Renting patterns across the globe are changing and many young professionals are now embracing a nomadic lifestyle. Platforms such as Airbnb have seen an increasing trend for long-term stays amongst users who are looking for a change in scenery to live and work. Not only that, in London, the Covid-19 pandemic has seen a 136% rise in co-living enquiries by couples as they seek to reduce their monthly living costs in light of financial uncertainty (Source; Built Asset Management).
Although it’s not a new phenomenon, co-living has been growing in popularity in recent years as a new generation of young urban renters increasingly seek more flexible, socially engaging, and fully inclusive living arrangements in cities across the globe. For those of you who are less familiar with the concept, co-living is a community focused way of living with shared communal spaces and amenities, high-quality accommodation, and one monthly, all-inclusive payment.
You could say the reason why co-living has taken off is because it offers tenants a grade A service, and also provides landlords with an all-in-one solution. Co-living operators fulfil a multi-functional role for landlords – sourcing tenants, managing and maintaining properties, and collecting rent on their behalf – thus eliminating the need for landlords to pay multiple fees, and allowing them to take a more passive role in their investment whilst continuing to enjoy a reliable income stream.
Ultimately, co-living offers landlords a rewarding financial model and increased peace of mind by adding significant value to their investment – with increased profit margins, no void periods and an overall reduction in fees. All that with the added bonus that for the first time ever, landlords don’t have to rely on individual tenants to take care of their properties. Instead, they handover the management and maintenance of their properties to a professional team. Co-living operators should be like-minded professionals who understand the market and offer a holistic approach to shared accommodation, maintaining properties to a high-standard and offering a sense of community and top-quality accommodation to tenants.
Working with Lokoom
Landlords who are well positioned to take advantage of this continuing trend will add value to their investments. At Lokoom, we work with landlords in the Islington & Hackney boroughs of London who are open to a new approach when it comes to the tenant experience. We help landlords maximise their investment so they can enjoy long-term peace of mind. When we take on a new property we take care of it as if it were our own, ensuring a consistently high standard of service and accommodation is offered to both landlords and tenants. We will carry out regular checks of your property, deal with any maintenance issues, arrange a regular cleaning service and operate a highly selective tenant application process.