Real estate's always changing, right? Well, here's the latest: co-living. This isn't just about sharing a flat – we're talking a whole lifestyle change. It's a way of living that puts community, convenience, and being kind to the planet first. And Kiwis, especially young ones, are loving it.

All About Co-Living

So, what's co-living? It's where folks share living spaces and amenities, and it's about way more than just saving a few bucks. The way we work's changing, with more and more people working flexibly, and cities are where everyone wants to be. These trends mean the demand for co-living is skyrocketing.

In New Zealand, co-living's expected to be big - we're talking NZD 1.2 billion by 2025, according to our friends at the Real Estate Institute of New Zealand. Sounds like a great time to consider this for your property, huh?

What's In It for You (and Your Tenants)

Landlords, this is your chance to make the most out of your property's space and possibly get higher rent. Tenants, on the other hand, get to enjoy a sense of community, the flexibility of lease terms, and fully-furnished spaces with cool amenities. But remember, success comes with understanding your renters’ needs and challenges. Let's take a look at some of them.

The Good Stuff:

• Easy to make Friends: Co-living spaces are great for socializing, both for fun and work.
• Savvy Spending: Shared spaces mean shared costs – cool, right?
• Flexibility: Got a dynamic lifestyle or not sure where you'll be long-term? Co-living's got you.
• Amenities Included: Fully-furnished spaces, utilities, and even premium goodies like a gym or co-working spaces without extra cash.

The Not-So-Good:

• Privacy? What Privacy?: Wall-to-wall roomies might be a bit too much for some.
• Clash of the Lifestyles: Different habits can lead to a bit of drama in the shared spaces.
• The Legal Maze: Understand local laws about co-living to avoid headaches.
• Market Ups and Downs: Not all locations are created equal, so think about this when predicting your return on investment.

Setting up a Co-Living Space in NZ

So, you want to transform your property into a co-living space, huh? Cool. Here some things you'll want to keep in mind.

Legal Stuff You Should Know About:

• Healthy Homes Standards: These keep everyone safe, comfortable, and dry.
• Residential Tenancies Act: This explains the dos and don'ts for both you and your tenants.
• Building Code Compliance: Make sure any modifications follow the rules.
• Fire Safety Regulations: Safety's always number one.
• Zoning Laws: Make sure you're allowed to run a co-living space in your area.

Choosing the Right Property:

Have a think about your property's location, size, layout, and the goodies it comes with. Ideally, it'll be close to public transport and local hotspots, and have plenty of space for everyone to mingle and retreat. Why not add something special like bike storage or an outdoor area? Stand out in this competitive market!

Making it Irresistible to the Right People:

Know Your Crowd

Tenants are a diverse bunch, right? You're catering to everyone, from recent grads to digital nomads, and understanding their needs is key to making your pad their dream home. So, here's a rundown of who's who in the rental game and what they're after.

• Young Pros on the Go: These folks are at the start of their careers, usually hunting for affordable digs near the city center and job opportunities. To grab their attention, put the spotlight on networking events, transport links, and those handy co-working spaces.

 

• Student Squad: Students are all about convenience. They need to be close to their university or college, they crave quiet spots to hit the books, and they dig a good community vibe. Be sure to brag about your lightning-fast internet and cozy study lounges.

 

• Global Nomads: Digital nomads are the remote workers who love to switch up their scenery. They need a strong Wi-Fi signal, flexibility, and chances to soak up local culture and meet new people. Make those co-working spaces, flexible leases, and lively communal areas your selling points!

 

• Fresh Outta College: Recent grads are taking their first steps into the working world and want a wallet-friendly place to live and make connections. Promote your social events, career networking happenings, and the perks of communal living.

 

• New in Town: Last but not least, you've got internationals and expats. These adventurers are settling into a new place and need a welcoming community and help adjusting. Sell them on your supportive vibe, language exchange gatherings, and the cultural melting pot your place brings.

 

Just Go For It!

Considering co-living could be a super exciting opportunity. It's not just a passing trend – it's a whole new way of living that's perfect for the modern Kiwi. By staying up-to-date and ready for anything, you're setting up your property for long-term success in the NZ real estate market.