What can coworking spaces achieve by venturing into co-living in the contemporary period? Quite a lot, actually. For starters, they can tap into the needs of the market segment of people looking for or in need of less traditional working arrangements. They can also create a more communal and engaging environment among members, leading to better collaboration and innovation. Finally, they can help reduce the cost of living for their members while providing them with all the benefits of coworking.
Are you convinced yet? If not, keep reading to learn more about why co-living is such an excellent fit for coworking spaces.
What is Co-living?
Co-living is a relatively new concept that has been increasing in popularity over the past few years. It can be described as a perfect mix between living in a traditional shared house and living in a hostel. Co-living spaces are designed for people who want to live with others but don’t want to commit to renting an entire house or apartment.
They can be a great option for travelers, freelancers, and nomads who are constantly on the go. Furthermore, co-living spaces are available to rent short-term and have flexible agreements. Some come with coworking spaces, which is a highly appreciated convenience for modern young upstart professionals.
How does It Differ from Traditional Apartment Living?
Traditional apartment living spaces may be ideal for families looking to rent a space, but for individuals living life on the go, co-living might be a more practical option. The following are other factors that differentiate co-living from traditional apartment living:
- Amenities: Apartment rentals offer a living space with little to no amenities. Co-living spaces offer high-speed internet, utilities, furniture, and household necessities.
- Space: Co-living is built with easy-going roommates in mind, where your personal space is also respected.
- Cost: You pay a lot less for a lot more in co-living spaces than in apartments, where you end up spending a lot for significantly fewer provisions.
- Flexible: The short-term agreements make it possible for you to move more freely for a change of pace and scenery. In traditional rentals, you must sign a contract for at least a year or more.
- Community: With fellows from all walks of life and geography living together under the same roof, you’re bound to find people with shared interests and expand your ideas. Collaborate on projects, plan trips together, or simply grow your network.
What if Coworking Spaces and Co-living Combine?
Acknowledging that co-living is the new way of sustainable living, we can’t ignore the better half of it, i.e., coworking space. The marriage of these two can bring countless benefits for coworkers and coworking spaces alike.
Benefits for Owners
If you are opening a coworking space, you might want to consider incorporating co-living in it. We list some of the possible benefits, below:
The 2022 revenue earned by the coworking space industry globally amounts to nearly $29 billion, with a CAGR of 9.6%. In this post-pandemic era, where the demand for coworking and co-living is spiking with a promise of perpetual growth, it can be highly lucrative for coworking spaces to invest in co-living too.
Moreover, with the co-living industry growing at a rate of 30% per year, coworking spaces can exponentially increase their revenue. So, integrating both can be a win-win situation that can help you earn a hefty profit.
Can Become a USP
The trend of co-working & -living spaces is still in its nascent stage. Hence, if you can be an early adopter of this concept, it will become your USP and give you a competitive edge over others in the market. This means that you can charge a bit more for your services, and people would still be willing to pay because this unique offering addresses a real need.
Increased Occupancy Rate
The increased occupancy rate is one of the most significant benefits of coworking-co-living spaces. If you have both coworking and co-living under one roof, it will mean that your space will always be occupied, whether during the day or night. This way, you can make the most out of your investment and ensure continuous revenue generation.
Coworking Spaces and Co-living Can Boost Urban Sustainability
With the millennials and Gen Z being more inclined towards sustainable living, it has become essential for businesses to focus on sustainability as well. And what better way to do that than by investing in co-living? Coworking spaces can help us fight climate change, and if we incorporate co-living as well, it’ll boost sustainability greatly. By having a coworking-co-living space, you can show your concern for the environment and attract more like-minded people to your space.
Moreover, resources like books, stationery, and other materials will be shared among the community living there, which would further help in saving resources. Energy can be conserved by using LED lights and other energy-efficient appliances in commonality throughout the premises.
Attraction Points for Travelers
Another significant benefit of having a coworking-co-living space is that it can act as a hotspot for travelers. With the rise in digital nomads and remote workers, there has been a significant increase in the number of people who are looking for flexible living options while they travel.
If you have a coworking-co-living space, it will give them the opportunity to work and live in the same place. This way, they can easily explore the city without having to worry about finding a place to stay or work from.
