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On top of young professionals, many established operators are now adding senior living to their portfolio, as well as managed BTR schemes.
Take for example Common, who is expanding to Canada: the first building is set to open in January 2024 and will be a mix of coliving, residential and affordable living.
In 2024, we will see coliving operators becoming living operators - and entering other markets with different benefits such as less operational costs in the case of traditional BTR.
Coliving for Seniors Is Finding New Enthusiasm
The difference to an elderly home: the amount of physical/emotional (health)care is significantly reduced, and the home is mainly for people with complete to partial autonomy.
While operators were originally hestitant to enter the field, some good first experience has changed that mentality.
2024 Will Be A Wild Year
Insider perspective: Boston Living won’t be the only one to grow 2x.
Especially in Europe, operators have already closed deals that will open next year, which will for quite a few operators actually double their inventory.
While not everyone has made their growth public, some operators such as Node are currently building massive urban coliving hubs, adding 1,600+ beds to their portfolio next year.
It’s a sign that coliving is entering a new phase: the one of early adoption.
Stay tuned for a crazy year to come!
New Ruling On Coliving Status
Claiming that it is offering “housing” instead of simply “rooms”, the Bordeaux municipality made an official declaration stating that “housing” applies only if all services that lead to hygiene and private needs (such as laundry, sink, shower) remain in the private space.
This could be a legal precedent that sets the tone for further rulings in France and obliges coliving operators who fall in the category of housing to also provide the necessary requirements, including car park rules that are currently established.
Everything Else Coliving
- In Luxembourg, coliving operator Many Many is launching Henry, its newest coliving building at the heart of the city.
- WeWork is in deep trouble. After declaring bankruptcy, legal cases are now piling up to demand rent collection from the company.
- A new coliving scheme, run by Kosy Living and CKC Properties, is maybe coming to Watford if the project gets approved. Oh, and Watford is also seeing McLaren Living entering the space! And, in Brisbane, another coliving tower is currently under review.
- Habyt, one of Europe's leading coliving providers, is also expanding, adding 400 beds to its German portfolio.
- Finally, while this coliving article is rather standard, it makes one good point: coliving can expect more interior design innovation than it has so far done. If we want to deal with density, we need to create new ways to deal with space - especially, with the personal bed area, optimizing communal space and kitchen spaces. We hope that 2024 will bring more innovation towards the industry and have some players create truly innovative housing within their units’ boundaries!
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Wishing you a great weekend,
The Artof.Co team
PS: Are you launching your coliving concept?
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