Co-living is a relatively new term. We’ve all experienced it in childhood and family life – the concept that we all have our bedrooms but share kitchen, dining and living spaces. It usually continues until we flee the nest for work or university where shared living often continues as a student. The bedsit, shared kitchen and lounge are the norm.
It’s only after university or when we relocate for employment that this pattern changes.
Many young people rent a small property – but the issue with this is that costs are too high to rent or buy.
If we look at Norwich, locally, for example, a city centre apartment with just one bedroom in a good location, may cost in excess of £170,000 and even with mortgage criteria met, the buyer would still need a substantial deposit and deep pockets to repay the mortgage and associated bills. Renting gets rid of that hefty mortgage deposit, but the rent, council tax and bills will probably add up to around £1200, leaving most young people in limbo.
Property developers in London, Liverpool, Leeds and Manchester are creating shared living schemes.
Return on investment is better – 5 sharing a house and each paying rent will yield more than a family.
Retention is better – if a community is created, people are less likely to leave.
Quality of life for landlord is better- demand is higher. You can be more selective with who you accommodate.
Co-living is not HMO.
HMO has a seedy reputation for cramming people into substandard accommodation.
Co-living is like boutique hotel living – high quality kitchens and living rooms, all bills included and plush bedrooms with en-suites.
If you’re a developer in the UK looking to surf this wave, contact David today at firstname.lastname@example.org to see how he can bring plans to fruition.