How Donghao Li's Co-Living Startup, Tripalink, Makes Big City Living Affordable
LOS ANGELES, November 7, 2019 (Newswire.com) - Housing affordability is a universal issue for big cities. According to a new affordability calculating method developed by the University of Southern California researchers, Washington, D.C, San Diego, Virginia Beach, Los Angeles, Riverside-San Bernardino, New Orleans, Miami, Denver, Houston and Sacramento are the 10 least affordable metros. Los Angeles, for example, ranked as the fourth most unaffordable area in the research and has an average monthly wage of about $5,300. However, the average monthly rent for a one bed, one bath apartment is about $2,525.
Donghao Li founded Tripalink, the thriving co-living startup, to solve the problem of unaffordable housing in America’s big cities. Donghao Li’s original business model plays an exemplary role in the demanding metropolitan rental market to balance high rent and living quality, especially for millennials who move to live, work, or study in big cities.
Tripalink has over 655,000 total square footage in rental space. In Los Angeles, for example, Tripalink owns over 200 properties, 1,000 in bed space with a total square footage of 370,000. Its one-bedroom rent is almost half compared to a traditional apartment, with each bedroom having its own private bathroom and all utility fees included in the rent. Moreover, Tripalink co-living projects provide quality and affordable housing in many other major expensive cities such as Seattle, Philadelphia, Austin, and San Francisco. Its self-developed co-living projects were rented out within 2-3 weeks after being launched.
The “special recipe” for Donghao Li’s Tripalink success is to develop affordable housing with smart design, deliver a one-stop service and create community experience with empathy and innovation. Donghao Li said, “most Gen-Z and younger millennials seldom use a living room or kitchen, while greatly valuing privacy. It is not a rare case that people privately rent out their living room in a traditional apartment to lower costs. Why not share some common space and maintain living quality?”
“Affordable and enjoyable.” This is how Tripalink’s tenants describe the living experience. A typical Tripalink co-living unit has 3-5 master bedrooms with a shared living room and kitchen. The bedroom is a perfect private space with a bed, a desk, a chair, a walk-in closet and most importantly, a bathroom. The common area is designed and equipped to be interactive with TV/projector and Xbox/Switch.
Categories: Real Estate