Common, the leading residential brand that designs, leases and manages multifamily (Build to Rent and co-living) properties in the US, announces a major milestone in its international growth – expansion into the UK. After six years of growth in the US, Common will now bring its innovative brand of property management to the UK – with plans to open at least 3,000 apartments by 2023.
In the US, Common has 40,000 consumer leads a month. The company has more than tripled its US portfolio since the beginning of 2020, and looks to continue this momentum by bringing a new type of Build to Rent offering to the UK.
The first step in the expansion sees Common partnering with local real estate owners London Green and SAV Group to open a combined 664 leasable units across five properties in desirable London boroughs – such as Wandsworth, Westminster and others. The first property is expected to open in the second half of 2022. Common is bringing safe, reliable and community-driven property management to this sector.
“Today [5 October 2021] marks an incredibly important moment for Common as we officially take our brand across the Atlantic after six years of fast growth in North America. For our first five UK buildings, we’re honoured to work alongside real estate owners with local roots who are getting creative about the ongoing housing crisis in London.”
“The Build to Rent sector is quickly expanding, and our movement into London is the next step in fully realising our mission to make city living easier and more reliable for renters in the most sought-after locations in the world.”Brad Hargreaves, Founder and CEO, Common
Common is the leading Build to Rent and co-living operator in the US and focuses on bringing building management into the 21st century. Prioritising technology, Common will bring a renter-first living solution with innovative apartment typologies not commonly found in the UK.
In addition to its branded property management operations, Common actively seeks to make life better for co-living residents with special neighbourhood-focused events – such as wellness programs and cooking classes to discounts with national brands and services. In the US, 65% of members attend Common’s off-site events – which are designed to create connections between residents and activate the local business community.
Common has over 22,000 signed units under development in 28 cities across the globe and the company continues to disrupt the property management space. In addition to the UK, Common is actively negotiating deals in Dublin and Madrid amongst others. This past year, Common acquired management agreements from its biggest competitor Starcity, announced major expansions in Philadelphia and LA, added former Deputy Mayor of New York City – Alicia Glen – to its Board of Directors, and raised $50m in its Series D venture capital funding round from Kinnevik.