Common Company Profile

Background

Overview

Common was an American coliving company founded in 2015 and headquartered in New York City. The company specialized in providing flexible, community-driven housing solutions, offering fully furnished, month-to-month memberships in urban settings. As of June 2020, Common managed 48 multifamily buildings across nine U.S. cities, including New York, Jersey City, Los Angeles, San Francisco, Chicago, Washington, D.C., Seattle, Philadelphia, and Fort Lauderdale. The company had plans to expand to 22 cities globally, with 15,000 beds signed and under development.

Mission and Vision

Common's mission was to make city living easier for renters through the thoughtful use of technology and design, delivering exceptional experiences across coliving, micro-units, and traditional apartments. The company aimed to be the preferred choice for residents seeking stress-free city living and for real estate owners seeking reliable, above-market returns.

Industry Significance

As a pioneer in the coliving sector, Common played a significant role in popularizing shared living spaces in urban environments, catering to individuals seeking community-oriented living experiences. The company's innovative approach addressed housing affordability and community engagement challenges in major cities.

Key Strategic Focus

Core Objectives

Urban Housing Solutions: Provide flexible, community-driven housing options in urban areas.

Technology Integration: Utilize technology to enhance resident experiences and streamline property management.

Community Building: Foster a sense of community among residents through shared spaces and organized events.

Areas of Specialization

Coliving Spaces: Offer private bedrooms in shared suites with inclusive amenities.

Micro-Units: Develop compact, efficient living spaces for urban dwellers.

Traditional Apartments: Provide conventional rental units with flexible lease terms.

Key Technologies Utilized

Property Management Software: Implement systems for efficient operations and maintenance.

Community Engagement Platforms: Use digital tools to connect residents and organize events.

Data Analytics: Analyze resident preferences and operational data to inform decision-making.

Primary Markets Targeted

Common primarily targeted urban markets in the United States, focusing on cities with high demand for flexible and community-oriented housing solutions.

Financials and Funding

Funding History

From 2015 to 2017, Common raised a total of $63.35 million in funding. The latest Series C funding round, led by Norwest Venture Partners, raised $40 million.

Total Funds Raised

Approximately $137.77 million.

Notable Investors

Norwest Venture Partners: Led the Series C funding round.

Kinnevik: Participated in funding rounds.

Maveron: Invested in the company.

Wilshire Lane Partners: Contributed to funding efforts.

Utilization of Capital

The raised capital was intended to support expansion into new markets, development of additional properties, enhancement of technology platforms, and improvement of resident services.

Pipeline Development

Key Pipeline Candidates

Common's pipeline included the development of new coliving spaces, micro-units, and traditional apartments in various urban locations. Specific details on individual projects were not publicly disclosed.

Stages of Development

As of June 2020, Common had 15,000 beds signed and under development, indicating active expansion efforts.

Target Conditions

The company focused on urban areas with high demand for flexible and community-oriented housing solutions.

Anticipated Milestones

Common aimed to expand to 22 cities globally, with significant growth in the number of managed properties and resident capacity.

Technological Platform and Innovation

Proprietary Technologies

Community Engagement Platforms: Digital tools designed to connect residents and facilitate community-building activities.

Property Management Software: Systems developed to streamline operations, maintenance, and resident services.

Significant Scientific Methods

Data Analytics: Utilized to analyze resident preferences, operational data, and market trends to inform strategic decisions.

Leadership Team

Key Executives

Brad Hargreaves: Founder and CEO. Prior to founding Common, Hargreaves co-founded General Assembly, a global education company. He has been instrumental in shaping Common's vision and strategic direction.

Competitor Profile

Market Insights and Dynamics

The coliving market has experienced significant growth, driven by urbanization, housing affordability issues, and a desire for community-oriented living. However, the market also faces challenges such as regulatory hurdles, competition from traditional housing models, and the need for scalable operational models.

Competitor Analysis

Common's primary competitors included other coliving companies, traditional property management firms, and emerging housing models. Specific competitor details were not provided.

Strategic Collaborations and Partnerships

Significant Collaborations

Tishman Speyer: In March 2019, Common partnered with New York real-estate developer Tishman Speyer to launch the brand Kin, focusing on family-friendly coliving spaces.

Noah: In May 2020, Common announced the launch of Noah, a workforce housing brand operating in multifamily buildings for renters earning 40% to 80% of the area median income.

Operational Insights

Strategic Considerations

Common's strategy involved rapid expansion into multiple urban markets, leveraging technology to enhance operational efficiency and resident experience. The company aimed to differentiate itself through community engagement and flexible housing solutions.

Competitive Advantages

Community-Centric Approach: Emphasis on building strong resident communities through shared spaces and organized events.

Technology Integration: Utilization of advanced property management and community engagement platforms.

Flexible Housing Options: Provision of month-to-month memberships and various housing formats to cater to diverse resident needs.

Strategic Opportunities and Future Directions

Strategic Roadmap

Common's roadmap included expanding its presence in existing markets, entering new cities, and continuously enhancing its technological platforms to improve operational efficiency and resident satisfaction.

Future Business Directions

The company aimed to diversify its housing offerings, explore new revenue streams, and strengthen partnerships with real estate developers and local communities.

Opportunities for Expansion

Potential opportunities included international expansion, targeting emerging urban markets, and developing specialized housing solutions for different demographics.

Positioning for Future Objectives

Common's focus on technology, community engagement, and flexible housing solutions positioned it to address evolving urban housing challenges and capitalize on market growth.