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Exploring the Benefits of Co Living
7 Key Benefits of Co Living
Co living is about community. It’s a rental housing option where residents have their own private studio or small apartment space to call their own, whilst having access to various shared areas such as kitchens, living and dining areas, as well as access to amenities such as gyms, outdoor areas, and often co working space. Properties vary in their offering depending on building size, location and local requirements however, there are common benefits with regards to the co living concept as a whole which we’re about to explore…
1. It Creates a Strong Sense of Community
Co living is about sharing spaces and living in a community with like-minded people. Shared spaces and amenities are a way of bringing people together and allow for natural conversations, bonding and the sharing of ideas. In a well-designed and carefully thought-out building with good management, communities not only form but they grow and flourish. Residents help each other and look out for each other, co living can bring out the best in people and encourages social interaction and kindness. It creates a sense of belonging, allows for freedom of expression, and fuels a desire to have fun.
2. High Quality & Modern Design
Co living developments boast contemporary design and are high spec with the latest technologies, stylish interiors and come fully furnished. Rooms, kitchens and dining spaces are equipped with everything required and amenity spaces offer additional areas to relax, socialise and get to know your neighbours. This has great appeal to renters seeking quality, ready to move in accommodation.
3. It’s Extremely Convenient
Buildings are purposefully well located for their proximity to city centres, local shops, amenities, and transport links. Having in-house facilities like a gym, fitness classes and spaces to work from all on your doorstep breaks down barriers like having to commute every day or pay for memberships. There is also convenience in not having to buy or move in furniture, allowing residents to save money for what matters.
4. It’s More Affordable Overall
Co living often has all or some bills included in the rent, simplifying the renting process, avoiding fluctuating costs for tenants. The bonus of free gym membership and use of co working facilities removes the additional costs that would otherwise be incurred from memberships or travel when living in more traditional housing. Savills reported in 2022 that co living is often 20% cheaper in terms of all-in cost of living in comparison to other private rental accommodation.
5. It Helps People Meet & Network
It is a common misconception that co living is “just for young people”. Co living has broad appeal and is suited to a variety of renters - from graduates and professionals to couples and newcomers to a city seeking to meet people and build a social circle. Demographics vary depending on the city and location however, recent market reports for London for example found the average age of a co living resident has gone up to 30.
Living in a community with like-minded people naturally allow friendships to form. Co living apartments have a diverse mix of people and cultures, allowing for engaging and interesting conversation and the sharing of ideas. The co working spaces facilitate and encourage collaboration and the sharing of skills which can help advance careers, set-up businesses and grow client bases. Co living buildings also host weekly social events and groups form such as running and walking clubs, and gaming nights.
Co living provides a solution to prevent urban loneliness often felt in cities by providing a community and lifestyle where people and their wellbeing come first.
6. It’s A Way to Live More Sustainably
Sharing is caring, and not just for each other but also the wider environment. The sharing of assets reduces over consumption and waste from energy and household items to food. Most co living developments are well located to city centres, transport and amenities meaning they are car-free and often have enough bike spaces available for every resident – having a positive impact on the environment. Co living takes up less land area compared to individual housing and can house many people within one building. Furthermore, co living buildings are modern and designed to be energy efficient, with the latest technologies and use of recycled, re-purposed or sustainable materials.
There is a clear demand to deliver more sustainable, future-proof buildings that have positive environmental attributes and benefits to the local community. This is a demand driven from all stakeholders in property development including the government, councils, developers, investors, construction companies, property technology companies, and the residents that will be living there.
7. Customer Service
Co living buildings are usually staffed 24/7, meaning your landlord is on hand to help with anything from a lost key to a blown lightbulb at any time. Gone are the days you need to wait weeks for a repair. With maintenance staff on site, most issues can be resolved in a matter of hours.
The staff team also put on weekly social events such as coffee mornings, yoga classes, Friday cocktails, and games nights to create the sense of community that co living is all about. Having that level of service and security is one of the many characteristics that sets co living apart and is a huge pull factor for prospective tenants.
