Real Estate Investor Magazine South Africa March/April 2020 | Page 25

I
t’s quite obvious that young people often enjoy the
financial benefits that come with sharing the rent and
space in bigger and fancy apartments more than anything
when it comes to co-living.
Signing up for a bond and making a purchase on a sizable
house in the suburbs is no longer considered an entry into
adulthood. As a number of young professionals migrate to
urban hubs and city centres, many are choosing to live a
simpler life in the form of shared housing.
According to entrepreneur and property investor, Grant
Smee, housing cooperatives or co-living, multi-purpose
developments and micro living are global trends that South
Africans are now enjoying as real estate companies and
property investors capitalize on the opportunity.
“The urban dictionary
describes co-living as ‘shared-
housing designed to support
a purpose-driven life.”
As many young South Africans continue to enter the skilled
labour market and seek to move out of their family homes,
they are met with a demographic-specific property shortage.
“Young professionals are driving the affordable housing
market nationwide, and due to their preference for ‘lock-up-
and-go’ units, they are the property developers dream,” Smee
said.
According to the 2019 Deloitte Global Millennial Survey,
57% of the people surveyed said that travel and seeing the
world was at the top of their priority list, while less than half of
them wanted be homeowners.
Co-working & co-living
The Urban Dictionary describes co-living as ‘shared-housing
designed to support a purpose-driven life. A modern, urban
lifestyle that values openness, sharing, and collaboration.
“Many nomadic professionals have embraced co-working in
rental office spaces and the concept of co-living and sharing
has quickly evolved from this. This form of living and working
has made it possible for people to travel, live and work in a way
that is more affordable,” says Smee.
Differences and benefits
For many the priority doesn’t lie in the space they live and work
in but more in living and working together with like-minded
individuals on the same property.
“The migration to be closer to urban hubs also provides
economic benefits such as cutting transport and living costs,”
He said.
Businesses like Cape Town Cribs offer co-living houses
which brings with it its own sustainable lifestyle through the
sharing of and efficient use of resources and space.
“Co-living can consist of residents who rent beautifully
furnished private bedrooms and sometimes a bathroom but
share kitchens and other rooms and amenities,” Smee explains.
The all-rounder multi-purpose development
People living in multi-purpose developments have everything
they need within walking distance. These developments
provide residents living areas that are integrated with their
work, home, shopping, transportation and green spaces.
“With the rapid expansion in urban centres, new solutions
bring rise to space-saving building concepts. City planners
are no longer able to design a stand-alone office or residential
building which makes multi-purpose developments a
welcomed solution,” says Smee.
HOMii Lifestyle recently launched a fully-fledged multi-
purpose development in Fox Street, Johannesburg and is
currently completing a building in Dr Pixley Kaseme (West)
Street in Durban.
“The development provides tenants with the opportunity
to network and collaborate with like-minded people. It offers
them rental flexibility and cost effectiveness as the place is fully
furnished. It is secure and comes with free WiFi,” Smee adds.
All about the location in micro-living
Micro-living apartments accommodate residents whose
priority is the location above space and square meterage.
It’s generally in close proximity to the city centre and is close
enough to walk, bike or rely on public transport.
“A micro-apartment usually has one bedroom, one
bathroom and has space-saving features which encourage
minimalist living,” He said.
Cape Town will soon receive a new micro-living apartment
development. The development will offer different apartment
types and feature communal recreational spaces, shops, a
food court, laundromat, heated swimming pool and more. It
will have a new conceptual design known as integrated living
solutions.
These concepts are massively impacting the real estate
sector, and greatly assist in the improvement of lives of the
people. They aid competition amongst property developers, as
co-living and co-working spaces are becoming widespread in
the sector. This is business! The constant relocations from one
development to high quality co-living and co-working spaces
as a result of low-quality residences is harmful to business for
developers. The competition results in the creation of high-
quality residences for everyone. The invention of co-working
and living spaces inversely adds onto the improvement of the
sector in general.
SA Real Estate Investor Magazine MARCH/APRIL 2020
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