According to a new report by chartered surveyor, Harris Associates, and property management company, VervLife, 47.7% of residents who live in co-living buildings choose to live in the co-living sector due to the simplicity of having an all-inclusive monthly fee.
Almost half of residents who choose to live in co-living buildings do so due to the simplicity of all-inclusive monthly fees, a new report suggests, after 47.7% of respondents prefer one upfront payment including their rent each month over “wrangling utility bills, Wi-Fi, gym memberships, co-working spaces, and even social events”.
The new resident-focused report has been launched by chartered surveyor, Harris Associates, and property management company, VervLife, compiling data from residents living in co-living properties and delving into both the “economic and personal motivations driving renters into the [co-living] sector”.
Following the convenience of one all-inclusive upfront payment per month, co-living residents have stated that the second most influential factor for them to live in this sector of residential housing – with 21% of respondents agreeing – is the opportunity “to meet like-minded individuals”.
With a loneliness epidemic prominent in the UK in not only the elderly demographic but also amongst those aged between 18 and 30 years old, it’s no surprise to see the community aspect of co-living being highlighted as a predominant factor when considering which residential offering suits the modern renters of today.
With community-led living experiences being the foundation upon which the co-living sector is built, state-of-the-art amenities and co-workspaces go hand in hand with the co-living offering – with the main key difference between properties in standardised PRS buildings that offer some amenities, and co-living buildings, being the marked emphasis on community experience.
“Co-living isn’t a radical new concept, it represents a reversion to an innate community-centric way of living, reminiscent of the way humans have lived in tribes for millennia. The demand for co-living is fuelled by the housing supply gap, rising single-person households, and the changing lifestyle priorities and preferences of Generation Z and Millennials, and these factors will only increase in prevalence over the coming years.” Jenna Harris, Head of Co-living at Harris Associates.‘‘
In addition to the motivating factors behind the modern renter choosing to live in a co-living building, the new report has also shed light on a heavily discussed topic regarding the age demographic that the co-living sector is suitable for – with many assuming that co-living “caters exclusively to postgraduates” – as the typical resident of a co-living building has an average age of 28.
Signifying its universal appeal that “transcends generational boundaries”, the co-living sector is attractive to the modern renter of today – which is not only postgraduates, but students, young professionals, postgraduates, and professionals living in the UK.
The study has also proved incorrect the assumption that the co-living sector predominantly targets students, as just 28% of all residents surveyed fell into the student category.
As co-living continues to revolutionise the UK rental market and address the significant inconveniences and isolation that are associated with standard PRS buildings, the report has also highlighted that the UK currently has 25,021 co-living studios – 100% of which are occupied and have a waiting list – with a further 21,599 in the pipeline. This level of growth represents almost three times the expansion which has been witnessed in this sector since 2019.
To learn more about the co-living sector, how you as an investor can benefit from the sector that is revolutionising the market, and hear about our new branded offering, City Co-Living, contact with our team today or call directly at +44 (0) 161 791 4600.