Co-Living Schemes

For many tears, co-living schemes have been popular in the US, China and Scandinavia.

In many schemes, renters live in small bedrooms with access to communal kitchens and living space and other shared amenities.

The concept might sound like a glorified HMO but the size and quality of accommodation and additional facilities such as gyms, planetrent.co.uk/blog/coworking-and-offices-in-camden-town'>co-working spaces, cinemas, cafes, kitchens and laundries, as well as the fact that residents are encouraged to come up with ideas to grow and enhance the community lifestyle, has resulted in co-living becoming a use class of its own. The concept is still in its relative infancy in the UK but the idea is catching on as Build-to-Rent provides spot its potential. There are a number of clear benefits for renters:

Five Benefits to Renters

Communal living. Co-living provides community-led housing in serviced, fully furnished accommodation with an all-inclusive charge. This is appealing to young professionals and also to older people who would like to be part of a vibrant community.

Law firm Collyer Bristow spoke to over 400 18-44-year-olds living in London and the South East about co-living. The company’s Ownership Attitudes and Aspirations Report found that while a small percentage of renters now live in this kind of development, almost three quarters of them would consider it. Lifestyle was a key selling point. Loneliness is an issue for all ages and co-living schemes provide a ready-made community that often provide a large amount of events and activities.

Single payments

Single payments. A single monthly payment with no hidden costs is almost always the factor within co-living schemes that holds the most appeal for renters.

Scale. As opposed to living with two or three other people in a shared property, co-living offers renters with a whole community to interact with. That means that there is far less chance of falling out over mundane things such as storage space or who does the washing up! In saying that, if you don’t want to be friends with your neighbour you don’t have to be. There are numerous other people to spend time and share activities with.

Institutional backing

Institutional backing. In contrast with traditional HMOs, co-living providers are invariably large investors in the property markets. Renters should have the peace of mind with the knowledge that their maintenance will be carried out regularly, all insurance cover is in place and that health and safety legislation will be complied with.

Effective management

Effective management. Co-living operators typically look after the fabric of the building, and manage the communal areas too. If a development includes communal kitchens, it will be the landlord's responsibility to replace white goods and other shared items. Co-living schemes are more likely than traditional blocks to have a concierge and a maintenance team on site. A report published by the Social Market Foundation, promotes co-living as an answer to the housing crisis. It has, somewhat controversially, suggested that these developments should be available to buy as an alternative to the operators sticking with the current rental model. This could make owning a property more affordable, particularly in cities. However, planning specialists at Savills sound a word of warning. They say the planning system is taking time to adapt to co-living and there is currently a lack of clear policy on potential schemes.