The Private Rented Sector is now one of the most popular markets in housing and now it has over 4.5 million households in the UK, an increase of 63% (1.6 million) from 2007.
When the house prices are rising and a new generation who wants a more flexible way of living, it is no surprise that more families and young professionals prefer to rent the accommodation. As the market continues to rise, broadband and utility provider Glide has looked into one of the biggest trends in private renting in the UK – Coliving.
People decide to rent for different reasons but convenience is the most important factor. For many young people who are just starting out on their career path and want to succeed in it, being able to relocate for better opportunities is essential, and for young professionals who are time-poor, the ability to live in a serviced apartment gives them a peace of mind.
At the same time, there is a certain level of quality of living accommodation tenants are expecting, especially with the rising cost of rent, and co-living allows accommodation providers to create Purpose-Built Shared Living developments that create a community a world away from the high rise flats of the 1970s.
So let’s figure out what is Coliving? Coliving is a lifestyle beyond the location and convenience but provides communities of like-minded people with a shared philosophy, for example creating a sustainable eco-friendly living environment and shared workspaces for businesses with mutual ambitions.
The developments are created with the residents in mind, that is why they include everything needed to make the most of urban living in their rates: rent, concierge, fast internet, all utilities and taxes, room cleaning, exciting daily events, and gym membership.
A focus on communal areas and social events for tenants connect the ‘community first’ approach of Co-Living, and the accent is on shorter leat terms, making it perfect for the needs of a more nomadic workforce.
Co-Living is the newest property class in the residential sector, so it stands to reason that it needs to be the best. Tenants will depend on technology for entertainment but more importantly, if Co-Living is to be a place of work, residents’ livelihood will depend on the same technology.
Since many tenants depend on the internet for work, it is important that they have the best technologies available: according to IKEA’s innovation lab Space 10, Blockchain, 3D printing, and other digital technologies are significant to making Co-Living work.
Chief Operating Officer at Glide, Meri Braziel, said: “With any accommodation, reliable and ultra-fast broadband is important. For the new Co-Living communities, where experience is key, it really is a necessity. Using an infrastructure that is specifically designed for the Build-to-Rent sector, Glide’s Smart Fibre Infrastructure™ means that Smart Tech can be implemented from the offset and buildings are future-proofed for the next 25 years”.