Recently Kndrd published a piece lamenting the lack of substantial data in the CoLiving market, entitled Exploding CoLiving Industry Needs Data, Stats, and Projections to Reinforce Success Streak. Now it’s time to follow up on this.
After coming to this realization, Kndrd decided to be part of the solution and forged onward with leading the charge to create public data informing people about this rising industry. This journey began with creating a long questionnaire to find out the characteristics and challenges of global CoLiving homes, in addition to extra research on related market data. After endless research, discussions, and data drawing, we’re finally ready to share it. Here are just a few of the excerpts and highlights from our massive report.
We found that, on average, operators spend over 22 hours monthly on marketing alone, plus an additional average of $285 on paid marketing efforts on top of these hours. Plenty of concepts even have complete marketing teams who solely focus on this task, but we omitted these outliers from the data to avoid a skew. The challenge here is that immense time and energy is being funneled into marketing, without giving operators clear indications of success.
Our research found that operators reported the highest demand for simple software services such as SEO, Channel Management, and Private Internal Messaging. The fact that these rudimentary necessities are not already being met shows a clear need in the market for a complete solution. With this in mind, traditional PMS options for spaces such as apartments and hotels do not serve the unique managerial needs of the CoLiving market.
CoLiving operators have reached a point where the resident demand is certainly there, and the challenge is keeping up and standing out. In order to do so, they are ready to spend more in order to get quality software. More automation means more bookings, more attention to guests, and more ability to grow.
Kndrd was honored to produce this report and contribute to the production of knowledge that people can benefit from. This data stands as a testament to the promising positioning of the CoLiving industry. For those who want access to this data in full by contributing information about their own CoLiving space, please contact us to be included in the next quarterly report.
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