Communal Living in NYC: Is Co-Living Industry Growing Exponentially Across the Country?

Communal Living seems to be the trend to save rents especially in living in a big city like New York. It appears that coliving industry has been growing across the country. There are several companies that have open building spaces for this kind of living arrangement.

Co-living is more like a residential community. It is a type of housing living together in one space with other people who want to stay away from the hassles of renting a place. It is a rising trend across the globe.

INC reports that Brad Hargreaves, one of the founders of Common- a New York City real-estate operating company that provides and maintains co-living spaces, explains the vision of co-living. Hargreaves along with other companies who share the same vision says that he wants to address the needs of people who have shifting lifestyle when it comes to work and career.

"We're not committing to one career for all 40 years of our working lives. We're switching between jobs, between gigs, between traditional and nontraditional education, between startups. And we want to build a type of housing that enables that," says Brad Hargreaves.

Common started operating a co-living space "at 1162 Pacific Street, a newly converted 7,300-square-foot building in the Crown Heights neighborhood of Brooklyn." Hargreaves said that his company plans to add more co-living spaces within the city and in some part of the United States.

LA Curb states that WeWork, another company who caters to clients who want co-living spaces, recently opens at 110 Wall Street in Manhattan. The company already has existing 40,000 plus members, with locations in 21 cities and a $10 billion valuation."

Report says that WeWork has added "a bigger player to the nascent coliving industry, and suggests furnished, month-by-month apartments may be a lot more than a fringe concept." The company also said that the operation in this industry is still a stage test which "involves 45 apartments in the building."

What do you think about Communal living? Do you think this industry will thrive in the years to come? Share your thoughts in the comment box below.