A new co-living building is coming to Chicago this summer in the city’s Fulton Market neighborhood, a concept gaining popularity among millennials, transient workers and those who need flexible living arrangements.
Medici Living Group, a Berlin, Germany-based co-living provider, is opening the new Quarters building in May at 171 N. Aberdeen St.
The building, which is being developed by local real estate firm MCZ Development, will house 175 residents across 75 apartments that range from studios to five-bedroom units. Tenants will have private, furnished bedrooms but share communal kitchens and bathrooms. Additional amenities include outdoor grills, fireplaces and lounges, as well as skyline bar seating and cabana loungers. Rents begin at $1,200 per month and average at about $1,600 per month. Quarters will begin taking tenant applications by the end of this week, a company spokesperson said.
“This new trend in living is not about a single room but about the whole experience,” said Quarters’ Founder and CEO Gunther Schmidt in a statement. “We not only offer an easy housing solution but also a community that shares similar ideas and passions. The networking opportunities are endless and Quarters has weekly events to help build your social network.”
Medici offers leases for as little as three months, and they only require a 30-day notice from those looking to move out, providing tenants with more flexibility than they would renting from a more traditional apartment management company. Like other co-living companies, once tenants are accepted into Medici’s community, they can easily transfer to other Quarters locations if there is availability.
The apartments will be equipped with smart home technology that will allow them to unlock keyless doors, and control lights, heaters and blinds all from a mobile app. Wireless internet, utilities and Netflix are also included in the rent.
The co-living trend has become increasingly popular among city dwellers across the country as rents have continued to rise. Chicago’s other co-living properties include Common, a New-York based startup that has properties in East Lakeview and West Town, L, a 120-unit building in Logan Square, and 30 East, a 134-unit property in the South Loop.
Medici, founded in 2012, says they have become one the largest co-living providers in the world. They plan to manage homes in every major U.S. and European city within the next two years.
“The idea of co-living has really taken off worldwide and we think Chicago with its active startup environment is the perfect market for this type of living,” Schmidt said. “As companies grow and recruit new talent, they also will be looking to offer quick and easy housing, and Quarters can be that solution. We look forward to being part of the growing startup community.”