Mortgages are out. Renting is out. Now is the time for the Apartment Club.
Today 16 percent of the workforce is using ‘contingent employment.’ Or, the Gig Economy. Maybe you are a freelance writer, Uber driver, temp nurse. Whatever it may be, by 2020 you will make up about 30 percent of the nation’s workforce. This means you may have to move around from city to city in order to chase the most lucrative contract.
So why would you buy a home if you may have to leave and sell it – possibly at a loss? Then rentals/leasing become attractive, but these contracts are a pain in the ass and still tie you down. So now what?
An enterprising commercial real estate developer specializing in multifamily apartment complexes in toying with the idea of a club for short-term housing. Basically, an Apartment Club acts like a gym membership; No matter the city or state, if you are near a club location you can get an apartment – as long as you are a member. And the best part is that you are not bound by any time frame while living at a club location.
Lets say you have a killer opportunity in Dallas, but you are currently in Los Angeles. If Dallas has a club apartment complex, you call them up (or fill out a web form) and arrange for a move in date. That’s it. Done. Job accepted.
Prices are currently being hashed out, and sites are being negotiated, but it is on track to become an option soon. We will keep you posted.