The chief economist of the National Association of Realtors Lawrence Yun recently indicated that the most significant challenge facing the current housing market system is not the rising mortgage rates, but rather, it is the “insufficient inventory and accompanying unsustainable home price increases.”
The problem with the housing market
The housing market is askew. Demand for homes in major cities have risen to an all-time high, but the supply isn’t matching those rates. Affordability is dropping, and millennials are struggling to find reasonable rents and are uninterested in buying homes.
Several chief economists agree with Yun, suggesting that in order to solve the challenges of low supply of homes for sale and the lack of affordability, the real estate market has to focus on building more homes.
Due to rising material costs and labor shortages, homebuilding is slow to meet this demand. However, a separate real estate trend has been emerging in urban cities across the nation, and it’s not just popular among millennials.
The solution: coliving
More people nowadays are choosing to live with roommates. Many homes and apartments, however, aren’t designed (or spacious enough) to be shared. That’s where coliving homes come in, alleviating the stresses of the housing market and providing affordability and convenience.
Coliving allows anyone, from students and young professionals to millennials and baby boomers, to avoid the headaches when facing the real estate market and live stress-free. Rising in tandem with the coworking and ridesharing economies, coliving is the solution to the housing crisis in cities like New York, San Francisco, Los Angeles, Chicago, Seattle, and Washington, DC.
The concept of coliving is now recognized all over the world, from Europe to Asia. In the US, there are several coliving companies competing to capture this market: Quarters, WeLive, Ollie, Bungalow, the Collective, and Common.
Common, a leader in the coliving market with over 700 members across the country, plans to expand to 4 new US cities this year. For lower rates than the average studio in each respective market, Common coliving homes aim to fill the demand that developers aren’t quite meeting.
Our coliving homes offer fully furnished private bedrooms and beautifully designed, move-in-ready suites. Members can move into Common in just 30 minutes and expect things like free laundry, free weekly cleaning, free WiFi, free household essentials, and utilities to be included in one all-inclusive rate.
In addition, living at Common enhances the experience of living with roommates. By offering free community events around the cities (like yoga classes, comedy shows, and foodie events) and preventing possible pain points (like replacing toilet paper), members can enjoy each others’ companies day in and day out.
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