Landlords

Average age of co-living tenants in the capital passes 30 for the first time

Newly released tenant data from Built Asset Management has revealed that the average age of renters within shared accommodation across London throughout July 2022 has risen to 30.6 years old; up from 28.2 years old in February 2020.

Property Reporter
3rd August 2022
To Let 556

In addition, data shows this to have risen by 7 years since 2017, when the average age of tenants within a BAM co-living property was 23.9 years old.

Alex Gibbs, Co-Founder and Director at BAM, explains: “What we’re seeing here is co-living accommodation establishing itself as a sought-after accommodation option across a broader range of working professionals. Five years ago, co-living and houseshares were mostly popular amongst younger professionals, largely those in their twenties at the start of their careers, or moving to London for the first time.

“This significant increase in our average tenant age highlights a real shift in attitude towards co-living accommodation. The asset class is no longer being viewed as ‘student accommodation 2.0’ in the way that it sometimes was in a previous era.

“The rise in the average age of tenants reflects both new tenants taking out rental contracts with us, and existing tenants extending their leases, suggesting that co-living is not only attracting older tenants in the first instance - but also that more occupants are choosing to remain in this type of accommodation as they mature into their thirties.”

Recent tenant data shows that there is a fairly even split between females/males amongst co-living tenants in the capital, a stat which has remained constant over the last five years.

Alex adds: “Co-living affords both flexibility and value for money to the renter. This has become increasingly important to young professionals following the pandemic, which saw many facing uncertain work and commuting arrangements. What we’re seeing as we’ve come out of the other side of restrictions is this desire for a long-term flexible solution, as well as a built-in community at home.

"Qualitative data is telling us that the draw of the built-in community has been increased as a result of the feelings of isolation which lockdown restrictions caused for many, in combination with ongoing flexible work arrangements placing even more importance on communities and human interactions outside of the office environment.”

Related articles
More from Landlords
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.