Are Different Living Concepts Really That Different?
Explore the similarities between co-living, student living, and senior living, and discover why they aren't as different as they seem. Learn how property operators can capitalize on shared trends to unlock growth opportunities.
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INTRODUCTION
As cities grow and lifestyles change, innovative housing options are booming. Co-living, student living, and senior living are in high demand, transforming shared and purpose-built housing. While these options target different groups, they share common features, creating exciting opportunities for property operators to meet rising demand with fresh ideas.
The Growth of Co-Living, Student Living, and Senior Living
The rise of these living concepts is driven by economic, social, and demographic trends.
📈 Co-living has seen explosive growth, particularly among young professionals and digital nomads seeking community and flexibility. Investments in this sector increased, with a 40% average increase in Europe between 2015 and 2024.
📈 Student living, particularly within the Purpose-Built Student Accommodation (PBSA) sector, continues to thrive. In 2024, Europe's student accommodation market generated approximately €2.75 billion in revenue, with projections indicating growth to €3.99 billion by 2030. This reflects a compound annual growth rate (CAGR) of 5.5% from 2024 to 2030.This growth is driven by increasing student enrollments and a significant undersupply of student housing, with a current shortage of 3 million beds across Europe, expected to rise to 3.2 million over the next five years
📈 The senior living sector is experiencing significant growth due to the global increase in the aging population. By 2030, it's projected that 1 in 6 people worldwide will be aged 60 years or over. This demographic shift underscores the expanding market for housing solutions that offer safety, amenities, and an active lifestyle tailored to retirees and older adults.
Key Differences
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Key Similarities
Co-living, student living, and senior living cater to unique demographic groups, yet they share core elements that address all three living concepts:
Managing Tenant Relationships
Building strong tenant relationships is a cornerstone of success. Despite their differing resident demographics, all three housing concepts rely on clear communication, trust, and personalized services to meet tenant needs and foster satisfaction. Operators who excel in managing these relationships can significantly improve retention rates and enhance the resident experience.
Co-living operators build communities by organizing shared experiences that cater to the lifestyle of young professionals and digital nomads. In student living, property managers or resident assistants provide a similar bridge, offering guidance and creating a supportive environment to ease the pressures of academic life. Senior living operators emphasize consistent, clear communication about services and social programming, building a foundation of trust and care that mirrors the frameworks seen in co-living and student housing.
Offering Flexible Living Solutions
Flexibility in living arrangements is a growing priority, driven by the diverse and dynamic needs of modern tenants. While each sector tailors its offerings to its demographic, the shared emphasis on flexible lease terms and living options creates a unified focus.
In co-living, flexibility is a defining feature, with operators offering short-term and long-term leases. This adaptability is also becoming increasingly important in student living. Traditionally tied to academic calendars, student housing has evolved to include shorter leases for exchange students, summer programs, and internships, borrowing from the co-living model to better align with students' changing schedules and opportunities.
Similarly, senior living is embracing flexibility by introducing short-term care, giving residents a chance to explore their options before committing to long-term arrangements. Many senior communities also provide seamless transitions from independent to assisted living within the same facility.
Across these sectors, the ability to adapt lease terms and living options reflects a shared understanding of modern lifestyles. Operators who prioritize flexibility not only meet the diverse needs of their residents but also position themselves as responsive, forward-thinking providers.
Automating Operational Processes
Efficiency is a cornerstone of managing large-scale living communities, and automation plays a pivotal role in optimizing operations. By streamlining processes, reducing costs, and improving service quality, automation enhances the tenant experience while allowing operators to focus on delivering personalized services.
In all living sectors, automation simplifies everyday tasks like lease management, payment collection, and maintenance requests. Resident apps serve as central hubs, enabling tenants to book amenities, RSVP to events, or submit support tickets with ease. This level of convenience ensures that the spaces can meet the fast-paced lifestyles of young professionals, students and seniors.
How Property Operators Can Leverage These Similarities
All these similarities create valuable opportunities for property operators. Processes from one niche are increasingly being used in others.
In co-living, tenant experience is a top priority. That’s why an automated booking process and a tenant app are so popular there. This improves the experience by making it easy to book, manage leases, and handle maintenance requests. We’re noticing a growing trend among our student living customers, who are now also offering a fully online booking process and a tenant app to their students.
Also, a distinctive feature of senior living is the ability to request various ad-hoc services, such as grocery delivery, which are not included in the rent or contract but can be added during the rental period. While co-living and student living often operate on more all-inclusive rental models, this senior living approach can serve as an effective upselling strategy.
Student living traditionally required a minimum stay of one year. However, short-term leases, a concept borrowed from co-living, are now becoming more common, particularly for exchange students. This trend is also emerging in senior living, where short stays are available for elders in need of temporary care.
As Powerhouse originates from the senior living sector and is now active in student living and co-living, it seamlessly integrates ad-hoc services, flexible leases, booking portal, and tenant app. This interconnected approach provides the flexibility needed to manage processes across these different niches effectively
CONCLUSION
The similarities between co-living, student living, and senior living reflect evolving tenant priorities: a desire for connection, flexibility, and efficiency. By focusing on managing tenant relationships, offering flexible living solutions, and automating operations, property operators can unlock growth opportunities and future-proof their business models. The challenge for operators lies not in deciding whether to adapt, but in determining how to seamlessly combine these shared elements to foster dynamic and sustainable communities.