Ep #228: The Booming Business of Co-Living – with Ellen Parry
May 7, 2019
In this episode of the Real Estate Investing for Cashflow podcast, Kevin welcomes co-living expert Ellen Parry. Ellen is the director of real estate partnerships at Ollie, an all inclusive co-living setup that use small space design techniques to reduce entry level price points for class A apartments. Residents in Ollie-owned properties enjoy fully furnished units and complimentary hotel style conveniences.
Kevin and Ellen discuss the booming business of co-living, especially in urban America. Ellen talks about many different aspects of co-living real estate and the future of micro-living development in the residential sector.
“Looking at the housing market, we realized that there’s this real mismatch between the multi family units that are available, and what people can afford primarily, and also what young professionals living and working in the city wanted to consume in terms of their lifestyle.”
“There’s this insight that a lot of multifamily that has been constructed over the last fifty years in the US is repeating the same model that may have worked in that era but isn’t evolving and reacting to what urban life in America actually looks like today and what people really need.”
“They don’t notice that their bedrooms are a little bit smaller than it might have been elsewhere because the functionality is what they’re getting.”
“It’s challenging to convert commercial spaces in to co-living but we’re now starting to test some prototypes that could evolve that model.”
“If the studios seem to be in higher demand than other unit types, that’s a really good indicator because that tells you that there’s people who need these more efficient lifestyle solutions.”
- 5:29 Ellen explains co-living and Ollie
- 9:26 What is the price to privacy spectrum
- 10:57 Who is the typical demographic?
- 15:20 Ollie’s projects
- 28:00 Matching process in shared units
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