There’s a new trend surfacing for the Millennial generation: co-living. This trend is quickly becoming popular in all of the major cities across the United States and is important to note for the multifamily industry targeting these young professionals.
A recent study from the U.S. Census showed 31.5 percent of 18-34 year olds have opted to still live at home with their parents for a variety of reasons according to Rexe News. With that statistic in mind, the idea behind this creative trend of co-living originated for various reasons: the price in rent increasing and job incomes at a standstill; the desire for Millennials to live in a home that offers the benefits of living with roommates; all while still maintaining privacy and affordability. Residents living in what some refer to as a “dorm for grownups” are given access to privacy with their own room, but share the common areas such as the living room and kitchen with a group of other young professionals.
Startups are beginning to use this as an incentive for professionals; leveraging “co-living” in their favor. For example, Krash is a startup that offers founders, entrepreneurs and innovators the opportunity to “co-live” for three to 12 months in cities like Boston, New York and D.C. to fulfill their community style living desire. It also allows entrepreneurs the opportunity to build connections in a quick and easy way, while still maintaining a sense of independence and affordability.
For Millennial individuals moving to a new city, this type of living environment is also very intriguing and realistically feasible. This trend is significant to note for the multifamily industry during the planning phases of future projects and marketing of current projects. The Millennial generation is filled with young professionals who are no longer solely desiring a one-bedroom apartment, but are interested in the co-living option as well.
Serendipit Consulting specializes in student housing social media, public relations, marketing, branding and event-planning. Alexis Krisay, partner and president of strategic marketing can be reached directly at [email protected] or at (602) 283-5209.