Medici Living Group is bringing co-living to Fulton Market. The German firm is opening a Quarters co-living concept at 171 North Aberdeen next month.
Quarters founder and CEO Gunther Schmidt believes the Chicago market is ripe for co-living to explode as a product type. Rents for one-bedroom apartments in submarkets like River North regularly top $2,100/month, and co-living gives renters an affordable option to live in a desirable neighborhood, while having flexibility on leases, he said.
Schmidt said Fulton Market's status as a co-working hotbed offers synergies that can be leveraged for Quarters Chicago.
"As companies grow and recruit new talent, they also will be looking to offer quick and easy housing, and Quarters can be that solution," Schmidt said.
Quarters Chicago includes 75 apartments and can accommodate 175 residents. Lease terms are as short as three months, tenants can terminate a lease with as little as 30 days notice and they can transfer to another Quarters property — the firm has two locations in New York City and is planning a nationwide expansion — if they need to move.
The building, developed by MCZ Development, features keyless entry, a rooftop deck and a co-working space. Rents start at $1,200/month.
Co-living has exploded on the coasts, where apartment rents have skyrocketed, but it is a relatively new concept in Chicago. Common launched in Ukrainian Village last summer and has since expanded to Pilsen and Lakeview East.
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