Co-Living Startup, Tripalink, Reduces the Pressure of Student Housing by Developing Customized Youth Co-Living Apartments
LOS ANGELES, November 7, 2019 (Newswire.com) - As the first co-living company specialized in the student market in the United States, Tripalink operates more than 3,000 bed spaces across the U.S., and most of them are centralized around Universities. Tripalink's current properties in the student housing market can house about 2,000 college and graduate students. Below is a geographic distribution of Tripalink’s bed spaces, with estimated values of each location.
A geographic distribution of Tripalink’s properties around universities
Insufficiency of student housing is a nation-wide issue and not a new topic. After completing the construction of USC Village, a student housing community holding 2,500 students, the University of Southern California (USC) is still receiving the call to address the shortage of student housing from students. The University of California at Los Angeles (UCLA) has 48% of students living on campus, while the number is only 30% at USC. However, in terms of the number of student housing that is affordable, both universities are challenged a lot. A private bedroom near USC is about $1,500 excluding utilities and furniture, and the rent near UCLA is slightly higher.
Co-living businesses are in great demand in cities with high rent. Most co-living businesses, such as Common and Ollie, target millennials above 28 years old who have more power of consumption, while Tripalink is the only expert in the industry that applies co-living to student housing.
Taking the USC neighborhood as an example, Tripalink has integrated resources of 100 small developers and homeowners, upgraded indoor and outdoor facilities and decoration, created a community platform and delivered a one-stop service. For instance, the move-in package of Tripalink includes a brand-new bedding set, a surprise box with shampoo, body wash, slipper, toothbrush, tooth paste, comb, USB drive, fridge magnet, etc., a utensil set and tableware. Wi-Fi, electricity, and gas have already been set up before the move-in date.
Including its self-developed co-living projects, Tripalink operates about 150 properties and 900 bed spaces near USC in total, greatly reducing the pressure of student housing. With more than 15 projects under development, Tripalink is estimated to greater that number to about 2,500 in 2020.
A typical Tripalink co-living home has 3-5 bedrooms in one unit, each with a private bathroom and shared common area. Nest thermostat, smart lock, Switch/XBOX, Island with outlets, French windows and modern elements are what students prefer to have in their homes. Weekly cleaning services are a great add-on service, and various community events are what they are always asking for.
High-density housing spaces are still in high demand near universities, as the number of students keeps increasing. Universities are not alone in increasing the overall number of student housing. Co-living companies like Tripalink help to improve the situation with a strong commitment to providing a safer and better community with a reasonable pricing strategy.
Categories: Real Estate