Bisnow has a new podcast series, "Let’s Have A Drink," where we sit down with the personalities who shape Washington, D.C., real estate — one of the most complex and affluent markets in the country. Hosted by Bisnow East Coast Editor Ethan Rothstein, we examine the deals, the disappointments and, of course, drinks of choice. You can subscribe on iTunes and Spotify.
This week, we have a bonus episode from our New York City “Let’s Have A Drink” series. We sit down with Brad Hargreaves, the CEO and founder of co-living company Common, at a Brooklyn Caribbean eatery called Glady’s. We talk about underserved segments of the housing market, the widening gap between rents and wages — and convincing lenders that the co-living business model isn’t some “kooky” thing.
“Since 2008, rents have gone up by over 10% across the entire United States. Nominal wages have gone down 7%. So just that delta between wage growth and rent is going to accelerate,” he said. "It’s a crisis point now. So I think you've tipped the scales where a lot of developers are saying, ‘Wait, I can't just bring on more luxury studios, one- and two-bedroom apartments.'"
