WHY CO-LIVE?

What is Co-Living?

If you live or work in central London, you might have noticed adverts on the tube promoting new co-living developments recently. Co-living blends private living space with communal facilities; it’s a new-ish way to rent accommodation in cities, and like coworking did with commercial property, it’s disrupting the residential real estate model.

Although it’s seen by many as a contemporary thing, the co-living concept isn’t actually new. People have lived in close-knit communities since the dawn of humankind, and the need for community and affiliation is as important today as it was when we were establishing ourselves as a species.

In co-living situations, utilities and WiFi are included, as are a number of amenities, such as house cleaning services and catered parties. These units are often furnished and don’t require long leases, while repairs and billing are handled through an app. Co-living companies, for now, are mostly opening spaces in cities with a significant number of tech workers, and they frequently mention the words “community” and “technology” in their ad copy.

At present, co-living accounts for a relatively small proportion of the housing market, but it’s growing year on year.  As with coworking, co-living puts community and convenience at the top of its agenda.

Residents of co-living spaces share facilities with others whilst having the option to rent private apartment spaces within the building, allowing for a degree of privacy. Rent, concierge services, super-fast internet, utilities, taxes, room cleaning, community events and even things like gym membership are rolled into one convenient monthly cost.

Living in proximity to others, pooling resources and sharing experiences all help to alleviate loneliness and instill a sense of community. Coliving, coworking and the sharing economy in general are all manifestations of a cultural shift that places importance on experiences over conspicuous consumption and ownership.



Who’s it for?

Anyone can rent a co-living space as long as they can afford it, but it’s proving most popular (unsurprisingly) with Millennials, the largest consumer demographic and a generation for whom owning property can seem like a distant dream. Like with coworking, one of the most attractive things about co-living is the flexibility it offers.

For instance, if you work for a global business and have to relocate to London for two months for whatever reason, it’s easy because you can rent these spaces on a weekly basis. Likewise, if you’re looking for a more permanent address, that’s also fine.