Common, a US co-living operator, is looking to enter the Irish market next year, following its expansion into Britain, its first move into Europe.
The New York-based group is seeking to operate in Ireland as a build-to-rent company, operating both conventional and co-living apartments.
"We're taking our time to find the right opportunities that make the most sense for Common," said Brian Lee, Common's London-based managing director of real estate, of a potential Irish move.
The US property management company operates buildings in 10 cities, including New York, Jersey City, Philadelphia and Chicago. While known as a co-living specialist, whereby shared kitchen and living facilities serve multiple en suite rooms, the company says it has moved beyond this.
“Right now, about half of our US portfolio is not co-living at all, so we’re exploring all types of sites,” said Lee.
For Mr Lee, the State’s housing shortage makes Dublin and Ireland attractive.
“There’s a lot of job growth, primarily driven by tech firms, and a lot of inbound migration as a result of that. So the economy is very dynamic, global and growing. Yet, high quality apartment supply has yet to meet that growing demand.
Property manager
“Common wants to bring our design and operations to Ireland to make build-to-rent the best it can possibly be,” he said.
Common does not own any of the properties in its portfolio, and nor is it a developer. “Rather, we work with existing building owners to make the build-to-rent experience better and easier for renters as a property manager and designer – similar to that of a hotel flag operator,” said Lee.
It has been linked with developments in Dublin in the past, including a 121-bed co-living scheme on Mountjoy Street that was to be built by developer Brian Durkan.
The property group announced its plan to move into the British market in October, signing on to manage five build-to-rent buildings in London with local partners London Green and SAV Group. This is its first expansion into Europe. Common is planning to open 3,000 apartments under its residential management brand by 2023 in the UK.
Globally, the co-living concept has hit some bumps on the road, following the collapse into administration of UK developer The Collective, which was to operate a 69-unit building on Fumbally Lane. The business ran into difficulties due to low occupancy rates during the pandemic.
In Ireland, the Government last November announced a de facto ban on new co-living developments, but some developments, including one at Dublin’s Phibsborough shopping centre, have subsequently been granted permission.
