UK: New data from coliving operator Built Asset Management (BAM) shows the average age of coliving residents in shared properties in London has risen by nearly five years since 2017.
According to BAM’s tenant data, the average age of a tenant of its coliving properties was 23.9 in 2017; rising to 28.2 in February 2020. Furthermore, the data revealed that renters are remaining in coliving properties for much longer than before – the average renter now remains in shared living for an average of 18.3 months, compared to 12.1 months in 2017.
Not only has age and duration increased, but more couples in the capital are viewing coliving with other renters as a viable housing option; with couples sharing one room within a shared property increasing by 36 per cent since 2017.
Alex Gibbs, co-founder of Built Asset Management, said: “The data really reflects the ever-increasing popularity of coliving as an attractive housing option for renters across the capital, with this form of accommodation attracting an increasingly senior and discerning demographic of professionals. When we launched BAM in 2013, coliving was a relatively new concept mainly pursued by those in their early twenties at the start of their careers, with most renters in the capital seeing it as a stop-gap option or a gateway into the London rental market. As our data now shows, coliving is fast catching up with the single let market as an option for older professionals in increasingly upmarket professions; no doubt a reaction to the huge rise in quality and variety of coliving properties now on offer. Ultimately, coliving offers a flexible, affordable and attractive accommodation option within high-end properties with fuss-free benefits; bills and cleaning are included, and you needn’t worry about furniture, appliances, or even cutlery.”
