2024 In Review: Alcove’s Growth & The Year Ahead

Alcove has had a year full of growth and success; here’s what we plan to bring to the table in 2025.

Our 2024 In Review - A Year Of Growth For Alcove

As 2024 comes to a close, we’ve taken some time to reflect on the year we’ve had with the continued growth and success of Alcove.

We’ve had market expansions, technological advancements, and customer and partner growth due to the changing rental market in the US.

Let's explore our 2024 highlights below.

Our 2024 Roundup

With shared-living now becoming a popular option in the US due to soaring rents, Alcove is still helping landlords maximize their profits with higher rental prices for single-bedroom homes while benefiting renters with affordable rentals.

Alcove has continued its growth and expansion in 2024 into other areas in the US, such as Texas, changing how rental properties are managed with flexible and affordable co-living properties.

Compared to traditional property renting, we’ve still managed to save around 40% of tenants in comparison to conventional one-bedroom apartments, opening up the rental market to a wider community who can’t afford single-person housing.

As we continue to scale, we are targeting a market of 18M single-family rental units in a $600B rental market, hoping to spread the benefits of Alcove to both tenants and landlords.

Community Impact

If you're a landlord with Alcove or have previously rented with us, you will know we stand for making a difference.

With rising rental costs in metropolitan city areas, we are aligning with the future rental market in the US, with more of us seeking affordable alternative shared-living spaces.

Shared-living arrangements are predicted to grow at a compound annual rate of over 15% over the next five years.

Alcoves rental model has remained committed to providing affordable housing to make renting inclusive for everyone.

Strengthening Partnerships With Landlords

Alcove has continued to strengthen its partnerships with landlords, helping them maximize the profitability of their single-family homes by converting them into shared-living spaces.

We manage tenant onboarding, roommate matching, and payment tracking, streamlining the rental process, and have experienced steady growth in rental markets within Raleigh, Charlotte, Atlanta, and Texas.

Catering To a Newly Remote Workforce

Alcove is proud to offer more flexible leases for remote workers with high-speed internet, co-working areas, and work-from-home friendly set-ups. With approximately 14% of US workers working from home full-time, our co-living houses must accommodate this.

We ensure our shared-living properties are suitable for all of our tenants, allowing you to meet your roommates and see the environment before committing to rent.

User Experience

In response to your feedback this year, we’ve also upgraded our website with intuitive features such as enhanced virtual tours, meaning you can check out your new property without having to make an in-person visit.

We also have a revamped payment tracking system and split rent option to make it easier to pay your rent in a shared housing system, all within the Alcove interface.

Looking Ahead To 2025

Building on our improvements in 2024, Alcove will continue to expand its reach to other prime rental cities in the US, where job growth is strong and there is an increasing demand for affordable rental options.

We will continue to enhance our platform for both the tenant and landlord experiences and make more improvements upon our success in 2024 to find technological-driven solutions to simplify housing for everyone.

We aim to keep our community inclusive and build deeper connections, building a sense of belonging and support with our Alcover tenants.

We expect the trend towards shared-living to grow even further in 2025. For example, the Co-Liv 2024 report has an estimated demand pool of 600,000 for shared-living in London alone this year, similar to the trend in the US.

We also expect tenants to diversify more in age, with a previously younger demographic expanding to older demographics looking for more social connections and affordable housing.

We forecast more eco-living co-spaces in our rentals with renewable energy systems and energy-efficient appliances aligning with our more eco-friendly tenants preferences and new environmental regulations.

Our Gratitude and Commitment

Looking ahead to 2025, we want to thank our renters, landlords, and partners for trusting Alcove. Together, we are focused on creating a new standard of living in shared housing.

Here’s to another year of growth in 2025.