Hence, by having a coworking-co-living space, you can attract more people to your space and provide them with an all-in-one solution that will make their lives easier.
Another benefit of having a coworking-co-living space is that it can help you save on costs. Since you will be providing all the amenities under one roof, you won’t have to worry about maintaining separate spaces for coworking and living.
This way, you can reduce your overall operating costs and pass on the benefits to your tenants in the form of lower rents. Additionally, you can also save on marketing costs as you will be able to attract people to your space through word-of-mouth marketing.
Beneficial For Coworkers
Not just the owners and the state, but even the coworkers stand to benefit significantly from this modern live-work-play fusion.
Rather than spending separately on a home rental and a coworking space, it’s better to spend money at one place that serves both purposes. Moreover, coworking members stand a chance to benefit from various offers and discounts that the coworking would offer for co-living. This arrangement also adds flexibility to affordability, where you only pay for your agreed stay tenure.
No Commute Time or Travel Costs
Imagine staying at a place some miles from your coworking space. There are two scenarios here where you’re facing loss. Firstly, you’re losing time traveling from your place of residence to your coworking space.
Secondly, you are finding it more challenging by the day to meet the traveling expenses, while it keeps draining your wallet with each trip. The ultimate solution is finding these two spaces, living and working, together in a community-driven environment. That way, you can help yourself save some bucks, which you can instead invest elsewhere.
Provides Next-level Flexibility
Flexibility is the key to happiness, and what’s more flexible than a coworking-co-living space? You have the convenience of working from your room, the balcony, the rooftop, or any other shared space within the coworking area. Similarly, you also have the liberty to choose your living arrangements as per your liking and budget.
If you want privacy, you can go for an apartment-style room. If you want to socialize and make friends, you can go for a dorm-style room. And if you’re traveling solo, you can go for a single occupancy room. The list is extensive; it all comes down to what suits you best!
Increases the Networking Potential
Co-living not only provides you with a flexible and comfortable stay but also gives you access to a wider social circle. You get to meet like-minded people from all walks of life, which helps broaden your perspective.
You also get the opportunity to network with people who can help you professionally. For instance, if you’re a freelance writer, you can meet other freelancers who can help you find better-paying gigs. Similarly, if you’re a web developer, you can meet other developers who can help you find new projects. Networking also encourages success in particular fields, like startups, research, marketing, etc.
And with co-living incorporated with the coworking scene, members get extra brainstorming time to indulge in community activities. Therefore, networking takes a new angle with enhanced creative effect and scale.
Exposure to Different Cultures
The benefit of coworking spaces in terms of community is that they attract visitors from around the world. They bring with them a diversity of cultures, backgrounds, and languages. These coworking spaces and co-living provide an excellent opportunity for members to indulge in community activities. They get to discover and better know other people and their cultures, share ideas and expand their own. Moreover, the community feeling drives personal growth, where one gets to seek help from experts in varied fields.
Furthermore, the members get to make friends, plan trips, unwind, and perhaps even get the next big business idea. Socializing at these places provides an excellent opportunity for coworkers to unlock new opportunities.
Can It Be the Next Big Thing?
The prospect of co-living and coworking fusion is lucrative for both owners and coworking members. This even boosts the tourism revenue of a place. With such bankable potential, more and more spaces will likely follow this strategy. One of the primary reasons for this is that coworking and co-living, combined, have a potential for more significant revenue.
For instance, the Roam, a coworking and co-living space with locations in Tokyo, Miami, Bali, and San Francisco, received $3.4 million in seed funding in 2016. This happened when there was no pandemic, and the prospects were still bleak. However, in the wake of the pandemic and the rising demand for such places, there are even more investments in the industry. This shows that the future of coworking in the post-COVID-19 period can have co-living as an equal partner.
Moreover, from a wider perspective, some analysis indicates that this trend is here to stay. The trend of co-living and coworking offers a unique and convenient lifestyle to remote workers, artists, freelancers, and businesses. And as the number of people working on the go rises, such places will keep skyrocketing.
If you want to keep traveling and experiencing different cultures without having to hinder work, digital nomadism is the lifestyle for you. And if you’re in a distant land, you will love the coworking spaces with co-living where people of all ages, including young students and elderly artists, come together.