Gen Z vs. Millennials – Who Rocks the Coliving Space ?

The coliving trend has taken the world by storm, offering a unique living situation that caters to a specific demographic. But with two generations vying for the same space, the question arises: who rocks the coliving world  – Gen Z or Millennials?

The Rise of Coliving

Coliving bridges the gap between traditional apartment rentals and student dorms. It offers private rooms or shared bedrooms within a larger unit and common areas like kitchens, living rooms, and sometimes even co-working spaces. Residents can enjoy the benefits of a social atmosphere, shared amenities, and potentially lower costs compared to renting a traditional apartment alone.

Millennials: The Coliving Pioneers

Millennials, currently between the ages of 26 and 41, were the first generation to embrace coliving in large numbers.  Having grown up during the Great Recession, many Millennials entered a challenging job market with significant student loan debt. Coliving offered an attractive alternative – a chance to live comfortably in desirable locations without the burden of high rents.

What Millennials Value in Coliving?

  • Affordability: Millennials prioritize value for money, and coliving often allows them to live in trendy neighborhoods that might otherwise be out of reach.
  • Social Connection: Having grown up in a hyper-connected world, Millennials crave social interaction. Coliving fosters a sense of community and belonging.
  • Flexibility: Many Millennials are still figuring out their careers and don’t want to be tied down by long-term leases. Coliving offers short-term stays and the flexibility to move easily.

Gen Z: The Disrupters

Gen Z, those between the ages of 8 and 25, is now entering the best coliving space.  Having witnessed the struggles of Millennials, Gen Z is known for being practical and financially cautious. However, they also place a high value on experiences and environmental consciousness.

What Gen Z Values in Coliving?

  • Sustainability: Gen Z is environmentally conscious and appreciates the shared living model’s potential to reduce resource consumption.
  • Convenience: Tech-savvy Gen Z values convenience and appreciates the all-inclusive nature of coliving, with amenities like cleaning and utilities often included.
  • Entrepreneurial Spirit: Many Gen Z individuals are interested in starting their own businesses. Coliving spaces with co-working areas can provide a perfect launchpad.

Who Wins? It’s a Collaboration

While there may be slight differences in priorities, both Millennials and Gen Z value the core benefits of coliving – affordability, community, and flexibility.  Ultimately, coliving spaces that cater to a diverse range of residents,  offering a variety of room options, shared spaces, and events, will be the most successful.

The Future of Coliving

The coliving market is still evolving, and both Millennials and Gen Z will continue to shape its future.  As technology advances, we can expect to see coliving spaces that are even more integrated and efficient, with features like smart home technology and co-working spaces specifically designed for remote work.

Coliving spaces such as Settl. offers a unique and compelling living option for both Millennials and Gen Z. By understanding the priorities of each generation, coliving spaces can continue to thrive and provide a comfortable, vibrant, and affordable living solution for a new generation of residents.

You May Like