The coworking model has swept the nation in how our work days operate and has led to the concept of flexibility being applied in other corners of life. Coliving is the perfect example of this as it targets on-the-go young workers looking for a communal, affordable living option.
Coliving developments are clearly beneficial for landlords looking to yield a higher return per square meter, so is the industry truly beneficial or just a way for building owners to milk every drop of their assets?
For example, The Collective in London is the world’s largest coliving block that starts at £1,256.67 per month. While the price point seems steep, many people are comfortable with paying this price, particularly compared to the spiked rentals in the area. Even more so, the spaces are hassle-free as all the bills and furnishings are included.
“On paper it seems quite expensive, but the value is in all of the additional amenities you get and the weekly community events,” said one tenant.
While the additional amenities and social events seem worth the price, it isn’t particularly an ideal setting for everyone.
“More private space would be beneficial; it’d be nice to curl up on my own sofa and watch terrible Netflix.”
Although coliving offers many of the benefits that make coworking a success, like flexible leases and equipped spaces, it still has its downfalls as it takes away the traditional comfort one should typically find at home. Regardless, it is a growing, evolving space and has its place in the real estate world.