June 7, 2019
Cushman & Wakefield’s hometown of Chicago is among the epicenters of the co-living trend, as demonstrated by the fact that UK-based The Collective has selected Chicago as its second U.S. market, following New York City. A newly-released report on this multifamily sector identifies Chicago as one of six U.S. markets where co-living product is concentrated.
Major operators in the space currently have 3,700 beds with another 9,300 in the pipeline, Cushman & Wakefield says. Along with New York and Chicago, the other major markets for co-living are Los Angeles, Boston, San Francisco and Washington, D.C.
“Goals of homeownership and a suburban lifestyle have given way to more urban and communal preferences for those entering the workforce,” said Susan Tjarksen, Chicago-based managing director and author of the report. “As new generations enter the rental market, preference will be centered upon co-living brands that provide convenience, affordability and a vibrant community.”
Pictured: A Medici co-living development in Chicago
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