What is ESG?
Environmental, social, and governance informed investing, otherwise known as ESG, has become a key factor for investors and has influenced strategic elements of some of the largest companies in the world — and for a good reason.
According to an analysis of the S&P 500, “companies that ranked in the top quintile for ESG factors outperformed those in the bottom quintile by more than 25 percentage points.” As a service provider, Common’s primary role is to find new opportunities for improving operations, as well as providing our partners access to strategies for achieving their own ESG goals.
Common’s portfolio and own partners make it easier for us to identify opportunities to increase sustainable practices in our properties. Common provides utilities across our coliving homes, which account for 50% of our portfolio, allowing us to analyze usage trends and improve the services we provide to make them more sustainable.
In a recent partnership with ConService, Common began using renewable energy at all of our NYC coliving homes through a program that buys carbon offsets for electricity use. Additionally, we partner with Bright Power, a consulting firm, to identify energy savings and renewable solutions.
Social enrichment programs
In Common’s Noah portfolio, Common is committed to applying an ESG lens to workforce housing. By investing in resident-focused services and environmentally sustainable initiatives, Common can improve residents’ quality of life, ability to pay rent, and the efficiency of property operations.
Currently, Noah residents have access to a long list of benefits. In addition to our partnerships with social impact minded companies like Blink Health (discounts on prescriptions), General Assembly (discounted online digital skills courses), and Acorns (financial planning literacy), we’ve helped residents qualify for rent forgiveness grants and run after school events for the children at our properties.
In the future, Common hopes to offer needs-based enrichment services that generate targeted and measurable program outcomes.
Common has also recently partnered with Talkspace, the number one mental health platform, to offer Common residents an exclusive discount on the provider’s mental health services, including psychiatry and therapy. Several studies have shown that people living in urban environments are more likely to suffer from anxiety or depression — one study shows these increased risks are as high as 40%. Our mission to make city living easier extends beyond the four walls of our resident’s apartments, and into their everyday life.
Work with Common
If you’re interested in learning more about how Common works with partners to add value to every aspect of their property, visit our partners page.