliving spaces.