#231: Brad Hargreaves - Founder & CEO of Common - Making housing more affordable through co-living

Brad Hargreaves is the Founder and CEO of Common, the nation’s leading residential brand that designs and manages multifamily apartments with more than 6,000 residents in over 10 markets across the country.

On this episode, Chris and Brad discuss how co-living works and why it's more affordable, how Common works with owners and developers to drive returns and what makes for a great location/market when deciding to develop co-living. Enjoy!

Follow Chris on Twitter: https://www.Twitter.com/FortWorthChris
Follow Chris on LinkedIn: https://www.linkedin.com/in/chrispowersjr/
Learn more about Chris Powers & Fort Capital: https://www.FortCapitalLP.com
Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital/

Listen & Subscribe on Spotify: https://open.spotify.com/show/7oIeNSaSJ4zkTQOXiedyOr?si=dEM48cSPQ9OIQ1HiD8sjrg

Listen & Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-fort-with-chris-powers/id1410549811

0:16 - Brad’s journey into co-living
1:40 - When did co-living get its label and become a true asset class?
3:08 - What does Common do & what is the definition of Co-living?
4:38 - How do your management & lease agreements work?
8:23 - Why are developers approaching you over trad Property Managers?
10:34 - How do you think about designing to separate yourself from other MF developers?
15:54 - What’s the trigger in these jurisdictions that gets you classified into co-living?
18:40 - SRO: Single Room Occupancy dwelling
19:14 - Why are jurisdictions somewhat against co-living?
20:52 - What makes a great market for co-living & how do you decide which markets to pursue?
26:06 - Factors that impact the viability of co-working
30:30 - Understanding the customer
32:24 - What’s your revenue model for a ground-up development?
37:21 - Who is the target customer for co-living?
43:05 - Are you furnishing the co-living units?
45:19 - How does the dynamic of 4 strangers living together work?
50:39 - At what point does management have to get involved in tenant disputes?
53:12 - How much customization can a tenant take upon themselves?
56:00 - How do leases & evictions work?
58:19 - How Common approaches Staffing
1:00:24 - How do you think about advertising?
1:01:37 - What are your most common unit configuration and square footage?
1:02:28 - Thoughts on retrofitting existing structures
1:05:23 - Is there an opportunity for converting office buildings?
1:06:36 - Are there any big needle movers that will have an impact on affordable housing & co-living happening right now?