As the way we live and work changes, new housing tenures are coming to the fore. Many people long embraced shared living, but are now seeking homes that are better appointed, more professionally managed and offering greater lifestyle benefits. The shared amenity and living space provided by co-living is an emerging and increasingly significant sector of the market.
Co-living is focused on giving residents the services, utilities and amenities they need, but within the shared space environment that is both more social and encouraging of interaction and collaboration among all ages. It is a delicate balance to perfect, but one that we understand instinctively.
New-build residential property specifically for co-living is well-established internationally, but is a relatively recent innovation in the UK, where it is crystalising a way of living that has long existed informally in flatshares and houses of multiple occupation.
As the dynamics of good quality accommodation and amenity, community accessibility and flexibility provide social benefits, co-living is expected to become increasingly established as an alternative residential model for the UK. A growing number of co-living schemes are now operating in London and major regional cities such as Manchester and Birmingham, with several more schemes working their way through the planning process.
Our team has specialist knowledge of the sector – from a viability and development perspective through to planning and investment expertise – and is on hand to further explain and guide you through this emerging sub-sector. We are here to help you capitalise on the opportunities being created.
What is Co-Living?
Co-living offers renters the greatest part of shared living with none of the downsides and is becoming increasingly popular throughout the UK and abroad. It is a great option for students, digital nomads and workers as well as people who are moving to new locations. But unlike traditional flats, co-living includes a variety of amenities and most co-living buildings are furnished studios that come complete with kitchenettes and shared common areas.Â
Co-living allows all kinds of people, from students and young professionals to retirees and baby boomers, to avoid the issues faced in the real-estate market. With city and urban centres becoming increasingly expensive to rent or buy property, co-living spaces are filling a gap, quickly, becoming a solution to the housing crisis in major cities and becoming a concept recognized throughout the globe.
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Co-Living: A New Way of Living
Co-living refers to a residential community living model that is designed to accommodate three or more unrelated people residing in the same living unit, facilitated by a professional host. This lifestyle is centred around a community that provides shared housing for people.
This kind of living is becoming increasingly popular and brings individuals together from diverse backgrounds. This kind of housing is usually fully furnished and comes with individual leases and an all-inclusive pricing.
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Co-Living Explained
This lifestyle is highly sought after for young professionals who want to live in the city as co-living allows them to access locations they would not usually be able to live in, while providing them with plenty of amenities at the same time. However, it’s not just the youth who are enjoying this kind of lifestyle, families and pensioners are also beginning to enjoy the benefits.Â
Co-living creates community and this is especially important for people who have moved to a new city or those looking to rebuild in a new location. Co-living facilities are also cost-effective and come with a host of amenities including shared lounges, gyms and even game rooms. Co-living is a direct product of the sharing economy and provides residents with a sense of flexibility that isn’t truly available elsewhere.
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Developing Co–Living Spaces
Acquiring spaces and repurposing spaces into shared accommodation takes work and know-how as you need to create a space that meets the demands of your clientele or tenants.
Tenants that reside in co-living spaces usually have their own private bedrooms but will share their kitchen and living rooms with other residents in the space – this kind of accommodation should be simple and affordable while offering amenities that meet tenant needs including laundry, study and gym areas.Â
We will work with you to enhance your co-living investment and guide you on the entire process, from viability and development of co-living spaces to planning and investment advice. Our goal is to help you capitalise on this growing opportunity.
Whether you require co-living property management or are looking for insight into co-living property law and property tax, the Gerald Eve team of experts are here to help and guide you through the entire co-living property process.
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