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Venture capitalists are turning to “co-living”—i.e. adult dorms—to undercut the housing crunch in major US cities.
WeWork and a handful of smaller startups are experimenting with the new type of housing, which combines micro-units with shared kitchens, lounges and a general sense of community.
Financial backers like Fidelity Investments and venture capital fund Maveron are betting Millennial residents will pay a premium to live in these communities as they head towards the cities—and are faced with high prices even on the outside edges. (We’re looking at you, Brooklyn.)
WeWork unveiled its co-living concept “WeLive” in Manhattan and DC earlier this year and plans to have 70 locations with 30,000 residents by 2018—its backers (to the tune of $1.4B in venture capital) expect co-living to hit 20% of revenue. [WSJ]
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