NEW YORK, April 2, 2019 /PRNewswire/ -- Common, the nation's leading residential brand enhancing the quality of living for members and value of real estate for partners through convenience and community, today announced major expansion plans across the United States. Common will bring its signature brand of all-inclusive living to four new cities -- Philadelphia, Atlanta, Pittsburgh, and San Diego -- over the next three years, representing more than $300 million in new ground-up coliving developments. With new partnerships and an ambitious, rapidly expanding pipeline of projects across the country, Common is the US's largest coliving operator.
"With a major presence in six metro areas, we've seen a real need for innovative housing solutions in growing, mid-size cities that are facing challenges of rising rents and demographic change. Philadelphia, Atlanta, San Diego, and Pittsburgh present Common an opportunity to offer cheaper rent, needed density, and amenities that foster community," said Brad Hargreaves, founder and CEO of Common. "With 24 homes already up and running and ever-increasing demand, Common has the expertise and flexibility to deliver high-quality housing to more cities across the US."
Common will open its first Philadelphia coliving home in partnership with developer Elk Street Management. The 72-bed Common Frankford will launch in the vibrant Fishtown neighborhood in early 2020. Common is working on over $100 million in new coliving developments across over 1,000 beds with Elk Street and other developers in Philadelphia. As a hub of arts, music and culture, Fishtown is experiencing rising rents due to a lack of housing supply. With rents starting at $995, Common Frankford will be accessible to working professionals seeking great access to public transportation, retail, art galleries, and restaurants. The home will offer a mix of coliving suites as well as studio and one-bedroom apartments. It will provide fully-furnished shared lounges and large, shared kitchens, in-unit laundry, bike storage, and an outdoor terrace.
"Common Frankford will be an exciting new addition to Fishtown, where residents will live in close proximity to public transportation, restaurants, and a thriving arts scene," said Paul Horos, Partner at Elk Street Management. "With rent starting under $1,000, our partnership with Common will have an incredible impact offsetting the pressure of rising rent in the community while still providing high-quality housing at an affordable price point in one of the city's most desirable neighborhoods."
Domos is investing $75 million in coliving developments with Common and has a pipeline of 600 coliving beds, unlocking a new generation of rental housing at an affordable price point for young professionals. Atlanta is seeing a tremendous influx of new residents, with the largest segment between the ages of 20 and 29. With corporate headquarters in the city including Delta Air Lines, Coca-Cola, UPS, Home Depot, and more, Atlanta has become a magnet for established and new companies, but its housing growth has not kept up. The city has some of the fastest growing rents in the nation, a major barrier for both locals and new residents looking to come to the city for opportunity.
"For generations, Atlanta's growth has been focused on sprawl, but more and more as companies open headquarters here and job growth increases, people want to live in our vibrant city center," said Derrick Barker, Principal of Domos. "Common's approach to coliving will reinvigorate our housing stock, bringing beautiful new homes and the all-inclusive approach to living that Atlanta's growing population needs."
Common has a pipeline of 300 beds in San Diego, some in partnership with architect and developer Jason Maune. With Maune and other developers, Common will be bringing more than $60 million worth of new coliving developments in the city.
Across the country, we are seeing a fundamental change to the way people are choosing to live. More people are living with roommates in rentals for longer and later into their lives, and San Diego is no exception. 70% of San Diego's 20-34-year-old population is not married, and 65% of non-family households are renters. San Diego has the ninth highest rent in the nation, coming in 50% higher than the national average for a 1-bedroom apartment.
"Land cost is high in San Diego, so concentrating density in our urban center is key for our sustainable growth," said Jason Maune. "Coliving will unlock tremendous opportunity for San Diego. Coupled with the city's latest push for bikes and e-scooters, we are creating mixed-use communities where young professionals will finally be able to find great housing at an accessible price point, and forgo owning a car."
In Pittsburgh, Common has a pipeline of 300+ beds. Pittsburgh is growing fast, with a diversification of industries and new jobs in the technology, medicine, and education fields. As with many cities, growing employment opportunities have created tremendous competition for housing in neighborhoods, causing increasing rents and pushing people further out where public transportation is scarce. Coliving will offer a viable solution to the city's housing affordability issue. Common is working with multiple developers on $75 million in new coliving projects in the city.
Common has also previously announced planned expansions into New Orleans, in partnership with Wisznia Architecture + Development and the city's Industrial Development Board, and in Newark, New Jersey in a 90+ bed mixed-use multifamily project.
Common opened its first home in New York City in 2015, and has since expanded to Chicago, San Francisco, Oakland, Los Angeles, Seattle and Washington, D.C., with over 700 beds currently open across 24 buildings. Common retains 99% occupancy and receives over 2,500 new applications for membership per week. Common membership includes beautifully designed and furnished homes, weekly cleanings of shared spaces, hospitality-grade amenities with community events, shared supplies, and a tech-forward living approach where everything can be done online.
For more information about Common, visit www.common.com.
Common is the nation's leading residential brand enhancing the value of real estate by offering convenience and community to our members through coliving and traditional apartments. Our signature approach to end-to-end property management and technology offerings allow us to deliver unparalleled experiences across 24 buildings, six markets, and over 700 members. Common is the preferred choice for both residents looking for a stress-free and all-inclusive living environment, and for real estate owners seeking reliable, above-market returns. Launched in October 2015, we now operate homes in New York City, Chicago, Los Angeles, San Francisco, Oakland, Seattle, and Washington, D.C. and receive over 2,500 new member applications per week. For more information, visit www.common.com or visit our real estate page to partner with us. Follow us on Instagram @hi.common.