UK Co-living
It is a mathematical certainty that Co-Living 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.
The Case for Co-living
Co-living 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. Co-living 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.
Co-living also eliminates financial liability or conflict with roommates during a joint contract and can be a source of wellbeing.
Co-living 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.
- 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
The Rise of Co-Living
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. Co-living 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.
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.
Visible property and facilities management
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.
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.
Co-living is a modern concept and the co-living buildings are purpose built to enable a shared living lifestyle. The amenities are also packed with the latest building and tech specification to Co-living attract many young professionals who haven't yet attracted too much clutter, will settle for smaller spaces and see co-living as a natural progression beyond professionally run student housing.
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.
UK Co-Living and ESG
Co-living 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 insulated 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.
