Coliving Platform, Alcove, Sees Record Demand and Expands to New Markets

Today Alcove announced the launch of its coliving platform in one of the fastest-growing cities in the U.S., Charlotte, NC. Due to the impacts on housing from the pandemic, renters are seeking more flexible living arrangements like coliving.

Alcove’s platform offers furnished, shared homes with private rooms for rent, and has welcomed over a thousand renters since 2020. 

Colin Tai, Co-founder and CEO, says that “North Carolina has seen tremendous growth of jobs and economic activity in the past year, which has further squeezed our rental supply. We’re hoping to solve this by enabling individual renters to easily access multi-bedroom homes. There are benefits to all sides, investor-owners who lease with Alcove earn 20-25% above-market yields on their properties, while property managers maintain higher occupancy with co-living. The majority of our homes are currently managed by our partners.”

Alcove specializes in listing and marketing properties, touring qualified applicants and processing background checks. Additionally, they partner with 25+ property management firms to provide their investor-owners with management services. Alcove also protects the owner against the liability and rent defaults of individual tenants.

Founded in 2018, Alcove offers leases to renters ranging from 6-18 months and will match roommates based on tenant preferences. They provide an easy-to-use platform with online payment tools so that tenants don’t have to split bills or utilities with roommates. Tenants using Alcove relocate to the area for work and seek a way to build community in a new city. The average age of Alcove tenants is 32 and the majority of them are working professionals.

As a result, Alcove tenants tend to stay longer than traditional leases. Their tenants stats include:

  • Average rent to income ratio for an Alcove household is 5x
  • Average tenant lease length is 15 months
  • Overall occupancy has remained above 95% for the last 6 months

Alcove has expanded its marketplace from the “Triangle” – Raleigh, Durham, Chapel Hill – and is now active in the Charlotte metro area. The company has closed a recent round of funding and is planning to expand to more cities soon.

About: Alcove is a marketplace for private rooms in shared homes. Their coliving platform provides renters with everything they need to find move-in ready homes and roommates. For landlords and property managers, Alcove simplifies coliving by sourcing the best-qualified tenants on long-term leases, and generates higher yield through per-bedroom leasing. To date, Alcove has raised $5 million from top-tier investors. Headquartered in Durham, NC, Alcove has offices in Raleigh, Durham and Charlotte. To work with Alcove, visit their partners page or contact them at partner@alcoverooms.com.

Contact:

For Press – marketing@alcoverooms.com

For Partnerships – partner@alcoverooms.com

Source: Alcove