Entrepreneurship In A New World: Co-living Operators
In a world where affordable housing is becoming a thing of the past, and people are increasingly socially disconnected, co-living is the antidote to many of our society’s worse ills.
For many, co-living lessens the financial burden of housing while simultaneously offering residents the benefits of increased interaction with their neighbors. For millions of folks, these living arrangements are win-wins for everyone involved. These economic and social benefits largely explain why co-living is catching on in nearly every corner of the globe.
Naturally, to satisfy this growing demand, entrepreneurs are seizing this opportunity to open co-living spaces on their own. Life on the entrepreneurial frontier of a steadily growing number of co-living operators isn’t always easy, but the potential for growth is immense. The sharing economy is growing much faster than traditional economy, and co-living is an integral part of this new economy that revolves around pooled resources.
As co-living moves toward the mainstream, operators are carving out their niche within each housing market where they set up shop. A number of co-living operators are rapidly becoming trendsetters and market movers, inspiring other entrepreneurs to follow their lead.
Here are some of the “big brands” that are galvanizing sustained growth in the co-living sector through innovation and expansion.
Co-living operators making waves
In the United States, Common is making a name for itself in New York City and beyond by offering residents all the benefits of co-living while minimizing the hassles typically associated with a roommate situation. Their breakneck speed of expansion is being noticed, as they’re now managing more than a dozen projects across four American cities.
In the United Kingdom, The Collective is getting attention for their co-living projects that directly address issues around affordability and community through strategic design and scale. They’re currently operating the world’s largest co-living space under one roof in London. One of their projects, The Collective Old Oak, is home to community of more than 500 co-livers.
Scattered across the world, Outsite runs a large network of shared homes that serve the growing number of digital nomads. This new breed of traveling professional craves exactly what Outsite offers — a mix of co-living and co-working in scenic locales such as Hawaii, Puerto Rico and Costa Rica.
In Spain and Belgium (soon expanding to France), Urban Campus is a co-living operator that is pioneering “people-centric campuses” to “redefine the way we live together.” They’re also fusing together co-living and co-working to offer residents a complete lifestyle solution in spaces that are strategically located in the heart of the capitals of these three countries.
Smaller concepts inspired by the co-housing movement
There are also legions of co-living operators that are currently successfully operating one space but serve as the blueprint for other aspiring entrepreneurs in the co-living sector. The Mokrin House in Serbia and Open Door in Berkeley, California serve as two examples of places that operate with a community-first mentality. Going beyond housing people in shared spaces, these operators induce community-building through programming and regular get-togethers that promote sustained camaraderie and exchange between co-livers.
Too many to list, many more to come
PUREHOUSE LAB is working to document the prominent players in the co-living sector in the coming months. The list of co-living operators on our radar is growing every day as entrepreneurs open their doors in every type of environment, from the world’s flagship cities to small towns to the hottest tourist destinations on Earth.
If you’d like to be included in a future PUREHOUSE LAB publication, please email david@purehouselab.org
