[Press Release] Millennials who value experiences over things prefer Coliving

–      D&D Property Management Inc. Issues Coliving Market Report in Korea

–      In Lonely and Contact-free Era, One-person Households Turn to Coliving Despite Being Further Out

–      Market to Grow more than Threefold to 67,000 Units in 2024 Propelled by Customers’ Needs

 

Real estate management company, D&D Property Management Inc. (DDP), SK D&D’s operation & management company, issued the “Coliving 2020 Trend Report.”

 

The report offers insights into the general Korean housing market trend and changing customers, exploring a variety of areas including new technological advances, solutions, and contents related to the residential real estate market.

 

Koreans Millennials Opt for Coliving Despite Distance, Longing for New “Experiences”

The report finds that Koreans aged between 25 and 35 (“Generation 2535”) make up the majority of the main consumer base, accounting for 70% of the total coliving residents. The so-called “Generation 2535” willing to spend a fairly large sum of money on them following careful considerations, showed a similar tendency in choosing homes. 35% of coliving residents chose to move into coliving arrangements despite longer commutes, and 74% among them attributed their relocation to their desire for “a new living environment and lifestyle.”

 

The Rise of Single-person households & Contact-free Interaction Boosts Demand for Sharing & Interaction

“65% of millennials always or often feel lonely,” says the report. The figure is higher for millennials compared to other age groups. “Loneliness” and “Anxiety” are common issues facing increasing one-person households as well as for millennials, and they are expected to be aggravated due to a decline in outdoor activities, face-to-face interactions amid COVID-19. The report points out that renters look to coliving as a solution to these problems. To meet the expectations of these potential renters, many coliving operators are making whole-hearted efforts by holding community-focused online/offline events, offering a wide spectrum of concierge services, and actively providing guidelines on hygiene and emergency.

 

Sharing Common Areas Leads to Larger Living Space for Coliving Residents

Coliving arrangements can meet the demand of “Generation 2535”, looking for spacious places with their limited budget. Washing machines, storages, and kitchens which would otherwise render living space cramped can all be shared in communal areas while recreational amenities including a lounge, gym, and a rooftop garden are also offered on-site. In coliving arrangements, therefore, living space per person can increase by up to 25%. It is good value for money: greater efficiency for the same amount of money spent.

 

The report highlights that in the post-pandemic world, “growth” enabled by “co-existence” and “interaction” with local communities lies at the heart of coliving. In the past, home simply provided “rest and safety” as a shelter; however, it will evolve into a platform for “growth” which ensures economic/social “production and consumption” and most importantly, connection among time, space, and people.

 

In Korea, numerous companies including SK D&D are investing in coliving development. The supply of 21,371 units in 2020 is projected to increase more than threefold to 67,891 in 2024. SK D&D, one of the leading companies, made its entry into the coliving market in earnest by launching a branded residence “episode (epsd.co.kr)” in January, which reflects the lifestyle of millennials. SKD&D opened “episode Seongsu 101 (89 units)” in January and “episode 121 (112 units)” in July, providing a wide range of social events and concierge services on-site. Currently, 2,500 more units of “episodes” in the main areas of Seoul including Shinchon, Seocho, and Suyu are under development.

 

DDP, a real estate management company under SK Group is in charge of operation and management of residential real estate including “Episodes” of SK D&D. DDP, as a dominant player in the coliving industry, will continue to issue reports on coliving market trends. A request for a copy of the full report “Coliving 2020 Trend Report” can be made on www.dndproperty.com.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Top 5 NFT Scam

Top 5 NFT Scam

From art pieces like EVERYDAYS: THE FIRST 5000 DAYS by Mike Winkelmann to cryptopunks and memes like Side-eyeing Chloe, the popularity of Non-Fungible Tokens (NFT) has been on the uptick. They have also been blowing up in value in 2021. NFT sale volumes have surged eightfold, reaching US$10.7 billion in the third quarter of 2021.

What Brands Must Know About China’s Evolving Millennial Buyers

What Brands Must Know About China’s Evolving Millennial Buyers

Earlier this year, climate activist Greta Thunberg called out fast fashion consumers during an interview with a fashion magazine. She said, “If you are buying fast fashion, then you are contributing to that industry and encouraging them to expand and encouraging them to continue their harmful process.”

What Is Femtech and Are Femtech Companies on the Rise

What Is Femtech and Are Femtech Companies on the Rise?

Women’s needs have been largely neglected for years. They get fewer job opportunities, excessive household work, subpar pay and little healthcare attention. Well, no more. The rise of FemTech startups (largely women-run) is changing the healthcare landscape for women. As per a report by CBInsights, FemTech will be worth US$50 billion by 2025. So, what is FemTech, and how can you get started?

Workplace

The Power of Introverts at the Workplace

Psychologist Carl Jung describes introverts as people whose interests are directed inwards and towards their own thoughts or feelings. They typically struggle to adjust to social settings and are perceived as being reserved. Thus, at a workplace, the introvert might come across as a quiet or unsociable person and end up unnoticed, no matter how big their contributions might be.