Co-living is a modern form of living in which residents have their own rooms, yet share a communal area like college dorm rooms. Californians started this form of living when housing prices became too high. The economic disruption caused by the coronavirus pandemic will certainly shake up the industry, but the undersupply of quality and attainably priced housing should continue to drive demand in co-living once the pandemic dust settles.
“Co-living came out of a need when multifamily rents were so high that people could no longer afford them,” Shahin Yazdi, principal and managing director at George Smith Partners, tells GlobeSt.com. “One of the ways to afford them was to live in a co-living property, where you would have your own room and bathroom and shared living space. In many ways, I think that model will be impacted in the short-term. Multifamily rents will likely come down, and that will have some impact on the vacancy factor for co-living. However, even though that might happen in the short-term, I don’t think this is a recession that is going to last long. Once we come out of it, we are still going to have a housing shortage.”
Read the full article: Where Will Co-Living Land Post Pandemic? (GlobeSt.com)
