The millennial generation of today is unique from previous generations in history. As the largest cohort (over 80 million), it is estimated that millennials have the greatest spending power of all generations and are the most educated. Thus, today's business leaders continually create for solutions to cater to the particular tastes and lifestyles of this group.
A major lifestyle trend for millennials in America and abroad is global mobility. Those born 1980 - 2000, with a solid university education under their belt, are relocating to major urban cities across the world for not only their professions, but for a new "life experience." Startup companies worldwide have been introducing a modernized version of communal living - coliving.
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Coliving involves providing shared housing space especially for today`s millennials with shared intentions - a type of dormitory lifestyle for adults. Although communal living in general is not something new, today's co-living trend incorporates added features such as study lounges, cafeterias, game rooms and even educational offerings like venture capital accelerator programs and startup advice. All this for rent that is on average lower than renting or buying on your own.
In the U.S., major coliving players include WeLive, which is the coliving arm of the coworking space WeWork, Common, Pure House and Roam. These larger scale companies provide many services like community meals and events, educational/professional training, etc. Renters are not all soon-to-be startup founders, but a majority have full time jobs.
Along with the larger coliving companies setting example as coliving leaders, smaller scale coliving startups also have a stronghold within their specific niches. In the west coast, Aviato.Club is making strides in the shared housing space. In the NY metro region, ABA Ideal, Ollie and Literati.NYC are marking their specific territories in the coliving space.
Coliving is essentially roommate housing for a generation that now redefines what "home" is. In previous generations, priorities included home ownership and settling down in one locale. Millennials of today want flexible, temporary accommodations - to support their mobile lifestyle. The idea of not having to lock in long term leases is something that coliving businesses is adopting to cater to the market. Traditional long term leases are now no longer as viable due to the transient nature of today's workforce and millennials adapting to the ever changing tech culture and desire to constantly explore new cities.
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WRITTEN BY: Guest blogger, Jane Park