Co-living is a multifamily housing model in which a resident rents a bedroom but shares common areas like kitchens and living spaces with others. Typically, it is a bundle package and includes expenses such as utilities, but can also provide services such as house cleaning and supplies. With the affordable housing crisis growing in major cities across the US, dorm-like community living is on the rise. From a landlord and investor's view, it lowers risk and increases the bottom line. By renting each room, landlords are able to achieve rent/SF premiums. Tenants have proven they are willing to pay for things like flexible lease terms, furnished units, and added perks.
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Short term rentals (STRs) are here to stay and are having a large effect on both the multifamily and hospitality sector. While co-working has been the talk of the town in 2019, the penetration rate of short term rentals, which is currently at 10.4%, is nearly 5x that of co-workings penetration rate according to research from CBRE. A number of branded apartment/hotel hybrid models such as Lyric, Sonder, and Domio have entered the market and have typically targeted multifamily developments, enticing them by taking up a block of space and thus mitigating their risk by decreasing vacancy.
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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.
