Evaluating only Common’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Brad Hargreaves founds Common in New York as a tech-managed co-living operator.
FUNDING
Common raises $50M Series C led by Norwest Venture Partners, expanding to 10+ US cities.
LAYOFF
Common lays off 20% of workforce as rising interest rates freeze new development partner deals.
SHUTDOWN
Brad Hargreaves announces wind-down after failing to close Series D; 2,500 residents given notice.
Full Analysis
Free · no account needed
Documented cause
Common raised $113M to operate co-living and multi-family apartment communities across the US and internationally. Rising interest rates in 2022-2023 squeezed its property developer partners, causing deal flow to collapse. CEO Brad Hargreaves announced in January 2023 that Common would wind down operations, citing an inability to raise Series D funding amid a frozen proptech investment market and unsustainable unit economics.
Lesson
“Co-living unit economics must work at small scale before expansion — growth amplifies losses in asset-heavy models.”