4 Reasons Co-living Has Become So Popular
Co-living is no longer just a trend in the property market; with the modern-day renter now holding higher expectations than ever when looking for a rental property, offering the ultimate co-living spaces is the key to achieving the best rental returns whilst keeping void periods at an absolute minimum.
4 Reasons Co-living Has Become So Popular
The co-living approach has become increasingly popular in recent years, with research showing this demand unlikely to settle. We have identified 4 key reasons that spur on the typical modern-day renter to move forward with a co-living rental opportunity.
1) Affordability
While the typical rental income from a co-living investment is going to be higher than a property that has no form of amenity, from a renters' perspective, benefitting from the various amenities that are typically included in their rent means that they're saving money elsewhere. If their property comes with a full gym, fitness classes, a co-working space, and a cinema room, this is various monthly fees that they're not having to pay out, and makes a property much more attractive, even if the rent is at a premium.
2) Flexibility
Typically, the co-living sector offers a more flexible approach to renting, offering shorter tenancies that encourage renters to then commit to a longer timeframe once they know that they're happy in the space. The opportunity of also having access to various amenities without having to commit to a yearly gym membership, for example, is a huge attraction for those who may be fairly non-committal to a long-term agreement but still enjoy the option of being able to use that space on their own terms here and there.
3) Social Environment
How people want to meet is going backwards, with more young people stepping away from the online world and looking to meet people organically again. Offering a turnkey social environment for residents is key to making a development feel genuine and homely, encouraging those to stay longer because they don't want to lose the relationships that they've created.
4) Growth of Remote Working
More and more renters are adding co-workspaces to their 'must-have' lists when searching for property, with the majority of workers having some form of home-working period. The need for a space to work is at an all-time high with little likelihood to change, and the majority would prefer a designated working space to use opposed to staying in their apartment, offering a better work and play split to their lifestyle.
As co-living becomes more and more popular, investors across the globe are looking for their opportunity to get involved. If you'd like to find out more about how these types of investment can benefit you, reach out to our team today.
