The Australian market for co-living - a 21st century spin on boarding houses - has more than trebled in the past year | niltiac
The Australian market for co-living - a 21st century spin on boarding houses or flat sharing - has more than trebled in the past year and Sydney is “front and centre” of the emerging trend.
Figures from rental management software company The House Monk show the co-living market in Australia was worth $US5.1 million in 2019, up from $US1.4 million in 2018. There are about 500 residents, mostly in Sydney, up from 140 in 2018. “The idea of a share house is something that’s been done pretty naturally but what we’ve been doing is creating a level of professionalism and a higher level of service within that context,” Mr Paul said. “We're seeing a massive shift with our members that they will acquire experiences over material assets, so why is it that in Australia regular accommodation isn’t furnished?”
UKO, a chain started by Australian entrepreneurs, has two sites in Sydney, in Stanmore and Paddington, with three more due to open in 2020.The House Monk’s Global Coliving Report 2019 estimates 2.9 million people around the world are living in co-living spaces. The analysis excludes short-term rentals and facilities such as boarding houses where the operator only provides accommodation and does not add any services or community to their offering.
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