{"id":23277,"date":"2019-11-11T05:00:44","date_gmt":"2019-11-11T13:00:44","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=23277"},"modified":"2020-12-25T02:13:25","modified_gmt":"2020-12-25T10:13:25","slug":"coliving-is-here","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/coliving-is-here\/","title":{"rendered":"Coliving is Here"},"content":{"rendered":"

You\u2019ve heard about coworking, but how about coliving? Now is the time to learn more about this urban rental trend that\u2019s gaining momentum with young renters across the country, including millennials looking to save money by sharing amenities.<\/p>\n

Not sure how this trend applies to your business? If you\u2019re a multifamily property manager, you\u2019ll want to keep reading. As the market appears to be headed for a downturn in the near future, flexible leasing strategies could be your best bet to recession-proof your properties and maximize rental revenue.\"\"<\/p>\n

What is coliving?<\/strong><\/p>\n

Currently, coliving is mostly an urban trend with residents sharing a house, apartment or building. If you\u2019re thinking of the kind of roommate arrangement that is the result of random pairings through online postings, think again. Today\u2019s coliving spaces offer modernized community experiences \u2014 sometimes referred to as \u201cintentional communities\u201d \u2014 and often include options for more privacy and luxury, such as microsuites.<\/p>\n

Residents will usually have a private bedroom and sometimes a private bathroom. Shared spaces typically include kitchens, lounges, laundry rooms, gyms and rooftop areas for social gatherings. And while the experience is not too foreign for renters who\u2019ve shared housing before, coliving spaces are usually cheaper than traditional rentals.<\/p>\n

For most coliving enthusiasts, the social connection is important \u2014 they don\u2019t want to feel like they\u2019re living in a hotel. The essence of coliving is bringing compatible renters together in one space, with an emphasis on the quality of relationships and experiences over the quantity of square footage.<\/p>\n

For single renters new to an area, coliving can provide a sense of community as they get to know their greater surroundings. For cash-strapped renters looking for great amenities or seriously swanky accommodations, coliving is the answer. And for the many young people moving to expensive cities in search of work, coliving provides an affordable way to share desirable accommodations with other likeminded residents.<\/p>\n

What is a short-term rental?<\/strong><\/p>\n

Made famous by Airbnb, short-term rentals are just that \u2014 limited time rentals for a few days, a week, a month or any number of flexible options to accommodate a wide range of guests. For property owners, short-term rentals provide a compelling revenue stream. For those who travel and leave their home bases for considerable lengths of time, short-term rentals are an opportunity to put unused spaces to good (and profitable) use rather than leave them empty and potentially vulnerable or neglected.<\/p>\n

For multifamily managers, short-term rentals and other flexible leasing options could be a lifeline in a slow or ailing market.<\/p>\n

What do new renters really want?<\/strong><\/p>\n

As reported by Multifamily Executive<\/a>, In a 2017 survey conducted by Space 10, Ikea\u2019s research lab, respondents were asked about their coliving preferences. More than 7,000 people in 147 countries gave their feedback. Here are some highlights:<\/p>\n