Are you strapped for cash, new to the city, or just plain lonely? “Co-living” may be for you: That’s according to a recent ABC News profile, which tracks the rise of co-living startups like Ollie that promise to revolutionize urban life. Group living in general is back in style thanks to these new co-living spaces that promise all the perks of dorm life. While the same Boomers who first popularized group living have played their part in the resurgence, it’s Millennials who are pushing the co-living frenzy to new heights.
Plenty of companies are capitalizing on this trend. The largest tier consists of property managers with no real estate ownership—like Common, which plans to expand from 40 bedrooms across the country today to 1,000 bedrooms by the end of 2018. WeWork, an offshoot of “co-working” startup WeLive, expects to house 34,000 residents across the globe by year’s end. These mainstays have been joined by upstarts such as Ollie, OpenDoor, and Hubhaus.
Another tier consists of companies like Property Markets Group (PMG) that both manage and own the property. PMG, best known as a conventional real estate developer, plans to build 3,500 U.S. co-living units comprising more than 7,000 bedrooms under the “PMGx” banner. The final tier consists of Craigslist-like “marketplaces” that bring together potential roommates, including app-based services like Roomi and EasyRoommate.
To read the full article at Forbes.com, please follow the link here.