The Generation Y and Millennial Response to Coliving
As we enter a period of vast redefinition in technology and industry, the presence of Generation Y/Millennials in the workforce has remained a constant stream of power. This decade of individuals, born in the 1980s-1990s (although the specific dates vary), are frequently situated at the forefront of professional success. They exhibit a firm grasp on what it means to thrive and innovate in a shifting society, especially when it comes to paving the way for new entrepreneurial advancements.
However, less attention is given to how this group tends to operate in their personal life. What do they find most important? What are their aspirations? What do they want out of a home and relationship? We’re about to explore these trends and find out how they tie into the coliving movement.
In many ways, Generation Y is reimagining what a full life means. Gone is the large-scale desire to marry young and start a huge family -- instead, they exhibit a yearning for self-sufficiency, imagination, and experiences.
This means that Gen Y and Millennials aim to travel and rotate their location constantly, trading routine for adventure. Not only are trips taken more frequently by these individuals, but also for longer periods of time, which means that alternative residence options such as coliving become ideal preferences to suit this exploratory lifestyle.
However, this is not to say that relationships aren’t valued. In fact, Gen Y/Millennials show an increasing propensity to live with others, recognizing the value of interactions and connections that come alongside it. In fact, the rate of this generation living with housemates has gone up by 39% from 2005 to 2015 -- and this isn’t just a response to the cost of living. For this group, coliving provides a viable way to accommodate independence while retaining bonds with others.
With the tendency for Gen Y/Millennials to pursue varied career options aside from a typical 9-5, their idea of work has also shifted. Among pioneering their own businesses and operating within a freelance economy, the value of contacts and surroundings has taken first priority.
What does this mean for a home? It tells us that this group realizes how much potential a space can hold. Working from home, brainstorming with fellow entrepreneurs, and accessing advanced resources are all elements that no longer need to be found outside the house, and this generation is taking advantage of it.
It’s clear that the Gen Y and Millennial crowd has shaken up the traditional format of life’s trajectory for the better. With the ability to construct their own definition of happiness, seek more gratifying modes of play and travel, and maintain attention to personal relationships, coliving offers these individuals a way to thrive to the fullest extent. As coliving continues to gain traction, it will be fascinating to see how the future of this process takes hold.