Due to the exorbitant housing prices in areas throughout the U.S. where high-paid tech newcomers bid up rent and home prices, a group of entrepreneurs has created an alternative housing option for those urbanites who are struggling to find an affordable place to live.
Common, a New York-based company that operates apartment buildings with shared spaces and amenities has announced its entry into the Seattle market with two new buildings in the city’s urban core.
Common is now running a 112-room building in Seattle’s First Hill neighborhood called Common Terry and a 49-room building in Capitol Hill called Common Summit. Common members get a private room with its own bathroom and kitchenette, attached to shared, furnished living spaces and kitchens. Rent for bedrooms in both buildings average about $1,600 per month.
“Seattle has been on Common’s radar for a long, long time,” said Brad Hargreaves, the company’s CEO. “I think the city is ready to embrace the flexible, efficient, and community-driven values that Common is all about. These homes are a huge opportunity to address the fundamental supply and demand issues in a vibrant city with great cultural attractions, public transportation, and dynamic residents.”
Read more here.
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