The Everything Coliving Q&A session brought together 40 experts and operators from the coliving industry to share insights on trends, challenges, and strategies. Covering a wide range of topics, from community curation to senior living strategies and operational challenges, this discussion provided valuable insights for both new and seasoned coliving operators.
If you are interested in joining the next one, join the WhatsApp community created for coliving stakeholders or sign up below.
Whether you’re just starting out or already managing hundreds of units, this blog summarizes key takeaways from the September edition of the community Q&A that can help you navigate the evolving coliving landscape.
1. Community Curation: Building a Thriving Coliving Environment
A central topic of the Q&A was how coliving operators curate their communities. Effective community curation is essential for the success of coliving spaces, and participants shared different approaches to achieve this.
Some coliving tech providers, like Andrea Meltzer from RoommateConnect.ai, advocated use technology to match residents based on personality traits, preferences, and behaviors. This data-driven approach helps create communities where people feel more connected and understood.
For others, the focus is on human interaction. Alisa from Mimos Coliving, Toronto uses a combination of interviews and processes to curate a community that fits well together. These processes ensure that residents align with the community’s values and contribute to its overall vibe.
Weekly events are another crucial tool for community curation. One operator mentioned their focus on creating events such as board game nights, potluck dinners, and even jigsaw puzzle nights. By providing multiple opportunities for residents to come together, the community naturally bonds and grows stronger.
Events as Promotion: For some operators, events also serve as a marketing tool. These events are often open to the surrounding neighborhood, acting as a form of promotion that brings in potential residents. This strategy not only helps build community but also generates interest from locals who might want to join.
Ajay Nemani, FF21, an operator managing 1,800 units in India, shared his extensive use of technology to facilitate community building. Through an app, residents can create detailed profiles and connect with others. Shared spaces and community events, such as festivals, further strengthen bonds between residents.
2. The Importance of Customer Acquisition and Marketing
Another key theme was customer acquisition and marketing. Whether you’re managing a few rooms or hundreds of units, knowing how to attract and retain residents is critical.
Participants shared their approaches, with many relying on word of mouth as a primary source of new residents. For example, one operator mentioned that after four years of operation, they now attract a significant number of new residents through referrals. This organic growth can be especially important for smaller operators just starting out.
However, organic growth isn’t the only strategy. Operators are also leveraging local marketplaces like Mapmelon, and Colivingcom to reach potential residents. These platforms provide visibility to a wider audience, especially in larger urban markets.
Senior living operators face different marketing challenges, as seniors may not use digital platforms like Instagram or Facebook. Instead, operators like Silver Spring rely on in-person events to connect with their target market. Whether it’s hosting community meals, outdoor activities, or social gatherings, these events help seniors experience coliving firsthand before committing to a move.
3. Senior Living Coliving: A Growing Market
The Q&A also touched on the rise of coliving spaces for seniors. With an aging population and increased demand for alternative housing models, senior coliving is becoming a significant sector within the broader coliving market.
NuuAge Coliving, led by Elizabeth, offers a case study of how to build demand before even opening a physical space. Focused on active seniors, her brand already has a waiting list of 200 people for its first 12–13 unit property. This shows the immense potential for senior coliving spaces, especially when operators create a sense of community and belonging from the outset.
Similarly, Silver Spring has a list of 3,000-4,000 people interested in senior coliving. Their approach involves creating experiences that allow seniors to engage with the community before moving in, such as hosting paella parties and hiking trips. This strategy helps seniors build connections and trust, making them more likely to choose coliving as a housing option.
4. The Coliving Business Model: From Small Beginnings to Large-Scale Operations
For operators just starting out, one of the main challenges is how to grow from managing a small space, such as a single house, to scaling up to larger, more professional operations. This part of the discussion was particularly relevant to those considering the financial and logistical hurdles of expanding a coliving business.
Ajay, who manages a large coliving operation in India, shared his growth trajectory. He started with a small six-bedroom house and gradually expanded by adding more units. He emphasized that starting small, mastering the business model, and then scaling from there is a common path for coliving operators.
For those facing financial barriers, like Octavio, there are alternative ways to expand without owning property. One suggestion was to approach neighboring property owners and offer to manage their homes, creating a win-win scenario where the owner receives stable rent, and the operator builds a coliving community.
Yield on Cost: Carlos raised a question about yield on cost, which varies by country. In Spain, the yield is about 5-7%, while in India, it’s closer to 8.5%. The U.S. and U.K. have similar yields, ranging from 4-6%, depending on the region. Understanding these financial metrics is essential for both operators and investors, as they guide the long-term profitability of a coliving venture.
5. Rebranding Coliving: A New Name and a Star Rating System?
As coliving continues to grow, some operators are considering whether the term “coliving” still accurately describes the variety of models in the market. Ajay raised the question of coining a new name for coliving, as the term is sometimes associated with shared housing or student dorms, which may not reflect the upscale, community-driven models that many operators aim to create.
Mayank proposed the idea of creating a star rating system similar to that used in the hotel industry. This system would standardize coliving spaces based on factors such as community engagement, customer feedback, amenities, and operational excellence. Such a system could help differentiate coliving spaces and set expectations for residents across different types of coliving setups.
6. Moving Forward: The Future of Coliving
As the session wrapped up, participants discussed future trends and challenges in the coliving industry. There was a consensus that coliving is evolving, with new models emerging to meet the needs of different demographics, including seniors, families, and professionals.
The conversation also highlighted the importance of innovation and adaptability in the coliving market. Whether it’s through community curation, effective marketing strategies, or expanding business models, operators need to stay agile to meet the growing demand for coliving spaces.
Finally, the session closed with an invitation to continue these discussions in a WhatsApp community created for coliving stakeholders. This ongoing conversation aims to share resources, insights, and strategies for all those involved in the coliving ecosystem.
By focusing on key takeaways from this session, this blog offers a detailed overview of the current state of coliving, along with practical advice for operators. From community curation to marketing and senior living strategies, these insights provide a roadmap for success in the ever-growing coliving industry.