A unit in the new Common Terry building in Seattle. (Common Photo)
Cities across the country are contending with housing affordability issues, especially in regions with booming tech economies where high-paid newcomers bid up rent and home prices. The phenomenon has led a growing group of entrepreneurs to create alternative housing options to serve urbanites feeling the squeeze.
That’s the mission of Common, a New York-based company that operates apartment buildings with shared spaces and amenities. Today, Common announced its entry into the Seattle market with two new buildings in the city’s urban core.
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Common is now running a 112-room building in Seattle’s Capitol Hill neighborhood called Common Terry and a 49-room building in First Hill called Common Summit. Common members get a private room with its own bathroom and kitchenette, attached to shared, furnished living spaces and kitchens. Rent for bedrooms in both buildings average about $1,600 per month.
“Seattle has been on Common’s radar for a long, long time,” said Brad Hargreaves, the company’s CEO. “I think the city is ready to embrace the flexible, efficient, and community-driven values that Common is all about. These homes are …read more