One London developer is going all in with the co-living trend by designing techy high rises built to appeal to Millennials.
The Collective was formed to address the needs of Millennials and how this key demographic prefers to live. “The Co-living movement is a response to the way our generation wants to live. We have different values and expectations, including a willingness to invest in experiences over material possessions,” says Stephanie Cornell of The Collective.
The London start-up uses keyless entry, energy efficiencies and supplies roommates and shared living space that residents can book in advance. The shared spaces include a library, spa, home theater, kitchens, game rooms and even a “secret garden” for residents to relax in.
Millennials themselves helped put together the idea, which focuses on the struggles young professionals face in finding suitable housing in London. “It’s because of affordability issues and also a general lack of quality in the rental market,” says Cornell.
The Collective provides a unique learning experience for other multifamily builders looking to target Millennials.
Aiming for Affordability
Depending on the neighborhood, these apartments are 15 to 40 percent cheaper than the typical London apartment.
The lower rent and lifestyle costs come in response to rising rents in London, which have increased annually in the past decade. According to Business Insider, the rental cost is predicted to double by 2025.
Housing shortages and rising rents are not exclusive to London, giving American builders a chance to learn from this co-living trend.
The Collective also eliminates some upfront living costs that come from purchasing necessities like cleaning supplies, because it operates like a hotel. Those types of items are purchased for tenants.
Using Tech to Stand Out
Smart tech goes a step further in appealing to The Collective’s Millennial base.
Keyless entry is used to enter the main building and bedrooms, while all purchases (cable, food, drinks) are completed through a cashless app system that allows residents to purchase products and services.
A smart home platform monitors each apartment to conserve energy when devices are not in use, while a building management system alerts residents to how much energy they are using on average.
The smart tech is uniform in each apartment, which helps create efficiency during the building process.
Healthy Living and Green Services
According to Solar City’s Consumer Trends Report, 55 percent of consumers are seeking green services. Millennials show an even higher interest than the mass market.
The Collective is responding to this green demand by applying to be the United Kingdom’s first WELL Accredited building. The WELL Building Standard is the world’s first building standard focused exclusively on health and wellness and is focused on factors like indoor air quality (IAQ) and water quality.
A Co-Living Future
The Collective’s flagship building, Old Oak Common, will open this May and aims to house 550 co-living residents. Two other major locations have been secured by the developer, which will open up residency to 2,000 beds throughout London.
This co-living developer currently has six planned locations spread around London’s hot spots in an effort to build financially-flexible apartments in areas that Millennials could never afford otherwise.