Have you ever heard anyone use the term co-living? Despite being a growing phenomenon in the UK, it's still a bit of a mystery to many. Is it just a buzzword for good old HMOs, or is there something else behind the word? Let's explore where co-living comes from, and what do residents think about it!
What is it exactly?
Broadly speaking, co-living is a lifestyle built around sharing - either physical spaces or values. The idea behind co-living is to go beyond building houses where people share common spaces or bathrooms and instead create living communities where residents share the same values.
Where does it come from?
Arguably, co-living appeared together with the 'co-working' model, which needs no further introduction after it changed the way we work across the globe. The idea behind co-working was not just getting rid of cubicles and replacing them with desks on a shared floor - but rather, creating a community of like-minded professionals that could collaborate and learn from each other. Co-living looks to apply the same principles to the places we live.
What do tenants like about it?
Co-living can be very attractive, especially to younger tenants - think of it as an HMO, but with a lot of added perks. Some of the things tenants told us they like most about co-living are..
- A sense of community - in a time where people are lonelier than they've ever been, your neighbours and flatmates are a great way to make friends - particularly if you've just moved to a new city and are starting out on your own
- Affordability - like in HMOs, renting with others is cheaper than renting on your own. Co-living can allow tenants to live in very central areas than they otherwise may not have been able to afford on their own
- More bang for your buck - co-living spaces often offer additional amenities to their residents, like lounges, gyms, or social spaces - that do not come with an ordinary rental flat
- Convenience - most co-living spaces come with bills included in the rent, and WiFi already running - so tenants don't have to worry about setting up their own connections, or dealing with bills
Curious to know more about how communities will shape the way we rent and live? Make sure to attend Max Rodman's panel at the Tenant Satisfaction Summit!