Over the past several years, the “sharing economy” has changed the future in the way in which people work, play, and live. For example, just a few years ago, Uber was simply a slang term that was used by teenagers back in the ’80s. And, you likely wouldn’t dream of imposing on someone else’s private residence in your travels – but now it’s a perfectly normal occurrence thanks to companies like Airbnb.
The rental real estate space is also now seeing some key changes of its own – and one of the most visible examples of this is in the trend known as “co-living.” This modern form of housing, where residents share living space in a house, apartment, or other building structure, is more apt to be seen in the more urban areas of the U.S.
Not to be confused with commune living of the 1960s, today’s co-living arrangements tend to lean more towards those who are in the 20s and 30s, but with a much different flair than the group living of several decades ago.
For instance, while the communes back in the Woodstock days were oftentimes more isolationist-oriented, today’s co-living is actually a specific type of community that exists in a rural, or even in a suburban setting. Here you will typically find structures that include smaller, private homes that also share common buildings with a dining room and kitchen, and possibly even some rooms for guests.
Depending on the particular community, the structure(s) may even be owned, managed, and planned by the community as a whole, with important decisions being voted on by the members.
While it can present a somewhat more intricate business model, co-living can provide opportunity for real estate investors who are willing to take on the task of managing multiple tenants, all in one single space.
For those who may be interested in investing in the co-living concept, but would rather hand off the tenant management duties to someone else, working with an experienced property manager may be the answer. For more information on the benefits of working with a property manager in the Orlando and Central Florida area, Contact Us.