Coliving arrangements—which, in essence, are
adult dorms or micro apartments that incorporate a social element—are soaring in popularity, and more developers are designing units to better accommodate and provide social interaction for strangers who choose to move in together as rental costs surge.
Property Markets Group, an apartment developer in New York City, Miami, and Chicago, says it has built one of its first rental apartment buildings specifically for coliving in Chicago’s Logan Square neighborhood. Some of the units contain three bedrooms, which each have a separate bathroom. A common area is fully furnished, and an oversized hall closet offers space for three individuals’ belongings. Each resident has their own one-year lease, and if roommates don’t get along, they can request to change units.
“When we left college, there was really no place that we could live,” says Ryan Shear, a millennial and principal at PMG. “Social living, which is probably what summarizes what we’re doing—it didn’t exist. It still doesn’t exist on a mass scale. There was no community that was just targeted for the young professional.”
Creating the right room setup is one goal, but another is fostering a social environment, Shear says. “Programs are a piece of it,” he adds. “Big amenity platforms. You don’t need to join an outside gym because our gym is oversized. Or, you don’t need to go join a coworking space because we have a coworking space here.”
The building also features a large communal rooftop deck. “Coliving does, for the most part, solve the price point problem,” Shear says. “It’s your cheapest entry into a building. Every one of our buildings will feel the same. They’re all different locations, and they won’t all look the same, but they will all have the general bones of this philosophy.”
PMG is developing its coliving concept with plans to roll out 3,500 more units over the next five years in both Miami and New York City. Additional companies such as Common and WeWork are also offering coliving options nationwide that include shorter-term leases.
Source: “Co-Living Goes Mainstream, But This Is Not Roommate Roulette,” CNBC (June 16, 2017)
