Is Co-Living the Affordable Solution for Millennials Who Are Renting?

For the last decade, owning property and renting it out for an inflated sum has been a rising trend that has both positives and negatives. The negatives are mainly on millennials looking to rent or buy property at a reasonable price, which appears to be non-existent in 2019 even if an excellent commercial property management company is involved. However, developers across the united kingdom are now building “co-living” apartments that promise to be charging fair rents with professional landlords that are fully trained to handle everyday occurrences.

Angus Dodd, the chief executive at Quintain which is the company behind the Wembley buildings currently being developed, says that “It is a hotel-style service for long-term renters” the buildings are supposed to have a large communal area, rooftop gardens and gyms.

Around 50,000 rental united are under construction all across the UK and are likely to have WiFi and utility bills included. Another struggle for millennials is continuously moving and the requirement to pay letting fees and excessive deposits, which are also under review.

For most people, moving into a rent-controlled apart like this is the logical step while starting a new career at what is likely to be a low income. Companies involved with the development such as pensions firm Legal & General it promises to be a safe and steady investment for those involved.

The thoughts of this concept are mixed as some have referred to this as being a “Kidult” which is a community of adults that are not will to act there are and still want to live in the glory days of university. If this is true it could cause mixed problems for people living in the buildings as people will have a completely different expectation of their adult living situation. With the inclusion of all bills and the option of a gym and more, it could also inflate rent prices for those not wanting the ‘bells & whistles’.

This will hopefully create a positive co-living habitat with a genuine community spirit being fostered from millennials with more in common than a conventional apartment building. London is already in the process of developing buildings in Wembley, East Village and Elephant Central while cities such as Birmingham, Manchester and Salford also have projects in place. Property management Manchester is also becoming a big talking point with all the new buildings being erected throughout 2019.