We live in the infancy stages of the “sharing economy”, where pretty much every new billion-dollar startup leverages resources that already exist but allows them to be shared more effectively with more people than would have ever been able to utilize them previously.
Ridesharing services are incredibly popular these days, with the top three ridesharing operations around the world making billions and billions of dollars every year. Apartment and rental home sharing is another big industry, also making billions of dollars in profit and likely to grow larger and larger as time goes on.
Co-working spaces – spaces where different businesses, freelancers, and entrepreneurs can come together and share workspace with one another – are red-hot as well. These spaces provide amazing growth for networking, and business opportunities that just have existed otherwise.
Savvy entrepreneurs really looking towards the future of the “sharing economy” are starting to develop the co-living industry. Many believe this is going to be the next big thing in business, and there’s still plenty of time to get in on the ground floor before things really take off in the near future.
Co-living spaces are going to be very, very popular in the next decade
Millennials are purchasing homes and apartments at record low numbers, showing less and less interest in this traditional component of the “Great American Dream” and instead opting to rent in most cases.
Co-living spaces are designed to tap into this kind of lifestyle that millennials are really embracing, opening up the idea of an apartment complex into something much more open and shared than anything else before.
Conceived of as shared living spaces (multiple kitchens, multiple bathrooms, and multiple “common room spaces”), co-living has been described as an apartment complex with less walls – and the millennial generation is diving headfirst into this kind of future.
Many of these spaces are designed to also facilitate co-working opportunities, blending business and pleasure in a way that hasn’t ever really successfully been blended on a large scale in the past. Millennial professionals are very serious about authenticity, about shared experiences, and embracing everything technology has to offer without shying away from the “in person” niceties that have been lost for a little while – and co-living situations blend these two realities together seamlessly.
This market is poised to take off
According to real estate industry information, co-living spaces have grown by 7.7% in the last year alone and are projected to grow by more than 25% within the next three years.
This is the new urbanization of already urban city areas, with more and more real estate moguls, major operations, and multinational conglomerates really starting to pay attention to everything that co-living situations have to offer from a purely business and investment standpoint.
As a savvy entrepreneur or investor, you’d have to be at least a little bit crazy to miss out on what could potentially become the next Uber for the next AirBnB – only combined with the amazing financial vehicle that is the real estate world, one of those traditional investment opportunities that is now getting a very modern facelift with co-living situations.
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