Looking to succeed where others have failed, New York-based Common is launching its first co-working space in San Francisco. According to the SF Business Times, for a mere $2,600 per room, prospective tenants can have access to amenities like wifi, big screen TVs and a building Slack channel in the heart of SOMA.
The Business Times curiously cites this as an affordable housing option compared to a $3,600 per month (median rent) one bedroom apartment. A room in a 12-bedroom high tech dorm isn't exactly the same as a private apartment, and when compared to myriad rooms available for well below $2,000, Common's offering seems to be that of the premium variety.
It will be interesting to see if Common can fare better than Campus CoLiving, a startup with essentially the same offering that closed its doors last summer. We actually signed Campus up at one of our larger remodeled units and while a reliable rent-paying tenant while they were there,the company found it hard to fill their rooms. Ultimately the business model proved unsustainable and they had to shut down.
According to Crunchbase, Common has raised just over $23 million, including a $16 million round to help with West Coast expansion.