A co-living space is an arrangement where many roommates live in one apartment with their own private bedrooms, while sharing common amenities like kitchen, washing machine, TV, etc. Co-living spaces are becoming increasingly popular among young tenants.
In 2020, Cushman and Wakefield published a report about co-living during COVID. In this report, they found that by the second quarter of 2020, there were about 8000 institutionally operated co-living beds in the US, with over 54,000 in inventory.
How does co-living work?
Co-living allows residents to live with a small group in a shared housing unit like apartments or houses. They share common spaces like the kitchen, living room, and sometimes bathrooms. These kinds of spaces are meant to bring people together while keeping social interactions going. Most importantly, the rent is cheaper than traditional apartments and houses.
Who uses co-living spaces?
People of many different backgrounds do! Digital nomads, young professionals, students… you name it! These digital nomads use this as a way to maintain their transient lifestyle while also staying in touch with the world around them. von Zumbusch (2020) studied the role of co-living spaces in maintaining well-being of digital nomads.
Students may use these spaces to reduce expenses while encouraging academic efforts and growth. New people to an area can also make great use of these spaces if they’re looking to build connections. Price-wise it’s more affordable to live here than renting out an entire apartment just for yourself!
Maintenance
Regular maintenance ensures that things keep running smoothly without too many complaints and disruptions.
Cleaning services
Kitchen and bathrooms get dirty fast because everyone is using them. So regular cleaning like vacuuming and mopping is necessary. Wiping surfaces with something like Clorox wipes works too. The main goal is that the tenants should know that you are putting effort to make their stay pleasant.
Repairs and maintenance
A couple broken appliances may not look like a big deal, but they disrupt tenants’ routine. Leaky faucets, blinking light bulbs, and moldy walls cannot be left unattended for long periods. Small structural issues, ignored in the long run, are inconvenient at best, and dangerous at worst.
Utilities management
Things like water, electricity, heating systems are critical components are inseparable parts of anyone’s daily routine. We need people watching usage, paying bills on time and fixing any issues immediately. Maintaining good connections with utility providers like government agencies, and emergency water suppliers, is critical for uninterrupted access to essential resources.
Outdoor space maintenance
Outdoor areas like courtyards, gardens and parking lots have to be maintained by mowing, weeding, watering plants and collecting garbage. The parking lot has to be swept and cleaned periodically. You will also have to clean up any snow and look any chairs and tables that are placed outside so that residents can enjoy being outdoors.
Proactive maintenance
Making A Schedule
A plan keeps everything in order. It makes sure things run smoothly when they should. With regular maintenance, you won’t have to pay for big repairs later on. So as a property manager running a co-living space, your job is going to be managing all sorts of tasks. Doing this will involve figuring out what needs maintenance first and how important it is compared to other jobs that need to be done.
Some tasks have to be done on a daily basis. Sweeping and mopping common areas, and taking care of emergencies- things breaking, leaking, getting stuck, etc. will be in your day-to-day schedule. There are some things that need to be done once a week, like inspections and minor repairs.
Monthly duties might include servicing machines or checking smoke detectors every so often depending on how old the building itself is. In the long run, you have to make sure that tenants are following certain rules about hygiene and maintenance. It will prevent the entry of insects and pests, which might cost you more, if not taken care of.
And then after a year you’d be into deep cleaning and renewing safety inspection licenses. Some preventive pest control procedure is also a good idea. The point is, a schedule and a calendar will help you organize and prioritize your tasks.
Regular inspections
Regularly monitoring things stops bad stuff before it happens and saves money. So why wait for something to go wrong when you can look at everything right now? Water pipes, gas pipes.. anything that brings stuff into the houses you should monitor regularly.
Whenever going through these inspections always keep eyes out for cleanliness, maintenance issues (if things are broken then fix them!), safety hazards (anything that might hurt someone needs to be removed), and any signs of damage or wear.
Each finding should be documented and prioritized depending on how urgent it is so that everyone else knows what jobs should come first – so then you can appoint your maintenance staff accordingly. By making rules like this we can ensure no resident will get hurt by poorly managed duties and keep things clean as long as there’s enough staff working.
Preventive maintenance
Most companies hire other people for routine cleaning. And while the average worker might come across a small problem like a faucet needing to get tightened, few would know how to fix an entire system if one part breaks. It’s important to take care of any cracks and gaps beforehand, so that you don’t have to deal with sudden, unexpected disasters.
So as long as there aren’t any holes or cracks, managers can live a peaceful life. Even though this doesn’t sound like much we all know you’re going to have days where your workers don’t fully screw caps on paint buckets.. yes… even our janitors make mistakes!
Educate every resident on what exactly they should be doing to maintain a co-living space. Sometimes they may be unintentionally damaging the property, through clogged sinks and toilets, forgetting to separate wet and dry garbage, throwing trash in the garden, etc. Your tenants will take time to get used to the rules of the co living properties in place, but eventually it should become a habit.
Emergency maintenance plans
Emergencies are scary, and most people avoid thinking about them. But having a safety protocol during emergencies will help you lessen the damages to your property.
Identify potential emergency scenarios that could happen like fires, floods, power outages, or medical emergencies. Develop a contact list of authorities related to those problems so everyone knows who to call when things go south.
You will also need to establish a communication plan. This plan should keep your residents informed during emergencies. It should also designate specific roles and responsibilities for property staff that will facilitate a coordinated response.
You will also want to regularly review and update the emergency maintenance protocol as needed. That way you can address changing circumstances, and ensure its effectiveness in safeguarding residents and property.
Smart devices
Smart tech saves time and reduces energy costs by automating climate control, lighting, and security systems. One example of this is smart thermostats which can regulate heating and cooling systems based on occupancy patterns to optimize energy usage while reducing utility costs.
Another example are smart lighting systems that save electricity and promote energy efficiency by automatically adjusting brightness levels and turning off lights in unoccupied areas.
Lastly, smart sensors detect leaks, temperature fluctuations or other issues in real-time so you can respond promptly to prevent potential damages.
Community engagement
Movie nights, game nights, or karaoke sessions provide opportunities for tenants to relax and bond over shared interests. Educational workshops or skill-sharing sessions on topics like cooking, gardening or DIY projects foster social interaction and a sense of community. By offering a diverse range of social events you create an inclusive environment where tenants feel connected and supported.
Managing a co-living space is hard. People from different backgrounds, with different habits and expectations, stay under one roof. There’s going to be some complaints, dissatisfaction and sourness. By reading this article, you have taken the first step to being a proactive property manager. We hope this article helped you understand what you can do to keep your tenants happy, in the short term and long term!
