As the UK rental market continues to bounce back stronger than ever and rental demand is at an all-time high, the co-living sector has seen over 50% growth over the last year and is expected to experience a prolonged period of growth, according to co-living operator, Built Asset Management (BAM).
According to BAM’s data, the co-living market experienced 59% growth over the last 12 months, with the number of vacant units in co-living buildings shrinking by a staggering 98% since the depths of the pandemic and occupancy rates now back to pre-pandemic levels.
Young professionals have continued to flood back into the city centres since the lockdown restrictions in the UK were lifted last summer. This has contributed to the exceedingly high levels of rental demand experienced throughout the UK, specifically within the Build-to-Rent sector. As more businesses return to full-time office presence, social venues remain open, and with no worry of another lockdown in sight, confidence in the UK economy is stronger than ever, which in turn, has boosted the co-living market, and has led to tenants staying in their tenancies for longer periods of time, according to professional body, Propertymark.
With more young people searching for high-quality accommodation in the heart of the city centre, with access to on-site amenities and close to their places of work, it is no surprise to see the co-living market growing at an exponential rate and meeting the long-term rental demands of those searching in the city.
To learn more about the co-living market, and what investment opportunities we have available, get in touch with our expert property consultants today.