Among the Atlanta’s booming population, the discussion of what, where and how to rent or buy is a hot topic. The Atlanta MSA has experienced 35.3% rent growth in the last five years and 5.1% rent growth in the last year, and 31.3% of the renter population is cost-burdened – spending over 30% of their income on rent. With apartment rents continually on the rise in a city where the median income is just over $32,000, residents – especially renters – need more options.
Enter the next frontier for Atlanta housing – coliving. Coliving is a type of intentional community of housing where multiple people share a single home with shared areas such as bathrooms, kitchens and living rooms as well as other amenities. Tenants who choose coliving do so for a variety of reasons, including flexible lease terms as well as a sense of community belonging and inclusion. Amenities like advanced security systems and phone applications (for billing and maintenance requests) are a must for a modern renter.
Common, based in New York, is the largest coliving operator in the U.S. with 700 beds in 25 properties across cities. In early April, the company announced Atlanta as a target for future growth, with plans to invest $75 million to bring 600 beds to the city. Cushman & Wakefield’s Survey of the Coliving Landscape found major operators in the space currently have 3,700 beds with another 9,300+ in the pipeline, with a high concentration in New York, Los Angeles, Chicago, Boston, San Francisco and Washington, D.C.
“The way we live is changing,” said Susan Tjarksen, said Cushman & Wakefield Managing Director in the report. “Goals of homeownership and a suburban lifestyle have given way to more urban and communal preferences for those entering the workforce. Coliving options will become more ubiquitous with recent college graduates seeking to join a community and learn about a city that they are living in for the first time. As new generations enter the rental market, preference will be centered upon coliving brands that provide convenience, affordability and a vibrant community.”
Click here to read Cushman & Wakefield’s report that explores the state of coliving, strategies and funding of key players and future growth potential.