The co-living sector is booming with the number of complete homes increasing fivefold in the last five years taking the number of completed homes in the UK to 7.540, latest research from Knight Frank reveals.
Knight Frank’s Co-Living Report – released today – also reveals seven out of 10 co-living tenants are aged between 26 and 40 which over a third aged between 31 and 35.
Oliver Knight, Knight FrankBut despite rapid expansion, current delivery accounts for just 0.4% of a potential target market of 1.7 million urban PRS sharers.
However, supply is expected to continue to grow.
Across the UK, a further 13,483 co-living units are under construction or have planning permission granted.
And Knight Frank expects co-living supply to nearly treble to more than 20,000 complete homes within the next three years.
Oliver Knight, Partner, Knight Frank Residential Research, says: “The data highlights the sectors’ broad tenant appeal, way beyond just the students and post-graduates who made up most of the residents in earlier schemes.
“It also suggests that existing co-living communities are playing (and can play) a key role in meeting the housing needs of a wide demographic.”
And he adds: “That potential hasn’t been lost on investors who have spent nearly £1 billion funding or acquiring co-living developments since 2020.”
