Finding the perfect tenant can be tough, and that’s even more true of co-living spaces, where you’ll be looking for multiple occupants. Start by devising a solid co-living concept, hinging on local amenities, to find your target market. Are the transport links ideal for commuters? Are you near the university and therefore targeting PhD students or early-career researchers? Is there a thriving cultural or culinary scene?
Next, consider how you’ll arrange and furnish your property to appeal to your market. You’ll need to strike a balance between private areas like bedrooms and bathrooms (making sure there’s enough of each), and social areas like the garden, terrace or even bar. You might like to make a large, well-appointed kitchen the centrepiece of your scheme: this will be a key area for your tenants to meet and mingle, so it’s important that it’s an appealing place to spend time, as well as having enough space and equipment for everyone.
Lastly, pay attention to the details: from super-fast broadband to high-quality kitchen appliances, these will make a real difference to your tenants’ lifestyle.
Attracting the right tenants
It’s vital to shop around for a local real estate agent who knows your market. They should be able to locate properties that would be appropriate for conversion to co-living in terms of location, size, style and return on investment. They may also be able to tap into their network to help you find forward-thinking tenants who’ll appreciate the lifestyle.
Finally, you should carefully consider your pricing. Co-living tenants will expect value for money but aren’t looking for a cheap house share, so work with your realtor to ensure you pitch your price point perfectly.