Average age of co-living renters in the capital rises

Newly released data from co-living operator, Built Asset Management, shows the average age of renters living in shared properties in London has risen by 5 years since 2017.

Related topics:  Landlords
Property Reporter
14th April 2020
East London 410

Released as a snapshot into the co-living market specifically within London, the data relates to Built Asset Management’s furnished shared properties let as individual rooms to tenants.

According to BAM’s tenant data, the average age of a tenant within their co-living properties was 23.9 years old in 2017; rising to 28.2 years old in February 2020. Furthermore, the data revealed that renters are remaining in co-living property for much longer than before, rising by over 50% in the past 3 years. The average renter now remains in shared living for an average of 18.3 months, compared to 12.1 months in 2017.

Not only has age and duration increased, but more couples in the capital than ever before are seeing co-living with other renters as a viable housing option; with coupled-up renters sharing one room within a shared property increasing by 36% since 2017.

Alex Gibbs, Co-Founder of Built Asset Management, comments on the data: “The data really reflects the ever-increasing popularity of co-living as an attractive housing option for renters across the capital, with this form of accommodation attracting an increasingly senior and discerning demographic of professionals.

“When we launched B.A.M in 2013, co-living was a relatively new concept mainly pursued by those in their early twenties at the start of their careers, with most renters in the capital seeing it as a ‘stop-gap’ option or a ‘gateway’ into the London rental market. As our data now shows, co-living is fast catching up with the single let market as an option for older professionals in increasingly upmarket professions; no doubt a reaction to the huge rise in quality and variety of co-living properties now on offer. Ultimately, co-living offers a flexible, affordable and attractive accommodation option within high-end properties with fuss-free benefits; bills and cleaning are included, and you needn’t worry about furniture, appliances, or even cutlery.”

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