NEW TRENDS IN COLIVING IN 2017
Experienced colivers know that the coliving landscape is developing. No longer just for travelers and digital nomads the communal and entrepreneurial spirit of sharing space and resources, both on a personal and professional level, has inspired large enterprises to jump on the bandwagon. While communal living is not a new thing, there have been some novel developments taking place over the past five years, which could take coliving into the mainstream. Not even halfway into 2017 and we are already witnessing some game-changing moments.
From big investments, to the development of large-scale urban coliving centers, here are some of the latest coliving trends to keep an eye out for.
Prepare to see more coliving startups
Much like coworking, coliving spaces were once very much a labor of love. Small communities recognized a need and responded by offering a shared space that was not only affordable, but inspiring and supportive, whatever your needs might be. Home to the adventurous for a week, a month or maybe more, coliving was often associated with a nomadic lifestyle. But that perception is already starting to shift. In lieu of growing economic restrictions, lack of housing in city centers and a growing remote workforce, entrepreneurs recognized that the flexible and communal essence of coliving could function as a solution to a problem faced by a growing generation of open-minded professionals that tend to reject the 9–5 and want a bit more out of life.
With set locations in New York City, San Francisco and Washington D.C, Common provides accommodation that meets the needs of a new generation of professionals. In short, young professionals are often strapped for cash, but the the insular apartment life just isn’t for them. Companies like Common are already making major strides towards making co-housing standard practice. By partnering with real-estate firms and offering more than just a bed, but community, the future of coliving certainly looks promising. OpenDoor is another coliving startup that invites both developers and investors to collaborate, offering incentives that are not just financial but social. According to an Open Door presentation, coliving will generate higher profit real estate that will be in high demand due to added benefits and services provided. As 88% of millennials are already living with roommates, they are looking for something a bit more. OpenDoor has an 800+ waiting list in the Bay Area alone, as individuals are looking for a more pleasurable living experience for a similar, or lower price
Some of the other notable coliving startups on the market today include:
Coliving is now seeing some serious cash flow
There’s a good chance that a trend has started gaining serious traction when investors start to take interest. The latest coliving project, Lyf, is the product of a collaboration between serviced property developer, Ascott, and the Singapore Management University. While big money can mean big results, the project is careful to not overlook the heart of the movement: young, mobile professionals in search for a more open-minded environment. Designed for and managed by Millennials, Lyf expects to have 10,000 units by 2020 and is a living example of corporate interest in new forms of hospitality, cohabitation and innovation.
And it’s not just new projects, but existing spaces that are getting a financial boost. Just recently, shared housing developer HubHaus has received an investment of $1.4 million from General Catalyst, an American venture capital firm that caters to innovative thinking. Common raised around $23 million, from investors like Grand Central Tech. Investments in coliving spaces show a growing awareness from investors that increasing rents and a need for support networks is the future of housing.
Coworking spaces are leveraging the coliving trend
In our most recent blog post, we discussed why coliving is the next logical step to be taken by the coworking movement. Not only born from the same value system, coliving has created a welcome opportunity for coworking spaces to harness the power of this trend and give more to their members.
At one of the coworking communities most beloved conferences, Coworking Unconference Asia, there was enormous talk regarding the convergence of coworking and coliving. With various panels and sessions dedicated to how coworking spaces can better meet the needs of the mobile work market, coliving enthusiasts were left feeling their movement is definitely on the up and up. There are already coworking/coliving combinations cropping up around the world, in particular in areas that are known for their breathtaking landscapes and affordable living.
Here are some of the primary hybrid co-spaces, many of which are located in scenic areas of Asia, that colivers looking for the best of both worlds are encouraged to check out.
While these changes taking place in the evolving ecosystem are certainly exciting, they may leave some enthusiasts apprehensive that the communal soul that largely defines the coliving will be compromised by corporate culture. Yet, as we’ve seen with coworking, monetizing socially-minded movements takes time, but can be a great way to diversify communities and encourage professional growth.
Truly exiting times ahead for coliving. Stay tuned…
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