We live in an era of sharing — transportation, offices and now, living arrangements. Derived from the rise of coworking, coliving offers young professionals a living space on flexible leases with communal facilities like gyms, cafes, workspaces and more.
In the U.S., there are already several established coliving companies in large markets such as Common, Ollie and others. Adding to the growing competition is London-based coliving operator The Collective.
Currently, The Collective has two coliving locations with over 1,000 apartments units in London. Now, it is gearing up to open a new location in Queens, New York coined The Collective Paper Factory. Although the company’s business model is similar to existing coliving firms in the U.S., The Collective is being backed by $850 million investment.
“Our world is highly connected by travel and tech, yet people are lonelier than ever,” said Reza Merchant, CEO. “[The Collective] addresses increasingly urgent and universal urban issues like affordability, loneliness and the homogenization of space. The amount of people suffering from these factors will only grow.”