Podshare or Co-living, Is anyone on BP doing this?

[Joseph ODonovan]

Can Podsharing really become the norm in big cities? Can Real Estate Investors capitalize on this niche market?

https://www.cnn.com/2019/07/05/success/podshare-co-living/index.html

[Jake Malott]

I'm a land use consultant and I've been studying co-living for the past 6 months here in Los Angeles. The national market is pointing in the direction of this taking off in big cities and here in LA there are around a dozen co-living operators of different class and type getting their projects up and running. I was so curious I actually moved into a pod style co-living arrangement to see how it works from the inside. I chose twin size bed, large locker, shared hallway bathroom.

I signed up for six months to test the pain points and I'm just over a month in. First you have to understand that this type of living situation requires flipping a switch on how you think of your living arrangement. In co-living the bedroom is no longer recreation but purely utility - for sleeping, perhaps some private time for listening, but you're not spending much time there...this is because this type of living is not typical for someone who has a lot of time to kill - it's intended for those in transition who are working toward some goal or objective whether that being to save for an apartment or to get a new career off the ground. Girlfriend/boyfriend time has to go to their place or a hotel. 

The building I'm in is all male, has 20 beds / unit and a demographic of 19-33yo. A sample of people here are as follows: 

1. 1. MBA from Memphis pursuing a degree at FIDM fashion design school 
2. 2. Former Isreali non-profit political consultant with a fresh green card starting a new life
3. 3. Multiple actors/musicians new to the city 
4. 4. Expat from Japan here to study Japanese for a year earning an Associates Degree for a better chance at citizenship in Tokyo
5. 5. Puerto Rican wrapping up a UX / UI training program and in LA less than 6 months 
6. 6. Former Army intelligence here in LA studying directing at LA film school 

etc... you get the point

Price point per bed is $795 / mo with 6 month commitment for a twin bed // $895 per bed / mo with 6 mo for full sized bed - add $100 per month for either option if you opt for month to month. 

In LA you need a minimum of 30 day stay to avoid the new short term rental ordinance into effect Nov '19. 

This particular setup I live in has by right 4 units on the property and another property down the street, with another property under construction, same street. Smart security accessible via an app on a "member's" phone allows for access to the amenity rooms of any other property the company offers. Example: one property has a recording studio, one has a home theatre, one has an enlarged gym, each have a co-working space. Essentially this amenity concept can spin off in any direction you imagine. 

[Solicitation Removed by Moderators]

I'm new to the BP Pro community and looking forward to connecting with other professionals in LA. I'm involved in the pro housing community as well and this is one of the many necessary innovations we'll need to fight housing shortage. 

Cheers!