Property prices have been on the rise globally. Like Australia, many countries experienced huge spikes in values for houses and apartments during the pandemic. Rents also went through the roof.
For first homebuyers, the property market has been especially tough, but new and innovative trends are emerging to overcome the challenge.
The first of these has been an extension of the multi-generational housing that has been a staple of the European property scene for decades.
In this part of the world, there is an increasing demand for larger homes that can accommodate three generations of a family.
Co-ownership is also on the rise, especially for young couples and those who are unable to plunder the “Bank of Mum and Dad”.
Now, a third strand of change is emerging – co-living developments.
These developments offer private apartments and communal living spaces.
They’ve been popular in Europe and some parts of the Asia-Pacific, and they could be coming to a suburb near you.
Co-living taps into a Gen Z and Millennial mindset of networking, community and social activities.
It’s most common to rent in a co-living development, but you can buy into one, too. Co-living usually gives you a bedroom, bathroom and a kitchenette. Outside of this private space, you’ll have access to large communal living areas, recreational facilities and even a co-working area.
Some people may find this just a little over the top and desire greater privacy.
Here are some of the advantages:
Affordability: Co-living often provides a more affordable housing option compared to traditional apartments, especially in expensive urban areas.
Community and social interaction: These developments foster a sense of community by providing shared spaces and opportunities for social interaction.
Convenience: Many co-living spaces offer all-inclusive rent, covering utilities, internet and sometimes cleaning services. This simplifies your living expenses.
Flexibility: Shorter lease terms provide greater flexibility for those who are not ready to commit to long-term housing.
Amenities: Many co-living spaces provide amenities that normal rental properties do not, such as community workspaces and gyms.