Co-living has taken off in recent years, becoming especially popular among younger generations such as millennials and Gen Z and Millennials. As a tech-savvy and socially conscious generation, millennials and Gen Z are particularly drawn to the community aspect of co-living and because it aligns with their values.
Here are the top reasons why millennials and Gen Z are embracing co-living:
Many millennials and Gen Z are still in the early part of their careers and they may still be saving up to purchase their own homes. Given rising housing costs, it may still be some time before they can achieve that goal. Co-living, with its shared living aspects, is a more affordable and accessible housing option if they wish to move out of their family homes and adopt a more independent lifestyle. With utilities, wifi and housekeeping included in the rental of a room in a co-living apartment, this is a more appealing option for them.
Co-living offers flexible leasing options. For millennials and Gen Z who are not ready for long-term commitments, the flexibility is highly appealing to them given their transient nature and willingness to adapt to changing circumstances, career opportunities, different lifestyles and personal growth.
3. Sense of community
Millennials and Gen Z highly value meaningful social interactions. The communal spaces in co-living spaces allow them to build greater social connections and friendships with like-minded individuals. This gives them a sense of belonging in a fast-paced world.
4. Resource sharing
More of today’s millennials and Gen Z are embracing sustainable living. Therefore, co-living – with its shared living aspects – aligns well with this generation’s eco conscious living values. Indeed, co-living’s emphasis on sharing resources, spaces ad amenities, fits well with the sharing economy mindset which appeals to today’s millennials and Gen Z.
5. Entrepreneurial opportunities
Today’s younger generation are more open to the gig economy, freelancing or starting their own business. Co-living spaces can be a hotbed for creativity and entrepreneurship as young adults explore non-conventional career paths or build their own start-ups. With like-minded individuals living together, this can provide opportunities for collaboration, networking and skills-sharing.
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