Co-living is increasingly becoming an accepted form of accommodation for renters. Let’s take a look at how changing demographics and trends have led to the increase in demand for co-living.
1. Remote work
Thanks to technology, it has now become possible for individuals to work remotely. This has also allowed them to pursue flexible careers. Online business owners or freelancers have the flexibility to work from anywhere in the world. In a way, this is also driving demand for flexible accommodation like co-living.
2. Rise of the sharing economy
The sharing economy and a greater awareness about sustainability is disrupting traditional models of ownership. This has changed the way people think about owning cars, clothes and even housing. It has become acceptable to share a home with people you don’t know initially. Individuals who live in co-living properties are more likely to be adaptable.
3. Prioritising experience
Today’s younger generation – millennials and Gen Zs – prioritise experience over material possessions. They don’t need to go for the biggest house, fastest car or branded handbags, clothes or shoes. Instead, they place greater importance on experiences such as travelling, dining out or pursuing new interests. This shift in mindset and the lack of attachment to physical assets has resulted in an increase in demand for rental accommodation.
Another factor that has seen demand increase for co-living in certain cities around the world is affordability. Some of today’s younger generation have been priced out of the property market due to fast-rising property prices. This makes co-living an attractive option for them.
Today’s younger generation, including millennials, are more likely to move away from the family home to experience life living on their own so that they can have that taste of independence. Some move out with friends, some will move abroad, or some may opt to live in a co-living unit to take advantage of the community and connective aspect of co-living.
Given the evolving values of today’s younger generation and the changing way in which society lives and interacts, we are likely to see continued demand for co-living arrangements.