For Gen Z co-living is the popular choice. Gen Z has shown a preference to live and work in urban areas and have found that sharing an apartment can cost about 25% less than renting a studio apartment. Even for those who are making enough to get a nice place on their own, having more disposable income allows them to take exotic trips or other experiences to post on popular social media sites. But money isn’t the only reason. This generation also seems to experience loneliness more than previous ones and co-living helps prevent this. For investors this opens a lot of possibilities for conversion and new construction of apartments. Since most of Gen Z prefers to rent and like modern, furnished apartments. Community space is also important in these investments. The ground floor should look more like hotel lobby’s where people can gather.
- Millennials and Generation Z demographics moving to urban centers where the cost of living is high.
- In search of affordable housing and maintaining a standard of living, young adults are willing to live in multifamily, non-traditional living arrangements.
- Real estate investors should take advantage of this market to create products in the form of multifamily units that be rented in flexible arrangements.
“The sky’s the limit to where it goes from here.”