Co-living a growing trend among renters on a budget

While he waits on a home to buy, “it’s just nice to be able to come home to a clean, safe environment in a decent neighborhood,” he said.

Miles is renting a furnished bedroom in a single-family home in Douglasville through PadSplit at less than $700 a month, well below the average cost of a one-bedroom apartment in Atlanta or the surrounding suburbs. Utilities, internet and free telemedicine services are included.

Groups such as PadSplit are helping to fill a void in affordable housing both here and in major cities across the country.

Other co-living developers are catering to niche markets, including people who find the isolation of working at home alone too tough and desire an amenities-packed lifestyle, and those who have a desire to be real-life Golden Girls.

In the United States, more than 5,000 beds in about 150 modern co-living communities existed in 2019, according to CBRE, the world’s largest commercial real estate services and investment firm. Another 55,000 are in the works, the firm’s researchers found.

Society Atlanta is one of several co-living projects being developed in Atlanta and elsewhere by the co-living brand Society Living.

A rendering of Society Atlanta, a co-living development on Peachtree Street, slated to open in 2024. Courtesy of developer PMG

Credit: Photos courtesy of PMG

Credit: Photos courtesy of PMG

A rendering of Society Atlanta, a co-living development on Peachtree Street, slated to open in 2024. Courtesy of developer PMG

Credit: Photos courtesy of PMG

Credit: Photos courtesy of PMG

Slated to open in 2024, the development is located at 811 Peachtree St., the site of a former parking lot. This live-work project is expected to include 460 units and 644 beds. About 15% to 20% of those leases will be rent-by-the-bed options, said Ryan Shear, managing partner for developer Property…

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