{"id":5717,"date":"2023-02-10T05:40:42","date_gmt":"2023-02-10T05:40:42","guid":{"rendered":"https:\/\/imsfund.com\/?p=5717"},"modified":"2023-02-10T05:40:42","modified_gmt":"2023-02-10T05:40:42","slug":"co-living-units-are-helping-investors-generate-higher-returns-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/02\/10\/co-living-units-are-helping-investors-generate-higher-returns-heres-what-you-need-to-know\/","title":{"rendered":"Co-Living Units Are Helping Investors Generate Higher Returns\u2014Here&#8217;s What You Need To Know"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\"><button class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">Before the pandemic, co-living as a housing solution was already\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cbre.us\/-\/media\/cbre\/countryunitedstates\/media\/images\/multifamily\/innovation-watch\/co-living\/021420_innovationwatch_january-2020-fw.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">gaining popularity<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0as urbanization caused rents to rise in major cities. Now, the concept of living in accommodations with communal spaces is making a comeback after the pandemic left a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2023\/01\/25\/realestate\/rent-burdened-american-households.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">rental affordability crisis<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/mcc.gse.harvard.edu\/reports\/loneliness-in-america\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">loneliness epidemic<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in its wake.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Early this year, the largest co-living operator in North America, Common,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.prnewswire.com\/news-releases\/habyt-and-common-merge-to-become-the-leading-global-co-living-operator-301717885.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">announced a merger<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0with Habyt, the largest co-living operator for Europe and Asia. The result is a global leader in co-living that will operate 30,000 units worldwide, many of them co-living spaces. It is estimated that there were\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2022\/11\/02\/business\/coliving-housing-dorms.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">74,000 total co-living bedrooms<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0either for-rent or in development in the U.S. in 2022. At the end of 2019, real estate investment firm CBRE found that there were about\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cbre.us\/-\/media\/cbre\/countryunitedstates\/media\/images\/multifamily\/innovation-watch\/co-living\/021420_innovationwatch_january-2020-fw.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">5,000 beds<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in only about 150 co-living communities around the country. It\u2019s a rapidly accelerating trend, and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/dspace.mit.edu\/bitstream\/handle\/1721.1\/123605\/1135867129-MIT.pdf?sequence=3&amp;isAllowed=y\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">research shows<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0it may have staying power.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">What Is Co-Living?\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Co-living has always been a way to save money on rent\u2014groups of friends, especially young single people, often rent shared spaces to save money on their monthly housing costs. But modern co-living spaces are different. Buildings constructed or renovated with the intent of unrelated individuals sharing the same living space often come with top-of-the-line amenities. Think of higher-end decor and furnishings, fitness and yoga studios, expansive co-working areas, and perks like cleaning services and high-speed WiFi. People typically live in individual, furnished bedrooms but share common areas like kitchens, bathrooms, laundry facilities, and living areas.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There are variations in how these spaces are operated. Some companies, like\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.outsite.co\/about\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Outsite<\/span><\/a><span data-preserver-spaces=\"true\">, use a membership model, where digital nomads can book spaces for as few as three nights. Others, like\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/bungalow.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bungalow<\/span><\/a><span data-preserver-spaces=\"true\">, work as a tech platform that connects roommates seeking housing in major cities and subleases homes to them. Companies like\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.common.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Common<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0offers a combination of private units with co-working spaces and shared units with private bedrooms.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The rising popularity of co-living spaces has also created a market for co-owned units. For example, the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/co-ownco.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Co-Own Co.<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in Denver allows homebuyers to purchase a share of a unit with a private bedroom and bathroom. It\u2019s a way for individuals to start building equity for a fraction of the typical cost of buying a home in the city. Some developers are also applying the co-living concept to single-family homeownership by building\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/hearthstonecohousing.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">communities<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0with a common house and other amenities and providing programming designed to foster community.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">A Solution to Two Distinct Problems<\/span><\/h2>\n<h3><span data-preserver-spaces=\"true\">Skyrocketing rents\u00a0<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">The rent-to-income ratio in the U.S. is now\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2023\/01\/25\/realestate\/rent-burdened-american-households.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">30%<\/span><\/a><span data-preserver-spaces=\"true\">, an increase from 27.2% in 2019. In some cities, the problem is far worse\u2014in New York, the ratio is 68.5%, and in Miami, it\u2019s 41.6%. High rents are making it difficult for residents to afford elevated prices on gas and groceries and to stash away enough savings to hope for homeownership.