In recent years, co-working has emerged as a sought-after alternative to the structure of the traditional office, and as Forbes reports, the trend it now making its way into co-living concepts around the country. The idea is that residents live far beyond the four walls of their home, in a community atmosphere with “an emphasis on amenities and community.” The option is particularly popular among millennials, for its “affordability, flexibility and ease of use.”
Startups including Common and WeLive by WeWork, began looking at how to apply their workspace model to residential spaces, in offerings that include a number of amenities that cut down on resident costs such as “nice furniture, pre-installed internet and TV service, distributed cooking, grocery shopping done for you, housekeeping” not to mention planned social activities such as happy hours and fitness classes.
Though many of the startup companies came from the co-working industry, now developers and landlords are throwing their hats in the ring to explore the profitability of this style of living. New York-based Durst “is reportedly testing the concept with a dozen co-living apartments at Frank 57 West, a 10-story building in Manhattan.” The units will be sized at approximately 1,000 square feet and will include “co-living features like multiple bathrooms with doors that indicate whether or not they’re occupied.”
Market experts say that residents of sought-after urban markets such as San Francisco, Los Angeles, New York, and even Seattle are set to benefit from this alternative style of living, which provides more affordability. And the future could evolve even further than current plans, as companies including The Domain Companies are investing in projects that they say “expand beyond” the concept of micro-units or co-living through premier amenity options not seen before.