With the Golden State Warriors playing in the brand new Chase Center next season, the Bay Area, and San Francisco specifically, is about to feel the massive impact of the project’s undertakings.
The privately funded $1.4 billion state of the art arena will sit on a four-city-block parcel on the water in the Mission Bay area of San Francisco. Along with the high-tech arena, the site will feature an enormous outdoor video board, a 5½ acre park, an outdoor plaza with restaurants and shops, and two modern office buildings that will be rented by Uber.
Obviously, an attraction as grandiose as this new stadium will come with a dramatic increase in pricing. There is now a $15,000 membership fee in order to have the rights to buy season tickets, which will see a 10% increase in price. With the higher prices, the Warriors are guaranteed to see a shift in the attendees, from the middle-class die-hard fans of Oakland to the Silicon Valley hotshots looking to impress clients rather than watch basketball.
All these changes will ultimately begin to increase the housing prices in the San Francisco area, which, as we all know, are high enough as is. However, for students, interns, and young techies, there is an option that will prove to be more stable and affordable than most other alternatives. Communal or co-living residences provide this relevant demographic with a unique opportunity to curtail the effects of these dramatic economic changes. More affordable than apartments, shared housing also provide all the essential amenities to live comfortably, including fully furnished common areas, industrial kitchens, and Wi-fi and utilities.
The dramatic influx of business elites that is sure to follow the new complex, will flood the city with middle aged executives. Not only will the community living facilities be affordable, but they also provide the residents with a solid social network. Shared study spaces, lounging areas, and property-wide social events make for a meaningful community that can be hard to find in a big city. Those who have lived in these shared spaces before have raved about the meaningful relationships they have developed right in their homes.
Ellie Burnfield, who has lived in a communal residence for over a year claims that her community has become so close they even spend holidays together. She recounts, “We all had a big Friendsgiving, there were probably 30ish people there, and it was cool because it’s everyone you know — they are all your friends, because you go to all the [building] events together.”
Urbanests provides fully furnished shared housing in San Francisco. With temporary and short term housing available, it is perfect for students and young professionals looking for single rooms or roommates. At Urbanests, we have room rentals all throughout the heart of the city, prepared for the inevitable shift in preferences.
The current trend of rising housing prices coupled with the impending economic growth from the recently constructed Chase Center make for a concerning time for young professionals looking for housing in San Francisco. However, communal living residences might just have what it takes to save the day.