Coliving communities are a growing trend in the housing market, offering residents a shared living experience with private bedrooms and shared amenities such as kitchens, living rooms, and workspaces.The global coliving market is expected to reach $10 billion by 2025, with the average coliving resident being 27 years old and earning an income of $75,000/year.
Coliving communities are often located in urban areas, and they can have a positive impact on the neighborhoods they are in, both socially and economically. Data shows that 80% of coliving residents say that they feel more connected to their community than they did before moving into a coliving space.
Social impact
Coliving communities can help to create a stronger sense of community in neighborhoods. Residents often have the opportunity to participate in social events and activities organized by the coliving community, such as potlucks, game nights, and fitness classes. This can help residents to get to know each other and form friendships.
Coliving communities can also help to increase diversity in neighborhoods. Coliving residents often come from a variety of backgrounds and cultures, which can help to enrich the neighborhood and make it more welcoming to all.
A study by the University of California, Berkeley, found that coliving residents are more likely to volunteer in their communities and to participate in civic activities than traditional renters. This suggests that coliving communities can help to create more engaged and civically active neighborhoods.
Economic impact
Coliving communities can also have a positive economic impact on neighborhoods. Coliving residents often have higher incomes than traditional renters, and they are more likely to spend their money in the local community. A study by the National Association of Realtors of the USA found that coliving residents spend an average of $3,000 more per year in the local community than traditional renters.
Coliving communities can also help to support local businesses. Coliving operators often partner with local businesses to offer discounts and amenities to their residents. This can help to increase foot traffic and sales for local businesses.
A study by the American Urban Land Institute found that coliving communities can generate up to $500,000 in economic activity per year for every 100 units. This suggests that coliving communities can have a significant positive impact on the local economy.
As the trend grows momentum globally and coliving becomes a new way of living fo a growing number of professionals globally, let’s embrace all the positives this new living style has to offer.
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