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The surge in rental prices, which hit\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/rents-slide-by-largest-amount-in-at-least-7-years-november-2022-rental-report-31863\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">17.1% year-over-year growth<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0at its peak in February of 2022, was mostly due to limited inventory and high demand for more space during the pandemic. In some pandemic boomtowns, such as Austin, Texas, rents\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-18\/where-is-rent-most-expensive-austin-nyc-apartment-prices-surge#xj4y7vzkg\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">more than doubled<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0within a year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The rental market is starting to cool\u2014national average asking rents are declining, according to Zillow. Multifamily inventory is forecasted to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/rejournals.com\/more-than-560000-new-apartment-units-thats-what-berkadia-is-predicting-this-year-for-the-u-s-multifamily-market\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">increase in 2023<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0as well. But rents remain elevated at 8.4% higher when compared to the same time last year, and apartment homes are still out of reach for many residents of urban areas. In 2022, there were\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.hud.gov\/press\/press_releases_media_advisories\/HUD_No_22_253\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">16% more chronically homeless individuals<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0than there were in 2020. Since limited space relative to the number of residents seeking apartments is a significant part of the problem, co-living is a natural solution.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even before the pandemic, local governments were examining the prospect of shared living spaces as a potential fix for unaffordable rents. Through\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nyc.gov\/site\/hpd\/about\/projects-detail.page?project=ShareNYC\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">SharedNYC<\/span><\/a><span data-preserver-spaces=\"true\">, New York City\u2019s Department of Housing Preservation and Development selected three proposals for shared housing developments with various models designed to provide housing to low-income residents. And in San Jose, California, lawmakers\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reuters.com\/article\/usa-cities-homes-trfn\/under-one-roof-u-s-cities-look-to-co-living-to-ease-housing-crisis-idUSKBN28P1P3\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">adjusted the local zoning code<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to include co-living, allowing a new development with 800 units to begin construction.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For decades in the U.S., boarding houses\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reuters.com\/article\/usa-cities-homes-trfn\/under-one-roof-u-s-cities-look-to-co-living-to-ease-housing-crisis-idUSKBN28P1P3\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">prevented homelessness<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0for low-income urban workers. In the 1960s, it\u2019s estimated that there were about 2 million \u201csingle room occupancy\u201d units, similar in concept to modern co-living units. The National Alliance to End Homelessness sees the return of shared housing as a solution that would end homelessness for most people. Most modern co-living spaces rent for just slightly below market rate, but there\u2019s an opportunity for multifamily developments that use a co-living model to bring even more affordable units to market.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">The epidemic of loneliness<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Renters who choose co-living may get more bang for their buck\u2014luxury apartment amenities at below-market rental prices\u2014but that\u2019s not the primary reason most people rent a modern co-living unit, according to a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.weforum.org\/agenda\/2021\/03\/co-living-communal-mental-health\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">survey<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0co-organized by IKEA\u2019s research and design lab. Respondents said the best benefit of co-living was the opportunity for social interaction.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Co-living spaces offer numerous opportunities for community building through both incidental interactions and intentional programming. Digital nomads can take a moment to socialize at the \u201cwater cooler,\u201d just like employees who work in offices. Families can get support with child-rearing. Solo seniors can gather for meals. And everyone can have someone to call if they\u2019re injured or need help. There are additional benefits for transplants who may need to move quickly without support\u2014not only does co-living offer easier access to furnished spaces, but it also delivers an instant social circle. Some co-living companies even work to place roommates with common interests.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That\u2019s kind of a breath of fresh air for the astounding percentage of Americans experiencing \u201cserious loneliness.\u201d A\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/mcc.gse.harvard.edu\/reports\/loneliness-in-america\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from the Harvard Graduate School of Education puts the figure at 36% of all Americans, including 51% of mothers with young children and 61% of young adults. Social isolation can\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cdc.gov\/aging\/publications\/features\/lonely-older-adults.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">increase your risk of several serious health issues<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and is a risk factor that rivals even smoking when it comes to premature death. Loneliness is correlated with higher rates of anxiety, depression, and even suicide.