It is a mathematical certainty that Coliving will be a success and major part of future UK housing stock. For some entry level Apartments are the only opportunity to try to hit the goal of not spending more than 35-40% of income on housing expenses.
Coliving also eliminates financial liability or conflict with roommates during a joint contract and can be a source of wellbeing.
Coliving Apartments offer residents a clear demarcated private space. Concept-driven purpose-built coliving can be cluster flats akin to purpose built student housing (shared kitchen, own shower room), or, thoughtfully designed self contained compact living pods with their own en-suite bathroom and basic cooking facilities to eliminate the hassle of sharing. Promoted as the natural next choice for 25 to 35-year-olds looking for a devoted lifestyle beyond purpose-built student housing, they are gaining popularity fast.
The Case for Coliving
Coliving environments are emerging as an extremely viable, affordable and flexible way of living compared to traditional renting, particularly in times of uncertainty and with the rise in hybrid work models and working from home. Coliving reinvents the concept of communal living: enter the institutional landlord, add scale, fully load small but efficient spaces where you can still cook for one or two, invite residents to live outside their apartment, add some coworking pods or desks, make the communal areas exciting and throw in some events. Coliving is proving popular among millennials who live and work under the same roof. Residents can network and establish synergies to help them with their business projects and find friends to establish themselves in a new city.
The number of households in the UK private rented sector has increased by over 60% in the last decade. Coliving demand is in cities, particularly University towns. According to Property Week in 2021 Manchester already has 450m of coliving investment deals agreed.
The changing labour market and the rising cost of housing have impacted young professionals who are now choosing to rent more than ever before.
Lack of Appropriate Product:
Coliving can offer a modern style of living where millennials can live, work and connect with likeminded peers under one roof with a real sense of camaraderie.
Social Mobility & Digital Jobs:
The growing number of start-ups and new businesses, particularly in the tech, creative and science sectors is closely linked with the changing roles of cities and coliving is a natural extention of coworking, and for those seeking low overheads so they can invest in their enterprise the offering becomes extremely attractive.
What makes UK Coliving appealing?
- aspirational locations become affordable
- high quality of product
- enviable lifestyle
- social interaction encourraged
- one bill environment (bills & rent)
- flexibility of tenure
- security of dealing with a fair & reputable landlord
- mental & physical health promoted
- loneliness combatted by a sense of community & belonging
Technological progress has created a globally transient workforce and the convenience of coliving is suited to overseas contract workers. Other typical coliving renters include remote workers, urban professionals and social beings who appreciate the idea of openness and communal spaces. Coliving which combines work and homelife within a modern top-spec quality building filled with likeminded individuals, is quickly becoming the new fashion of living in London. Coliving enables different culture and people with diverse backgrounds to come together. Coliving also offers the resident additional services and amenities, such as on-site coaches, personal trainers and concierge which can help tenant book external services, ranging from childcare to entertainment tickets.
Post-Covid-19, there has been a trend for those living alone in rented accommodation to seek shared living spaces as some reassess what they want from their home or from fear of isolation in any future lockdowns.
The UK Coliving Opportunity
Moving to a new city can be very daunting for some and the idea of having company and a potential group of friends can be very appealing. With the sense of community Coliving brings, Coliving can act as a great platform to meet new people and network. Coliving properties are also perfect for people who enjoy their own company or dont want to have to flat share, cant bear the thought of a run down HMO and cannot afford to rent a traditional apartment. Coliving also eliminates financial liability or conflict with roommates during a joint contract.
One Bill Opportunity:
Some coliving rent packages come with a bills included option which helps with budgeting and gives an all in transparent cost to residents. An all-inclusive monthly rent can include utilities, council tax, broadband, washing and drying facilities, as well as access to all communal areas.
Sometimes called taster tenancies residents can sign up for terms of between one to twelve months, with some operators even offering short term stays of between one and ninety days.
Coliving spaces come furnished which reduces both thr cost of buying furniture and damage from people moving in and out. This makes the move-in process cheap and relatively stress-free.
Coliving is a modern concept and the coliving buildings are purpose built to enable a shared living lifestyle. The amenities are also packed with the latest building and tech specification to Coliving attract many young professionals who havn't yet attracted too much clutter, will settle for smaller spaces and see coliving as a natural progression beyond professionally run student housing.
UK Coliving and ESG:
ESG - 'E' Environmental:
Coliving is also a means of sustainable living, as it pools the use of carbon generating utilities such as heating, energy and water. With new build comes the opportunity low impact heating such as ground source heat pumps and the smaller well insultated apartments, sometimes BREAM plus thirty percent, alongside apartment heat recovery systems to reuse heat from kitchens and bathrooms, boast almost no need for Apartment space heating altogether.
ESG - 'S' Social:
Research published in the BMC Journal promotes that coliving has a beneficial impact on mental wellbeing, with studies suggesting living with others can help anxiety and improve mental wellbeing. The ability to socialise was the biggest benefits of coliving according to the One Shared House 2030 survey. The survey also showed that coliving is not only confined to the younger generation. Older respondents also identified the concept as a good means of staying close to people who could help them in an emergency, among other things.
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