Co-living

Meeting the needs of
‘generation rent’

Co-living, is a form of housing which combines private living spaces with shared communal facilities.

The concept of co-living is to create a community-centred environment that not only gives privacy in living arrangements but also promotes social contact by providing the type of social spaces valued by younger people i.e. shared kitchen, dining and relaxation areas.

Co-living spaces are ideal for people who are looking for complete flexibility and homes that are fully furnished, serviced and managed. Tenants don’t need to find deposits or rent in advance and can rent a room/studio with private facilities and also have access to communal areas such as kitchen, dining and relaxing space.

The monthly rent usually includes a host of facilities such as cleaning, Wi-Fi, maintenance, utility bills and all the furnishings.

Residents have the flexibility to stay for as long or little as they need.

Co-living is a relatively new concept in the UK although has been viewed as more mainstream in countries like USA, India and Scandinavia. It is seen as a response to the housing issues facing many younger people today namely high rents, poor standard or lack of I bedroom accommodation and social isolation.

The issue

Home ownership levels have fallen dramatically among the younger generation over the past 30 years due to high house price to incomes.

The need for deposits and 1 months’ rent in advance along with removal costs make it very difficult for many young people to find an appropriate private rented home especially in rural areas.

The mobile nature of employment today can also be an issue in terms of securing affordable, good quality accommodation and can impact on social wellbeing in terms of social isolation. A recent national survey found that 16 to 34 year olds report feeling more lonely than older generations.

How will it assist LA's & NPG's?

Helps deliver homes with the physical and emotional well-being needs of young people at the forefront in line with housing strategy priorities.

Encourages community-based solutions to meeting local needs by assisting parishes and Neighbourhood Planning Groups to identify where there is a housing need and how best to meet it.

Provides funded solutions to the lack of I bed accommodation available to local single people in rural areas.
‘Co-living developments could also be targeted at people later life, who are downsizing but not yet in need of care, and who would welcome the combination of community participation and privacy that such accommodation provides.’ (Tom Brown in Money Observer)

Co-living: How does it work?

One bed homes aren’t often built in rural areas as typically they are as part of flatted developments which are seen as more suitable for urban areas. This leaves many young (or older) single people in the position of having to move to away from their support network in order to find somewhere affordable to live.

Co-living, is a form of housing which combines private living spaces with shared communal facilities.

The concept of co-living is to create a community-centred environment that not only gives privacy in living arrangements but also promotes social contact by providing the type of social spaces valued by younger people i.e. shared kitchen, dining and relaxation areas.

In rural areas this could take the form of a large shared house rather than flats, which is better suited to need and location.

Fund

Homes funded by institutional investors

Build

The homes are new build and can take the form of a large shared house or flats etc. dependent upon identified need and location i.e. towns or countryside. Typically, they would form part of a community led development to meet local needs.

Let

Tenants can rent a room/studio with private facilities and also have access to communal areas such as kitchen, dining and relaxing space. The monthly rent usually includes a host of facilities such as cleaning, Wi-Fi, maintenance, utility bills and all the furnishings. Local connection can be applied. Residents have the flexibility to stay for as long or little as they need.

Up front costs

Tenants don’t need to find deposits or rent in advance. Homes are fully furnished including white goods.Co-living spaces are ideal for people who are looking for complete flexibility and homes that are fully furnished, serviced and managed.
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