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Sluggish wage growth and rising rents in many cities have made it unattainable to live alone. Enter communal living, or co-living, which brings together people in a shared space. Typically, sleeping quarters are private and the kitchen and living are for social gatherings. In addition, these living arrangements typically include a package of amenities such as cleaning services, utilities, and subscription services.
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With technology constantly at our beck and call, on-demand services have become the norm as renters want the most convenient services in the amenities game. Offering smart-home technology and customized fitness centers are the new ways developers can capture residents' attention. Multifamily developers and investors need to be mindful of the overarching trends that are impacting residents' life and apply them to the building and units. While amenities are nice, some developers have opted for a more all-inclusive provider that facilitates resident services such as laundry, cleaning, food delivery, pet care, and more.
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February 21, 2020
Short-term rentals and co-living are continuing to gain popularity, growing far beyond their origins as niche and need-based alternatives to traditional housing options. All the while, the multi-family sector is putting up strong numbers and shows no signs of slowing down.
