Co-living, a housing arrangement in which strangers share an apartment, arrived in Jersey City last year. Common, a company that leases and manages shared living properties, said it was offering 80 co-living units in 20 apartments at The Agnes, a 233 unit luxury housing development by Route 440 on the city’s West Side.
Each apartment has four bedrooms and three bathrooms. All apartments are furnished and have a common living space and kitchen which includes many essentials like pots and pans. Residents have the option of an ensuite or shared bathroom. There is also an on-site laundry. Weekly cleaning, utilities and wifi are included in the monthly rents which begin at $1375 and increase according to unit size, view and on-suite bathroom. With some added features, the rent may increase to $1500 a month.
According to Common the average rent of its units is 15% lower than a market-rate studio. Co-living residents also have access to the building’s other amenities such as an outdoor pool, landscaped courtyard, club room, workspace, communal kitchen, cafe and art and design library. Common manages over 7,000 housing units, geared toward young professionals, in 12 cities.
According to a representative of the owners of the Agnes, living with roommates has become more acceptable to some renters. This is one reason why the Agnes has partnered with Common. “By aligning with Common, we’re able to provide this alternative on a select group of apartments within the community while ensuring management standards are met for the benefit of all of our residents.”
On the other side of the city at Le Leo, a recently completed luxury housing development near Journal Square, Common manages another set of shared living units. They range from $1447 to $1862 depending on amenities. These amenities provide convenience for renters which is a large part of the appeal of shared living in luxury housing buildings.
Why are some young professionals drawn to co-living since it requires giving up a certain degree of privacy and private space?
One reason may be the high cost of housing. For many, exchanging privacy and space for lower rent may be a necessity. Many are starting out in their careers and work in sectors of the economy in which they are often treated as independent contractors with little job security and limited benefits. At the same time wage growth has not kept pace with rapidly rising rents for many years. Also, many young professionals are still carrying the burden of student loan payments. These economic constraints have caused many millennials and Gen Zers to put off marriage and starting a family leaving them to seek connections with others in cities. Co-living operators recognize this in marketing a communal lifestyle in their buildings. For example, Connect by Common promotes social interaction among among residents through a series of apps providing information on events, personal profiles of residents and a way to “chat” with each other.
Co-living’s emphasis on community is a new version of an old idea called co-housing in which people live in private homes but share common spaces outside of them. Neighbors get together for meals, meetings and social events. However, while co-housing was part of a social movement built around mutual aid, co-living is a real estate marketing strategy using the language of community to make living with roommates a more palatable.
“Common is creating better living
https://www.common.com/about/
through convenience and community.”
While co-living makes up a small fraction of the housing market and has experienced growing pains with some companies going out of business or being bought out, it is another sign of the housing crisis in Jersey City and in other cities. However is it “an appealing option” for many caught up in a tight housing market as some in the real estate industry contend? Or is it, as one housing researcher argued, “a new way for developers to squeeze profit from an already broken housing market.” What do you think?
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