Common (company)

Common is an American coliving company founded in 2015 and headquartered in New York City. Brad Hargreaves, co-founder of General Assembly, is the company's CEO and founder.[1]

Common
Private
IndustryReal estate
Founded2015; 5 years ago (2015) in New York City
FounderBrad Hargreaves
Headquarters,
United States
Key people
Brad Hargreaves (CEO)
Websitecommon.com

Common's typical co-living tenants lease a private bedroom within a fully furnished apartment that includes amenities like weekly cleaning services. As of April 2019, Common says it is "the largest co-living operator in the United States, with 700 beds in 25 properties across six cities": New York, Los Angeles, San Francisco, Chicago, Washington, D.C., and Seattle.[2]

HistoryEdit

Common launched in October 2015 with its first property in Crown Heights, Brooklyn.[3]

Tenants in a typical co-living arrangement each have their own lease, covering their bedroom and shared spaces in a group suite. In Common’s case, those bedrooms and suites are fully furnished, and the cost of cleaning and maintaining the shared spaces and providing kitchen and bathroom supplies (not to mention utilities and Wi-Fi) is bundled into the rent. Common is able to keep rents lower, Hargreaves says, in part “by densifying these buildings,” putting more units within the same spatial footprint than you’d find in a typical apartment property.

From 2015 to 2017, Common raised $63.35 million in funding. The latest Series C funding round led by Norwest Venture Partners raised $40 million.[4]

In March 2019, Common partnered with New York real-estate developer Tishman Speyer to launch the brand Kin, whose "buildings will feature playrooms, family-size units and on-demand child care through an internal mobile app that also helps connect families looking to share nannies and babysitters."[5]

Common is actively expanding to Philadelphia, Atlanta, Pittsburgh, and San Diego,[2] and has plans for projects in New Orleans and Miami.[6][7] The company's first international expansion is slated for 2022 in Ottawa, Canada.[8][9]

ReferencesEdit

  1. ^ Cutler, Kim-Mai (July 16, 2015). "With $7.35M Raise For Common, General Assembly Co-Founder Gets Into The 'Co-Living' Movement". TechCrunch. Retrieved June 27, 2019.
  2. ^ a b Mashayekhi, Rey (April 2, 2019). "A 'Co-Living' Provider for Millennials Has Big Expansion Plans". Fortune. New York, New York. Retrieved June 10, 2019.
  3. ^ Cutler, Kim-Mai (October 19, 2015). "Common, The Co-Living Startup From A General Assembly Founder, Opens Its First Building in Brooklyn". TechCrunch. Retrieved June 27, 2019.
  4. ^ "Co-living concept charms another $40M out of eager US investors". Real Estate Weekly. New York, New York. January 3, 2018. Retrieved June 10, 2019.
  5. ^ Kusisto, Laura (March 19, 2019). "Cities Lack Family Apartments. Developer of Adult Dorms Has an Answer". The Wall Street Journal. New York, New York. Retrieved June 10, 2019.
  6. ^ Williams, Jessica (April 16, 2018). "Proposed 'co-living' complex gets tax break, agrees to keep rents steady for 15 years". The Advocate. New Orleans. Retrieved June 27, 2019.
  7. ^ Kallergis, Katherine (July 2, 2018). "Co-living firm Common moves into Miami". Miami, Florida. The Real Deal. Retrieved July 2, 2019.
  8. ^ Wong, Natalie (June 24, 2019). "Co-Living With Pub Crawls, Rooftop Yoga, Spreads to Canada". Bloomberg News. Retrieved July 2, 2019.
  9. ^ "Co-living trend coming to Zibi development". CBC. June 24, 2019. Retrieved July 2, 2019.

External linksEdit