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Operator benchmarks, demand drivers, deal archetypes, regulatory pointers.
NYC is the highest-revenue and lowest-margin major US coliving market. LL18 + MDL constraints force 30-day-plus tenancy in Class A buildings, capped at 3 unrelated adults per dwelling unit. The compliant model exists (Common is the case study) but the capex and operational compliance overhead are the highest in any market we cover.
RevPAB (monthly)
$1,100-$1,500
ADR (per bed-night)
$36-$50
Stabilized occupancy
88-93%
Avg length of stay
11 months
Property OpEx ratio
55-65% of revenue (compliance-heavy)
Cap rate range
4.5-5.5% (stabilized, capital-attractive even at low yield)
Target IRR
8-12% (5-year hold)
Wall Street + NYC tech ecosystem (Google NYC, Meta, Bloomberg, ~20k fintech). Younger members of these populations are coliving's natural NYC tenant base. 9-14 month average stays.
Mount Sinai, NYU Langone, Memorial Sloan Kettering, significant pool of nurses, residents, fellows in 1-3 year contracts. Coliving captures this 'between roommates and a real apartment' segment.
Younger creative professionals priced out of solo apartments. Common's Bushwick / Bed-Stuy properties capture this segment.
Columbia, NYU, CUNY graduate programmes. International students typically 2-year stays.
~2,500 operator-led coliving beds across the 5 boroughs. Common is the dominant compliant operator. Outsite has a small NYC footprint. The Bedly / WeLive failures demonstrate the model's compliance challenges. New supply growing in Brooklyn (Bushwick, Bed-Stuy, Crown Heights), Queens (LIC, Astoria), Manhattan supply essentially flat.
Real estate institutional capital active in Class A-NYC product (Carlyle, Blackstone Realty have evaluated coliving allocations). Boutique sponsor capital harder to source given compliance overhead. NYC banks (Signature, Webster) lend at 6.5-8.0% with strong covenants.
Most legally permissive product but Class B inventory is essentially fixed. Acquisition opportunities limited; existing inventory trades at premium.
Common's archetype. Lease whole apartments / floors in Class A buildings; structure as residential furnished tenancy; cap unrelated at 3 per unit. Compliance-heavy but legally clean.
Brooklyn / Queens 6-20 unit buildings in pre-1974 stock, rent stabilisation exposure but compliant 30-day-plus product layered on top. Cap rates closer to 5.0-6.0%.
$1,100-$1,500 per bed per month at stabilization. Manhattan premium product reaches $1,800-$2,200. Brooklyn/Queens compliant product runs $1,000-$1,300.
Compliance overhead. LL18 registration, OSE inspections, MDL classification verification, fire-safety upgrades, and NYC commercial residential insurance running 3x standard. The compliant operator has 8-12% lower operating margin than equivalent product in Austin.
Only in Class B inventory (SRO / hotel classification) and Class B is effectively a fixed pool. New Class A → B conversions are blocked since the 2010 SRO moratorium. The realistic answer for new entrants: 30-day-plus only.
4.5-5.5% on stabilized institutional-grade product. Capital is willing to accept thin yield because of NYC's demand depth and credit quality.
Last reviewed: 2026-05-11. Benchmarks refreshed quarterly. Spot something out of date? Tell us.
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