Co-Living: The Rebound After the 2024 Shakeout

Co-living investors got burned in the WeWork era, but the model itself works when operated by disciplined teams. New platforms like Outsite, Habyt, and Common are delivering 25-35% rent premiums versus comparable studios, with 90%+ occupancy. The key is keeping operating margins healthy: fewer amenities, more automation, and longer average stays. We benchmark the leading operators and identify three secondary cities where co-living conversions still pencil.