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Co-living is a different way of life for many young adults aged 20 to 35. The Collective is a modern organization that offers a variety of comfortable amenities and equipment to its customers. People dwell in the new-style houses in a small area of around 12 square meters. Furthermore, there is enough space outdoors for a gym, a library, a gaming room, a theater, and a dining room, both of which have excellent resident experiences.
Rising rents have created a market void. Between 2004 and 2014, the percentage of average rentals in London increased from a quarter to a third. The dramatic increase in the rent made people spend more income on renting a house. Hence, forced people to choose between paying a considerable amount of their income on rental payments on their own or rent in a place with other people. The Collective’s buildings have similar structures and cater to the various needs of people. Also, it provides public services which are convenient particularly to the youth.
Quadrum Global plans to construct an over 13 floors building in Long Island City. They believe that this new co-living pattern will create considerable benefits since the return per square foot is too high. In future, Mr. Merchant intends to improve the buildings more so the size of the rooms. In turn, he will make the rooms more extensive and more spacious. New improvements to the rooms will enable people like Maria Carvalho to be more comfortable because she would like to live with other people but does not want to find a roommate.
Finally, the rooms have CCTV footage which guarantees proper conduct and cleanliness. Roger Southam, the owner of Savills property firm, sees much more potential if the co-living spaces can give more private area to the residents allowing them to attract those who live in the cities.
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