As the coliving industry continues to grow, so too does the variation of members & demographics that it serves.
Long gone are the days of coliving being strictly limited to the stereotypical young 20-something millennial working in the big city. Nowadays, there really is something for everyone.
But what exactly are they?
That’s the answer we’re about to explore.
*While there isn’t 100% consensus on the date ranges of these generations, these approximate windows provide a pretty close idea of each age group in question.
And above all, keep in mind that coliving knows no prejudice. Anyone at any age can enjoy this lifestyle. There is no one-size-fits all.
This generation tends to be born between 1996 - 2012 (going off the date from when this post was written, they are currently between the ages of 8 - 25) and are currently at that exciting point in life where education takes center stage. Many of these individuals are heading into university, graduate programs, or internship experiences that require them to travel or move to a new city. Generally, the ideal coliving community is one where they can forge new relationships and save on the cost of living. This means that student accommodation formats and pod living tend to be quite attractive for this group.
Born between 1980 - 1995 (going off the date from when this post was written, they are currently between the ages of 25 - 40), the Millennial - also intersecting with Gen Y - generation is the traditional avatar that most often comes to mind with coliving. However, there are unique needs for this demographic that coliving communities need to fill. Since this group is getting a bit older and advancing in their careers, many of them are working hard to grow their professional outcomes and would benefit immensely from internal resources such as coworking spaces, professional meetups or masterminds, and social events to blow off some steam from their often hectic workday. As the older millennials are becoming parents, flexible housing options customizable formats and increased space or services for young families may increase in demand.
We don’t hear much talk about Gen X in coliving. Generally born from 1965 - 1979 (going off the date from when this post was written, they are currently between the ages of 41 - 55), this group is reaching more maturity in their lives and is more likely to go for a coliving model that helps streamline their use of time and resources to enjoy more out of life. An optimal coliving space for this generation accommodates the desire for more space, privacy, and family experience.
And finally, we reach the Baby Boomer generation. This is one group that isn't often associated with coliving but is a great candidate with growing interest. Born from 1946-1964 (going off the date from when this post was written, they are currently between the ages of 56 -74), the huge boomer population is retiring in large proportions and looking to downsize on space and costs while accessing services that make life easier as they get older. Like all humans, these people want to continue learning and engaging with others, so coliving for boomers is ideal to cultivate relationships and activities with like-minded residents. In addition, it's important to consider that 1 in 8 Baby Boomers is likely to live to 100-- with this in mind, it’s important to have living spaces like coliving with amenities that adapt alongside aging residents as their needs change.
Reaching ages 76+ in 2020, the Prime Timers are looking to retain value and activity in their lives while still having the structure and reliability that comes with older generations. They tend to seek customizable amenities in coliving spaces to make sure they are as comfortable and healthy as possible, with layouts that accommodate easy mobility and access. At the same time, Prime Timers often want a balance between the comfort of a private quarters and the bonding value of shared spaces and activities .
It may come as a surprise that coliving can work for each of these groups.
In reality, the shared living market is growing to serve each of their unique needs. In any case, the first step to meeting these diverse demands is to understand what people want. With this recap, this process becomes a whole lot easier.
In summary, we know that the need for human connection and belonging spans all ages.
That’s why it’s so important that coliving grows to accommodate these needs.
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