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Issues with the Co-Living Model<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Some co-living companies have yet to work out the operational kinks. For example, residents of Common\u2019s co-living spaces\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.thedailybeast.com\/commons-tenants-say-its-a-nightmare-at-dollar100m-co-living-startup\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">complained<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0of unsanitary conditions, poor security, hostility among roommates, and poor communication from the support team. Residents of Bungalow properties in New York\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/gothamist.com\/news\/nys-attorney-general-is-eyeing-co-living-companies-as-residents-complain-over-scam-housing\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">reported<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0finding strangers in their bedrooms, which were kept unlocked due to local law. They also complained of poor communication and sudden lease terminations, calling the operation a \u201cscam.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The complaints are drawing the attention from local lawmakers, who could respond by cracking down on this form of rental housing rather than relaxing regulations to make it more viable. For example, allowing locks on individually-rented bedrooms in New York might solve the problem in part, but if tenant complaints point to other unfair practices, the co-living model might be banned in the city altogether.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But in some cities, like Philadelphia and Minneapolis, lawmakers are\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.governing.com\/community\/sro-housing-nearly-zoned-out-of-existence-could-re-emerge\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">embracing<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0the idea of \u201csingle room occupancy\u201d rentals, bringing legislation to allow the units in multifamily and commercial zones.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">A New Asset Class for Investors<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Co-living isn\u2019t just a solution for loneliness and unaffordable rents. It\u2019s also an emerging asset class for real estate investors. Despite some problems with the co-living business model, co-living companies generally report the higher rental income per square foot than traditional rental models. For example, in New York, earnings for co-living units are reported to be\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/colivhq.com\/blog\/how-landlords-can-get-higher-returns-with-coliving\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">40% to 50% higher<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0than traditional apartment rents.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/dspace.mit.edu\/bitstream\/handle\/1721.1\/123605\/1135867129-MIT.pdf?sequence=3&amp;isAllowed=y\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from students at MIT also suggests that co-living buildings should be more resilient during an economic downturn than traditional multifamily housing. Indeed, during the COVID-19 pandemic, co-living spaces continued to earn a 23.2% premium per square foot over rents per square foot for traditional studio apartments in comparable markets, according to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cushmanwakefield.com\/en\/insights\/covid-19\/coliving-during-covid-19\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">research<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0from real estate services firm Cushman &amp; Wakefield.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The MIT report also indicates that co-living is on the verge of becoming more widely accepted, both among lawmakers and the general public. Early signs show that co-living will become a \u201cfundamental asset class within residential real estate,\u201d the report states. While the model is still in its infancy and comes with some potential headaches, it may become a welcome alternative to traditional long-term multifamily rentals for some investors, especially in urban areas where housing prices are making it more difficult to yield positive cash flow.<\/span><\/p>\n<div class=\"is-layout-flex wp-container-2 wp-block-columns\">\n<div class=\"is-layout-flow wp-block-column\" style=\"flex-basis:100%\">\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n<div class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 lg:w-2\/3 \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-theme-blue-dark-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">New! The State of Real Estate Investing 2023<\/p>\n<p class=\"has-text-align-left my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">After years of unprecedented growth, the housing market has shifted course and has entered a correction. Now is your time to take advantage. Download the 2023 State of Real Estate Investing report written by Dave Meyer, to find out which strategies and tactics will profit in 2023.\u00a0<\/p>\n<p><\/main><\/div>\n<div class=\"lg:w-1\/3 first:mt-0 relative h-full lg:flex lg:items-center\">\n<picture decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block sp-no-webp\" title=\"Co-Living Units Are Helping Investors Generate Higher Returns\u2014Here's What You Need To Know 2\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/State-of-REI.webp\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/State-of-REI.png\" type=\"image\/png\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/State-of-REI.png\" decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block sp-no-webp\" title=\"Co-Living Units Are Helping Investors Generate Higher Returns\u2014Here's What You Need To Know 2\" alt=\"State of REI\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/State-of-REI.png\"\/><\/source><\/source><\/picture><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/co-living-units-are-helping-investors-generate-higher-returns\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article Before the pandemic, co-living as a housing solution was already\u00a0gaining popularity\u00a0as urbanization caused rents to rise in major cities. Now, the concept of living in accommodations with communal spaces is making a comeback after the pandemic left a\u00a0rental affordability crisis\u00a0and\u00a0loneliness epidemic\u00a0in its wake.\u00a0\u00a0 Early this year, the largest co-living operator in North [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":5718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/02\/coliving-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-5717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/5717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=5717"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/5717\/revisions"}],"predecessor-version":[{"id":5719,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/5717\/revisions\/5719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/5718"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=5717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=5717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=5717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}