A new co-living building in San Jose has secured final approvals from the city to move forward with construction. The startup behind the space, Starcity, promises 800 affordable units will be ready for move-in by 2021. When complete, the building will be the largest co-living project on the planet. While more affordable housing is indeed something to celebrate, Cal Bay Property Management's Scott Safadi urges locals to seriously weigh their options before moving into such a space. Why?
It helps to understand how a building is offering such affordable places to live. Starcity units will be more like college dorms than apartments. If privacy is a concern, co-living probably isn't a good choice. You'll be sharing a kitchen with others on your floor, and in some communities, living room and bathrooms are also shared. While the appeal of a short lease at an affordable price is obvious, these co-living building projects may not survive after this trend has died. The housing market in the greater Bay Area is indeed expensive, and many young professionals are eager to spend their time at work or enjoy days off traveling. But a private space to call your own is non-negotiable for most people. If you're hoping to cash in on this co-living trend, consider your alternatives before investing. Traditional multi-family properties offer many of the same benefits as co-living spaces while maintaining the sense of independence and privacy that so many of these adult dorms lack. With our team handling the daily operations of your apartment building, it's never been easier to offer tenants a quiet, private unit to retreat to at the end of a long week. - Scott Safadi, Cal Bay Property Management
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AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
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