Although the concept of coliving has been around for a long time, there have been many varieties over the years. The latest version of coliving today includes high-quality amenities with an all-inclusive price and the ability to be mobile without incurring penalties.
Below is an article from globalrealestateexperts.com that gives details into a housing concept called "Common". Their housing options are specifically designed for people that live with roommates. After reading the article, give us a call at Caton so we can help you with your Commercial Real Estate needs.
We are witnessing a fundamental shift in the way people are choosing to live. With stagnated wage growth and the millennial generation being the first to earn less than their parents' generation, young adults are delaying marriage and having children and forgoing homeownership. For the first time, the percentage of 18-35 year olds living with their parents has surpassed those owning their own home.
The result is that more people are living with roommates for longer and later into their lives. These socio-economic trends have produced a unique opportunity in the multifamily market to deliver a new and better shared housing product. Common's unique approach to coliving is directly addressing this underserved market through convenience and design. I'm thrilled to participate in this year's MIPIM PropTech Summit in October to talk about it.
History of Coliving
Of course, living with roommates isn't a new concept. Communal living has existed for centuries but has been on the rise in urban areas around the US in recent years. In the late 19th and early 20th centuries, residential hotels were a critical part of the urban housing supply. Middle-class Americans and families lived in hotels with spacious private units and shared dining facilities. In many ways, the coliving trend is the renaissance of the residential hotel. People choose coliving out of economic necessity as well as the togetherness and community that living with people can provide.