Co-Living Start-Up Looking to Entice Millennials with Shared Housing Units
Commons, a co-living start-up company, has unveiled its Crown Heights building in Brooklyn which will provide shared housing units to on-the-go millennials.
The New York based start-up company opened its new Crown Heights building this past weekend, reports the New York Post. The Commons' Brooklyn shared housing project, located at 1162 Pacific Street, offers flexible housing options to millennials with unpredictable and fluid work or study conditions. The four story building houses 19 bedrooms and each floor has a common kitchen area, with bathrooms shared between two bedrooms. The bedroom size ranges from 100 and 150 square feet, and each has its own window. The units at Commons' building are also rented on a month-to-month basis. A single room in a unit that is shared by five people can cost between $1,800 and $1,950 a month. The rate is similar to the going rate of other Brooklyn studio rentals located near the Commons' Crown Heights building.
Brad Hargreaves, Commons founder and CEO, told the New York Post that the income and documentation requirements to rent a unit in their shared housing project are "less onerous" as compared to other rental properties. "We're a little more lenient than 40x," he said, referring to the typical annual income requirement that is 40 times the monthly rate of a New York apartment.
The New York Post also mentioned that Commons is not the only company who is looking to invest in a "co-living" housing model. Firms such as WeWork, Krash and Pure House, as well as Silicon Valley based company Campus. In August this year, Campus introduced 30 shared living spaces in San Francisco and four others in New York.
Meanwhile, tech start-up WeWork has also expanded into the residential market with its WeLive project, reports New York YIMBY. WeWork is set to convert the 110 Wall Street office tower into a residential property. Around 133,000 square feet of the 27 story high building will used to construct 205 new apartment units. The remaining 127,000 square feet will be dedicated for commercial use. The project is expected to be completed by March 2017.