Ready-guide for co-living operators for long-term sustainability
The term co-living has undergone multiple changes over the last ten years. Today, co-living has progressed into a social movement that focuses not just on the convenience that shared housing provides, but on a sense of community and collaboration.
But will it stand the test of time? The market says, yes. It’s here to stay. As with any real estate property, efficient and customer-centric management with convenience at the heart of it, will determine its sustainability.
We have gone ahead and penned down some valid tips that can help co-living operators ensure sustainability of their spaces:
- Fostering Common Interests – A co-living space must be equipped to foster common interests and activities, an essential feature of the concept today. While today’s generation and a part of the previous generation prefer compact personal spaces, they demand wider common areas to get together and collaborate. Property managers providing these interaction opportunities should understand that paying extra attention to their common interests is a noticeable element in this industry.
- Design to Spark Interaction – A good design for a living space lies close to immediate comfort and mood for being social. A design that is conducive to productivity and creativity, when required and relaxation and comfort, when needed is the ultimate win-win for a co-living space.
- Diversity – Co-living calls out for all kinds of people out there. It isn’t just for the young or the digital nomads. The co-living industry should be beneficial to the overall community. A vibrant group not only speaks to the young but to a large section of people belonging to various age groups. Hence, targeting only the young could be a major downfall to this business opportunity.
- Building a community – The USP of co-living spaces lies in being part of a community. Creating opportunities for people to pursue activities together and take part in communal events help develop a sense of community. Group meals, karaoke, stand-up shows, movie screenings, etc. help get people together. Co-living spaces need to prioritize these activities as a means of getting residents to spend time, meet others and build on the community feel. Some companies even place residents together depending on their shift times; this way someone who works during the day isn’t living with someone working nights. These small moves help put like-minded people with similar schedules together.
- Emphasis on Rules and Authority – The need for a structured set of rules and an emphasis on authority needs to be played down properly. Co-living spaces are run by community managers who should take personal responsibility for maintaining the property, scheduling social events, and even resolving conflicts. The emphasis on rules and authority plays a vital role in effective management of people and the environment they are part of.
- Technology – Technology has played a major role in the co-living sector. It has strengthened the co-living experience through services, tools and apps that facilitate a holistic lifestyle that integrates all aspects of people’s lives through these different services and tools. With co-living providers being aware on how technology has made it convenient for everyone around, it is advisable to turn to mobile apps where tenants can digitally interact with each other and the management along with getting timely updates on rents, important notices etc.
The rise in the young population alongside the need to constantly move to newer cities for better career opportunities has increased the popularity of co-living spaces worldwide. Even though this concept is still at a nascent stage, we see a huge opportunity for it in the future.
Recently, there has been a significant jump in the co-living spaces. According to recent research, data shows that before 2016, a mere 12 percent of co-living spaces that were surveyed were new. Since then, that number has more than doubled (27 percent) as co-living enters the mainstream in many areas around the globe.
In conclusion, co-living operators needs to bring in these shifts together for managing co-living spaces effectively and for the long haul. Creating a fresh mode of housing for this bold new world, will surely lead to the success of co-living spaces.