{"id":5747,"date":"2024-01-30T11:58:49","date_gmt":"2024-01-30T10:58:49","guid":{"rendered":"https:\/\/thecitylifer.com\/blog\/?p=5747"},"modified":"2024-01-30T12:03:42","modified_gmt":"2024-01-30T11:03:42","slug":"the-5-things-making-coliving-more-popular-in-2024","status":"publish","type":"post","link":"https:\/\/thecitylifer.com\/blog\/coliving\/the-5-things-making-coliving-more-popular-in-2024\/","title":{"rendered":"Why Is Coliving So Popular? 5 Key Factors Driving the Demand for Coliving Globally in 2024"},"content":{"rendered":"\t\t
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The global coliving market hit a value of <\/span>$13,285.27 million in 2022<\/span><\/a>. While that\u2019s impressive, it\u2019s also expected to grow even further, reaching as much as $63,818.13 million by 2031.<\/span><\/p>

We\u2019ve touched on this before in previous articles, such as in our coverage of <\/span>coliving statistics and trends in the Netherlands for 2024<\/span><\/a>. Contrary to what sceptics may have said before, coliving hasn\u2019t turned out to be a mere fad. Instead, it\u2019s becoming an increasingly popular housing option.\u00a0<\/span><\/p>

Today, we\u2019ll go over the main drivers for its growth. But before we go deeper into what\u2019s behind the rising popularity of coliving worldwide, let\u2019s clarify what it is first.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tRead related article about Coliving Statistics in the Netherlands 2024<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What is Coliving?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Coliving<\/span><\/a> is a type of accommodation where two or more people inhabit the same dwelling while paying an operator for the privilege. As such, it belongs to the category of rental-based shared living spaces.<\/span><\/p>

There are many different types of coliving, so there may be differing rules and conventions. In general, you can expect coliving situations to involve facility sharing for residents.\u00a0<\/span><\/p>

For example, residents may share kitchens and living space despite also having their own (individual) beds and bedrooms. Bathrooms may be included among shared living spaces too.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tRead related article about Coliving<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Five Key Drivers for Coliving Demand<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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So, what\u2019s behind the increased interest in shared living spaces like this? Broadly speaking, we can point to five key causes for this development, which you\u2019ll see below.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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1. Changing Societal Values \n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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We\u2019ve known for a while now that the nuclear family is over. Even in the US, which has had some of the stoutest champions of the idea, it\u2019s become far less common. <\/span><\/p>\n

According to <\/span>the Pew Research Center<\/span><\/a>, Americans today have more diverse family structures than before. Shifting social norms and circumstances have played a part in that, from people getting married later to couples choosing not to have children.<\/span><\/p>\n

And these aren\u2019t trends exclusive to the US. Many other countries are seeing similar shifts, including the Netherlands. <\/span><\/p>\n

On our own shores, for example, the <\/span>average age for marriage<\/span><\/a> went from 30 for men and 27 for women in 1950 to 39.1 and 36.4 respectively in 2022. Our <\/span>fertility rates<\/span><\/a> have gone down too \u2013 in fact, this is true of fertility rates <\/span>worldwide<\/span><\/a>.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Average \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Source:\u00a0<\/span>average age at marriage in the Netherlands from 1950 to 2022, by gender<\/a><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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And these shifts have coincided with others like the increasing emphasis on access and experiences over ownership, <\/span>especially for millennials<\/span><\/a> and other young professionals.\u00a0<\/span><\/p>

This is the age of Uber, Lime Bike, GeForce Now, and the like. Basically, people like young professionals no longer need to own things to access the services they provide. All they need to do is rent them!\u00a0<\/span><\/p>

Combined with increasingly diverse households and needs, accommodations are changing too. It\u2019s no longer about settling down in one home with the nuclear family. Some now want to live with other families, with other young professionals, in temporary arrangements, and so on.\u00a0<\/span><\/p>

Today\u2019s accommodations are moving towards greater variation and flexibility. In light of this, it only makes sense that shared living spaces would become more popular, as they account for both of those better than traditional accommodations.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Young \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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2. Rise of the Nomadic Professional\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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What\u2019s a nomadic professional? Simply an employed person who isn\u2019t tied down to a single location due to work.\u00a0<\/span><\/p>

Nomadic professionals are usually ones with flexible work arrangements, e.g. those who can work without going to a set company office. We also call them digital nomads.<\/span><\/p>

Technology has played a big role in the growing number of these, many of whom are young professionals. The COVID-19 pandemic has been influential too as <\/span>many organisations<\/span><\/a> greenlit WFH (work-from-home) setups due to it.\u00a0<\/span><\/p>

Indeed, even after the peak of the pandemic, WFH has remained an option for a fair number of workers. An <\/span>Owlabs State of Remote Work Report<\/span><\/a> counts 56% of global companies now allowing it.<\/span><\/p>

Further than that, 16% of global companies have gone fully remote. At the same time, <\/span>more and more workers<\/span><\/a> seek it as well as hybrid work opportunities.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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This allows them to live far from their employers\u2019 offices as long as they have means to telecommute. They can change addresses, seek out new living experiences, try new communities, and more \u2013 all without worrying about the effect this can have on their jobs.\u00a0<\/span><\/p>

Again, this happens to be something coliving excels at compared to its alternatives. For digital nomads, it\u2019s not just about the general flexibility of coliving leases: it\u2019s also about the variety of locations coliving operators are now offering.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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3. The Influx into Urban Centres\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Another reason for increased coliving demand is the rising number of people living in our urban centres.\u00a0<\/span><\/p>

More and more people seem to seek urban homes yearly. <\/span>By 2050<\/span><\/a>, the global population is projected to increase to around 9.8 billion.\u00a0<\/span><\/p>

Even more alarming is how that population will be distributed. More than twice as many people in the world will be living in urban (6.7 billion) than in rural settings (3.1 billion) by then.<\/span><\/p>

This means that demand for urban housing will continue to rise and at some point, supply will falter. For certain segments of the market, it\u2019s already faltering as people struggle to find available urban housing.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Apartment \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Fortunately, coliving spaces can step into the breach.\u00a0<\/p>

As a shared-housing solution, coliving spaces allow more residents within each housing unit than traditional \u201cnon-shared\u201d solutions. What\u2019s more, coliving can also be a more efficient solution to housing shortages in the case of repurposed-facility operations.\u00a0<\/span><\/p>

This is because repurposed facilities<\/strong> have several advantages<\/strong> over entirely new developments<\/strong>. Among other things:\u00a0<\/span><\/p>