Common Expands Build-to-Rent Property Management Brand to the United Kingdom
The fastest-growing real estate brand in the US will enter the UK BTR market with plans to open and operate thousands of units by 2023
NEW YORK, Oct. 5, 2021 /PRNewswire/ -- Today Common, the leading residential brand that designs, leases and manages multifamily properties in the US, announced a major milestone in its international growth: expansion into the United Kingdom. After six years of growth in the US, Common will bring its innovative brand of property management to the UK with plans to open at least 3,000 apartments by 2023. Since the beginning of 2020, Common has more than tripled its portfolio in the US and will continue its momentum by bringing a completely new type of BTR offering to the UK. In the US, Common has 40,000 consumer leads a month, this unique demand from young professionals positions Common to become one of the largest property managers in the UK.
As a first step in the expansion, Common is 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 like Wandsworth, Westminster, and more. The first property is expected to open in the second half of 2022. With a lack of new homes and soaring house prices, families and young professionals are renting for longer and build-to-rent and coliving are taking off. Common is bringing safe, reliable and community-driven property management to this new sector.
"Today 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 honored to work alongside real estate owners with local roots who are getting creative about the ongoing housing crisis in London," Founder and CEO of Common, Brad Hargreaves said. "The build-to-rent sector is quickly expanding, and our movement into London is the next step in fully realizing our mission to make city living easier and more reliable for renters in the most sought-after locations in the world."
Common is the leading BTR and coliving operator in the US, focused on bringing building management into the 21st century. Prioritizing 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 coliving tenants with special neighborhood-focused events like wellness programs and cooking classes in addition to discounts to national brands and services. In the US, 65% of members attend Common's off-site events 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 continues to disrupt the property management space. In addition to the UK, Common is actively negotiating deals in Dublin, Madrid and more. 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 $50 million in its Series D venture capital funding round from Kinnevik.
About Common
Common is a residential brand creating a better kind of multifamily property manager through innovations in technology, design, and operations. Common delivers exceptional experiences for renters across twelve cities and 7,000 units in coliving, microunit, and traditional apartments. They are the preferred choice for both residents looking for a stress-free and all-inclusive living environment from a trusted brand, and for real estate owners seeking reliable, above-market returns. The Common platform also includes workforce housing management brand Noah and family-first operator Mily. With over 22,000 units signed and under development and over $110 million in venture capital investment, Common is expanding into 22 cities across the world. To work with us, visit our partners page or follow us on Instagram at @common.living.
CONTACT: Phoebe Dinner, [email protected]
SOURCE Common
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