–Co-living future of Urban Living – Real Estate Future Investment.
Co-living A Growing Trend
Co-living is the millennial’s answer to having your cake and eating it, too—at least in terms of housing. It typically refers to communal-style living, particularly in urban areas, of like-minded or similarly-interested people. As the cost of urban housing soar and the current population of younger would-be homeowners has shied away from taking on mortgages, the co-living trend continues to gain momentum as a viable and thriving alternative – especially for untethered digital nomads. Offering rentals from a few days to several months, co-living spaces normally bridge the gap between a hotel and an apartment. Most rentals are fully furnished with access to standard housing features like communal kitchens and either shared or private bathrooms. Options for co-living spaces range from dormitory-style to upscale depending on the housing stock available in a given city and your budget.
Target market of the segment
The majority of current selections cater to the younger set of travelers and working professionals looking to embrace a new sense of family in whichever city they choose to settle. The shared responsibilities and interactions produced by a co-living setting create unique opportunities for camaraderie and cooperation. The ready and stable nature of these setups allows for easy transitioning into and out of a given dwelling—or city—with ease. Co-living spaces tout an instant network of friends and an all-inclusive format that doesn’t demand the time or startup expense that is often required when moving to a new city. There’s no need, for example, to start utilities in your name or coordinate purchasing or moving your furniture. That’s already taken care of, so you can hit the ground running. Some co-living properties are independently run while others are managed and built or refurbished according to an ever-expanding portfolio of corporately branded facilities. Properties run the gamut from high-rises and renovated brownstones in New York to a 16-bed rural farmhouse community outside of Bern, Switzerland. Set your parameters and search; you may well find just what you’re looking for.
Many co-living facilities are fully self-contained. The rent at these spaces normally covers all utilities, including high-speed internet. Some of the more premium properties also offer housekeeping (including linen service) and cable TV. In dwellings that are purpose-built for co-living, gyms are often available, too. Each co-living space promotes their shared spaces differently, but they all feature a central highlight. Most have fully-stocked kitchens and well-appointed and inviting living areas. Some even offer dedicated co-working spaces and highlight their ability to expand your professional network. A few platforms tout their “house leaders”—that is, onsite staff members ready to ease your transition into a co-living space and coordinate events and activities. Depending on the level of engagement and interaction that you seek, most co-living facilities offer community-building activities, but the frequency and type vary widely.