Co-Living Spaces in the UK
A trend in co-living spaces has recently emerged across the UK, embraced by many looking to move to popular, in-demand areas at a more affordable price. But what exactly are co-living spaces? How do they work? And who are these spaces designed for?
Here, we explore answers to all these questions and more, helping you get better acquainted with this resourceful way of living.
What Is a Co-Living Space?
A co-living space, as its name suggests, is a space where a group of people live together. It’s where a group of people come together to share a home, helping cut down the cost of their rent while also meeting new people in the area.
With co-living spaces, each tenant will typically have their own private bedrooms, with the rest of the space (such as the kitchen, living room and bathroom) shared with other members of the household. There will also be various other opportunities, exclusively for those living in the co-living space. For example, there may well be a gym and fitness facilities, a bar and other exciting amenities.
Co-living spaces are sought-after by all sorts of people looking to move to a new area, particularly popular amongst young professionals wanting to build their career in big cities at an affordable living cost. With urban and city centres increasingly expensive to rent and buy properties and apartments in, co-living spaces in London and the UK as well as around the world is filling a gaping void for young professionals.
How Does Co-Living Work?
Co-living works by offering communal accommodation to those wanting to cut down on their living expenses and meet new people along the way. While many have begun to realise the potential, such living spaces can bring, holding a diverse client base, the sector is significantly undersupplied.
That’s where Co-Living Group come in, acquiring spaces and re-purposing them into shared accommodation to meet the demands of the co-living clientele.
Tenants in co-living spaces typically have their own private bedrooms, and share their kitchen, living room and bathroom with other residents in the space. The accommodation offered is simple and affordable, offering amenities to meet the needs of tenants, including laundry, cooking and gym areas.
Our tech is designed to help enhance the co-living experience, the iOS and Android app features enabling users to manage aspects of their tenancy such as:
- Making payments
- Submitting issues to Co-Living Group
- Terminating and renewing leases
- Requesting maintenance and cleaning services
Our system has been tested in hundreds of properties by thousands of tenants in co-living spaces, helping us to create a tool that effectively manage various processes in the co-living experience.
Co-Living can offer up a number of different benefits, both for tenants as well as landlords and providers of such spaces.
For tenants, co-living spaces can offer cost-effective accommodation in areas where living alone may be too costly. This helps people to start their careers in big cities who may not have otherwise been able to afford to live there, as well as those wanting to get a feel for the area before committing to more permanent, expensive means of accommodation.
Co-living also helps tenants in a social aspect, helping them meet new people in their area who may be in similar positions in their lives, and potentially share the same interests that they do. Such spaces provide this social element to tenant’s lives while also giving them their own personal space to retreat to (their bedrooms) when wanting some privacy.
In addition to this, co-living also offers benefits to the landlords and others providing such spaces; this type of accommodation yielding an average that’s typically 45% higher than more traditional rental returns.
Find Co-Living Spaces in London
If you are looking for co-living spaces in London and the UK’s major cities, there are many opportunities to benefit both as a tenant and a landlord. The UK capital offers up fantastic opportunities for people to kick-start their career in, however the cost for accommodation can often be too pricey.
Co-Living Group acquires and re-purposes spaces within the capital into fantastic, affordable co-living spaces. Contact us to find out more about what we have to offer.