People are always searching for innovative new ways of comfortable city living that will work financially and on a personal level for tenants too. The new co-living trend that’s currently erupting in London appears to fulfil both those requirements, and then some.
“London and cities like it around the world are popular places to live but also expensive, and reconciling the two can be a real challenge,” said Marylebone estate agent Kubie Gold Associates. “The most recent co-living trend seems to have found a way to do that and it’s proving popular.”
The co-living style that’s been slowly penetrating the city of London comes with a bedroom and en-suite bathroom and sometimes a kitchenette. The rest of the huge buildings being used for it, contain a number of communal spaces such as large kitchens on each floor, shared lounges, gyms, games rooms, cinema rooms and even roof terraces.
Many of the amenities would come with a hefty price tag if you wanted to buy a home of your own that had even one or two of them. However, by creating a communal living building that can house upwards of 30 people, the rents for a central London location are more affordable than entire flats, apartments or houses.
And, because they’re generally aimed at young city professionals, they’re bright, fresh and attractive places that people really want to live in. By making them desirable places to live in, they’re a big improvement on the bedsits many people imagine when they think of communal London living. That means that while rents are lower than for entire flats, they’re still at a rate that means the projects can run and maintained well and still earn their owners a profit.
“When it comes to London property, money is always a factor for both landlords and tenants,” said Denhan Guaranteed Rent. “Provided this new model can attract the rent levels required to keep the property in good condition while proving an investment return for landlords choosing to promote this style of living, there’s nothing to stop it from growing into a much larger part of the city’s private rented sector (PRS).”
But, while the co-living buildings that have sprung up so far tend to be targeting young professionals – the average age in the age of tenants in The Collective’s north west London Old Oak building is just 28 – there are some who think this style of living would suit older people too.
European architect Matthias Hollwich told an audience at the recent World Architecture Festival in Berlin that co-living done well, such as the newer city projects proving popular with young city workers, would be perfect for older citizens too. All of the style points, amenities and communal options that are attractive to ‘generation rent’ would go down equally well among many older people.
“Older people don’t want to be tucked away in small flats with dated décor and damp windows, people are living longer and they want to enjoy their lives which makes this co-living style perfect for people of all ages,” said You Choose Windows. “Thinking bigger and brighter could even make the traditional ‘old people’s home’ a thing of the past and make it a much easier decision to downsize into a great, modern and enjoyable style of living.”