Millennials are well known for moving around. The generation statistically moves between jobs like no other generation before, mostly due to economic stresses. Whilst 18% of the total workforce switch jobs every 3 years on average, for millennials it’s around 42%.
Thanks to switching jobs so frequently, millennials tend to move around a lot to accommodate their new job prospects. With this millennials are now turning to a new housing setup: co-living.
Co-living accommodation may conjure up images of adult dorm rooms, yet often these buildings are modern and chic with the advantage of having been built specifically for co-living setups. The amenities within these buildings usually reflect the need for which they have been built. There are usually communal spaces, gyms and rooftop gardens and the rent usually includes wifi and utility bills. In the UK alone, the number of new-build rentals that are currently completed or under construction is 50,000. So, with such a struggle to get on the housing ladder, is co-living the new affordable living solution for millennials?
Sharing Is Caring
The whole concept of sharing, such as sharing space and communities, is at the heart of co-living accommodation. When it comes to living amenities, they’re equally as important. Some of the most popular shared amenities in these living arrangements often include shared kitchens with high-end and fancy appliances, shared laundry facilities and open office spaces.
Common areas often come fully stocked with household supplies, such as paper towels and coffee. Co-living communities also usually offer residents full access to property maintenance, high-speed wifi and cleaning services, which are all frequently included in their monthly rental fees.
Perfect Space For Entrepreneurs
For city workers and entrepreneurs, the cost of living is a huge incentive for co-living, with the average studio apartment price in London at around £1,500 a month and $3,700 in New York, which is more than double the rent of a co-living arrangement. Some co-living properties are specifically tailored for business owners and entrepreneurial teams.
Flexible leases are another huge draw. For example, if a resident needs to work out of town or abroad, co-living spaces offer flexible living spaces and provide open-ended leases which can be as short as one month or for as long as the resident needs.
As a generation, millennials are shown to value their experience over ownership. They often care less about owning branded goods and more about having a great experience, such as travelling and live events. When it comes to housing and living arrangements, it is less about what their home looks like and more about how it feels, or the location.
As the effects of climate change continue to make themselves felt within the housing market, people are becoming aware of how they need to adapt and change the way that they live. The more housing that we build and create, the more that we curate spaces which appeal to people living together and sharing resources.
There isn’t always going to be an affordable lifestyle available, where people can live alone and afford heating and other household bills, so making co-living an affordable and appealing option is a great way to prepare for the future.
The New Generation Of Living
It’s known that there is no place like home, particularly when you can count on having luxury living amenities. Co-living spaces and accommodation are some of the housing markets’ highest-rising developments. Many landlords are changing their approach to housing to include the successes of the new way of living and, as a result, are investing in and buying more property with a co-living focus in mind, according to commercial property agents.
The demand for affordable and innovative living spaces is particularly appealing to millennials who are looking for an answer to issues surrounding loneliness and affordability.