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Coliving has huge untapped potential. In the UK, for example, there are currently 4,000 operational coliving units with a potential demand of 1,900,000 tenants faced with rising private rents and the toughest first-time buying conditions in 70 years. The potential demand for coliving could grow even higher, attracting traditional rental tenants with flexible leases, all-inclusive bills, high-quality amenities, and a community-led ethos.
For operators, however, this broadening appeal is a double-edged sword. Embracing transformative coliving software will help you stand out and provide impeccable resident experience to a wide range of resident types and stay lengths.
Here are the top five coliving software trends in 2024.
Regional diversification ➡️ Coliving property management system
According to Savills, London accounts for 82% of operational coliving units. But the majority of the UK’s coliving pipeline is lined up for regional cities like Sheffield and Bristol, as well as smaller markets such as Reading and Brighton. To effectively manage a geographically dispersed property portfolio, you need a centralised coliving property management system.
Run operations easily across multiple sites with a coliving PMS. Use one centralised system to schedule housekeeping rotas, allocate maintenance tasks, communicate with guests, and manage building access remotely, reducing the number of onsite staff. What’s more, you can automate the entire arrival and departure processes across your portfolio to free up management time.
Greater flexibility ➡️ Long-stay booking software
Flexibility underpins the appeal for coliving. With the rise of remote working (20% of job listings are for remote positions) and digital nomad lifestyles (131% increase since 2019), some residents are looking for short-term letting and rolling agreements for more flexible stays. Meanwhile, others are looking for community-based accommodation during work placements or temporary homes with fixed year-long leases. Hosting online booking software on your website caters to different personas and preferences.
A simple reservation and payment portal suffices for bookings of a month or less. But longer-term bookings may require more due diligence - especially if you’re curating a specific community feel in your coliving space. Long-stay booking software gives you the power to understand your potential residents to ascertain whether they’re a good fit. Ask potential residents Know Your Customer (KYC) questions and undertake verification checks about their financial and legal situation, like a traditional rental agreement. The long-stay booking process features digital inventories and virtual tours, which widens the reach for international residents to explore the property and community vibe without an in-person viewing.
Mixed demographics ➡️ Flexible billing
Coliving is no longer the preserve of graduates and young professionals. Be it thirty-year-olds chasing work in various locations, middle-aged renters looking for more community-style living or seniors seeking stress-free accommodation as they age. Coliving now has broad appeal, from 18 to 80. However, people at varying stages of life have different priorities and preferences - particularly about how they pay.
Flexible billing enables guests to ‘pay their way’. For instance, a mature student pays rent at the start of each term, a self-employed long-stay guest pays monthly and a short-stay customer pays upfront on arrival. In addition, with flexible billing automation, you can request, take and chase payments for specific booking types automatically by setting your PMS to send pre-scheduled invoice emails and payment portals to your chosen recipient (and reminders if invoices are overdue).
Diverse spaces ➡️ Remote access control
There’s no one standard coliving property. From inner-city apartment blocks and converted mansions to rural cottages and beachfront properties, the coliving concept has widely spread across a variety of diverse spaces. Whether you manage a 100+ bedroom property in central London or 20 units in the countryside, your buildings will have different access and security needs.
Manage properties by exception with keyless access control. Ensure a seamless guest experience without the worry of lost keys. For example, assign residents with digital tokens to access their private rooms and communal areas with time locks on certain areas (i.e. they cannot enter the swimming pool after 10pm). Update digital keys easily for new arrivals, enable access for specific events, or even automate the entire process by automatically assigning incoming residents with digital keys before check-in and until check-out.
Rise of tech-led community spaces ➡️ Guest portal
According to coliving.com, ‘tech-enabled living spaces’ and ‘community wellness programmes’ are two major coliving trends to watch out for in 2024. Take advantage of these trends with one vital piece of coliving software: the guest portal.
An interactive web-based application, the guest portal gives residents greater control over activities and amenities in coliving properties. It’s the digital Town Hall notice boards for user guides and notices, keeping guests abreast of upcoming events and empowering them to host their own. For example, residents may organise their own social functions, from games nights to yoga sessions, using a property management team to invite their fellow residents.
All future trends ➡️ All-in-one platform
Prepare for future trend fluctuations with all the essential coliving software in one centralised system. At res:harmonics, our coliving property management platform is packed with coliving features and industry-leading integrations so you can take advantage of the latest coliving trends today and in the future.
For example, Gravity Coliving manages five separate coliving locations with the res:harmonics PMS, not only streamlining the management of day-to-day activities across its portfolio but saving the team time to focus on community-building.
Download the Ultimate Guide to Coliving Management Software 2024 to learn how property management software supports coliving operators.
Request a demo to find out more.
