Coliving—that housing typology for stock-image-looking, experience-loving, stuff-hating, taupe-upholstered-furniture-sitting, high-earning urban millennial professionals—is getting some serious attention from investors. A month ago, reigning champ Common raised a rock solid $40M Series C (making a total of $63.4M to date), and then last week, NYC-based coliving operator Ollie snagged a $15M Series A.
These investments are good indicators that coliving may enter the real estate asset class canon after all. For the last few years, this event seemed less than assured.
Some claimed coliving was for losers. Others pointed to WeLive as evidence of the model’s inherent flaws. If you recall, WeLive is WeWork’s Icarian initial residential outing, consisting of two retrofitted ~30 story buildings; their overstyled, overpriced units now appear to be packed with company friends, family, and “ambassadors” paying discounted rents. Others assumed that big developers would eventually make their own coliving buildings, cutting out the expensive coliving operator.