Shared living, also known as coliving, is a type of housing where residents share common spaces, amenities, and activities, while having their own private bedrooms. Shared living is not a new concept, but it has gained popularity and relevance in recent years, especially among Millennials and Gen Z. These two generations, born between 1981 and 2012, represent about 40% of the world’s population and are shaping the future of society, economy, and culture. They are also facing many challenges and opportunities in their lives, such as:
- The COVID-19 pandemic, which has disrupted their education, work, travel, and social interactions
- The climate crisis, which has increased their awareness and concern for the environment and sustainability
- The digital revolution, which has enabled them to access information, entertainment, and communication anytime and anywhere
- The globalization, which has exposed them to diverse cultures, perspectives, and experiences
- The urbanization, which has attracted them to live in cities that offer more opportunities and convenience
What are the benefits of shared living for Millennials and Gen Z?
- Affordability: Choosing shared living generally means spending less than renting an entire apartment or house, especially in pricier cities. Shared living splits costs for rent, utilities, furniture, and more, saving you money. Plus, it gives you access to bonuses like gyms, pools, coworking spaces, and laundry facilities without straining your wallet.
- Community: In shared living, you get a chance to connect with new people and form friendships with fellow residents who have similar values, interests, or goals. Engaging in social events and activities enhances a sense of belonging and enjoyment. Moreover, fellow residents offer valuable support and advice for both personal and professional challenges.
- Convenience: Shared living streamlines the living experience, especially for those who prefer to avoid the stress and responsibilities that come with managing an entire household. Handling tasks like finding roommates, signing leases, settling bills, and property maintenance is off your plate. Plus, you relish the flexibility to move in and out quickly, selecting from various shared living spaces that match your preferences and requirements.
- Sustainability: Embracing shared living makes a positive impact on the environment and community responsibility by reducing resource consumption and ecological footprints. Sharing resources such as energy, water, and food, as well as utilizing renewable or recycled materials like solar panels and composting bins, reflects an eco-conscious lifestyle. Active participation in local initiatives, be it through volunteering, donations, or mentorship, further underlines the commitment to community welfare.
These factors have influenced the needs and preferences of Millennials and Gen Z when it comes to housing. They are looking for more than just a place to sleep; they are looking for a place to live, work, learn, and connect. They are looking for shared living.
What are the trends and insights of shared living for Millennials and Gen Z
Shared living is not a one-size-fits-all solution for Millennials and Gen Z. It is a diverse and dynamic phenomenon that adapts to the changing needs and preferences of these generations. Some of the trends and insights of shared living for Millennials and Gen Z are:
- Personalization: The housing choices of Millennials and Gen Z highlight a strong appreciation for personalization and customization. They want to take the reins on their living space and experience, tailoring it to match their unique preferences and needs. This includes opting for various types of shared living spaces – think studios, apartments, or houses – and diverse community options like students, professionals, or families. The desire for flexibility extends to privacy and socializing, which they want to tweak according to their mood or situation.
- Technology: Embracing technology is second nature to Millennials and Gen Z, who are true digital natives. They expect tech to elevate their shared living journey, adding convenience, efficiency, safety, and fun. They're all about using tech to find and book shared spaces online, managing their rooms and amenities via smart devices, interacting with other residents through social media or apps, and keeping entertained with streaming platforms or gaming consoles.
- Wellness: Health-conscious and wellness-driven, Millennials and Gen Z prioritize their physical, mental, and emotional well-being. When it comes to shared living, they're all in for spaces that promote wellness. This means having access to facilities like gyms, spas, yoga studios, and meditation rooms to support their health goals. They're also on the lookout for communities that nurture wellness by creating a positive, supportive environment that boosts their happiness, confidence, and resilience.
- Diversity: Diversity and inclusivity are core values for Millennials and Gen Z, who celebrate and respect differences in culture, identity, and perspective. Their ideal shared living spaces reflect this by offering a diverse range of designs, styles, and themes that cater to different tastes and personalities. They're also after communities that embrace diversity, fostering a culture of openness, tolerance, and collaboration that enhances their learning and growth.
Shared living is meeting the needs of Millennials and Gen Z by offering them a housing option that is affordable, community-oriented, convenient, and sustainable. It is also adapting to their preferences by offering them a living experience that is personalized, technology-enabled, wellness-focused, and diversity-driven. Shared living is not only a trend, but a movement that is transforming the way these generations live, work, learn, and connect.