London’s co-living tenants tops 30 for first time

New co-living data from BAM reveals a change in the average age of tenants within shared living in the capital – topping 30 for the first time.

City of London seen from Tower Bridge. The Capital has seen a rise in the average age of co-living tenants according to new data from Built Asset Management | BTR News
City of London seen from Tower Bridge. The Capital has seen a rise in the average age of co-living tenants according to new data from Built Asset Management. Image credit: Tristan Surtel, CC BY-SA 4.0 via Wikimedia Commons.

Renters opting for shared living under the popular co-living model tops 30 years old for the first time in the Capital. The new tenant co-living data revealed by London’s leading co-living operator – Built Asset Management – shows the average age of tenants within shared living in London throughout July 2022 was 30.6 years old – rising two years from 28.2 years old in February 2020.

“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 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.” Alex Gibbs, Co-Founder and Director, BAM

Alex Gibbs, Co-Founder and Director, BAM

The tenant data also shows that the age has increased by seven years since 2017, when the average age of tenants within a Built Asset Management co-living property was 23.9 years old. According to the operator’s data, there is a fairly even split between females and males amongst co-living tenants in the capital – a statistic which has remained constant over the last five years .

“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.”

Alex Gibbs, Co-Founder and Director, BAM