In the fifth instalment of our 6-part Coliving Blog Series, we dive into senior coliving and how shared living is a concept for all ages.
We've partnered up with one of the leading coliving consultants to launch a six-part monthly blog post series. In the fifth instalment of our 6-part Coliving Blog Series, we dive into senior coliving and how shared living is a concept for all ages. Different from assisted living, senior coliving offers a solution for those who want to live an independent yet community-driven life as they age.
SALTO has been in the business of smart locks for 20 years, and we’re continually evolving to meet the needs of our clients. We believe that by understanding our users, along with the changing demographics, we can provide the best solution.
Today, our expert coliving consultant and Community Experience Specialist Leah Ziliak shares how the coliving demographic is shifting below:
When you think about the term ‘shared housing’ what image comes to mind? If you’re picturing a space full of budget-conscious millennials, you’re not the only one. Search 'coliving' and you'll likely see a thousand images of 20-somethings working from laptops amongst trendy decor.
And that’s all well and good. Millennials are a great demographic for this new type of housing sector. But they’re definitely not the only demographic.
As a consultant in the coliving industry, I find there are a lot of misconceptions when it comes to coliving. People assume that shared living is only for the young…and only for those looking to save some cash. Today, we’re going to look at coliving from a different perspective.
Remember the TV sitcom, ‘Friends’? Rachel, Ross, and the crew showed the world that living across the hall from your closest friends could be a pretty ideal scenario. But, let’s not forget, long before ‘Friends,’ we had ‘The Golden Girls’ demonstrating that aging with your friends could be pretty sweet too.
The need for a community doesn't end when you hit 30. Who's to say you can't live with an engaging group of friends well into your senior years? Coliving for seniors is of growing interest, and I believe it’s the perfect housing option for many who are looking for a sense of community as they age. And, apparently, I’m not the only one.
What is Coliving for seniors?
Let’s recap for a moment. What exactly is coliving, anyway? Coliving is one of the biggest trends in real estate at the moment. Offering a sense of community, flexibility, quality design, engaging communal spaces, and a host of extra perks and amenities, coliving enables people to live a more connected lifestyle.
Not only is coliving great for millennials, but it’s also an obvious solution to the growing need for community-based senior living. Coliving is the future of senior housing. And here’s why:
Cost of Senior Living:
The cost of senior housing has skyrocketed over the years. According to Genworth Financial, the average cost of assisted living in the United States alone is $4,500. However, average pricing varies greatly from state to state. For example, in parts of the Northeast, the average monthly cost is over $7,000 per month.
$7,000 per month! A person could live at a resort for those prices. And, in fact, some do.
For several years I worked onboard cruise ships, and I was amazed to discover that there were quite a few ‘regular’ guests in their 60s and 70s who had given up their homes to live full-time onboard cruise ships.
Why?
Apart from the obvious perks of travel and relaxation, it was actually cheaper for them to live onboard a floating resort than it was to move into an independent living community in the U.S. And, with food and entertainment provided, along with a sense of camaraderie with fellow guests and crew, why wouldn't you?
While living on the high seas isn’t the best fit for many, the point is boomers are looking for alternative living solutions. And many seniors do not have the kind of funds to afford many of the assisted/independent living communities that currently exist.
Loneliness in seniors
When it comes to living scenarios, apart from affordability, one of the biggest struggles we face as we age is loneliness. According to the CDC, nearly one-fourth of adults 65+ are considered to be socially isolated.
The impact that loneliness has on our well-being is tremendous. Social isolation increases a person's risk of premature death in staggering ways, rivaling the statistics of smoking, obesity, and physical inactivity. A person who is socially isolated also has a 50% increased risk of dementia.
Having social connections and a sense of community not only helps us to lead happier lives, but it also helps us have healthier, longer lives as well.
Benefits of shared housing for seniors
There are many different types of coliving that exist for all ages and all demographics; there are options for student coliving, digital nomad coliving, luxury coliving, health and wellness-based coliving, and many more.
And while the entire shared living industry is already talking about senior coliving, there honestly aren’t as many senior projects as you’d expect to see…yet. But, I predict that coliving for the 60+ demographic will be one of the biggest segments of an already rapidly growing industry. In part because it’s greatly needed, but also because there are just too many benefits to ignore.
Community/Events
Another one of the many perks of living with a group of like-minded people is the sense of community that comes along with it. Coliving spaces are designed to engage residents and create an environment where members feel at home.
Unfortunately, senior living facilities often get stuck with a bad reputation. That’s because many people still have an outdated view of what community living for retirees can look like. (Secret: there’s much more to the senior living experience than afternoon bingo and shuffleboard.)
With coliving, events are about more than simply entertaining residents, it’s about building a sense of belonging and shared purpose. Activities are often community-led and enable a much more modern, expansive experience. Think skill shares, volunteer opportunities, language courses, happy hours, dinner parties, tech classes, and afternoon sports. (Pickleball, anyone?)
Coliving is the modern solution to senior living that many are looking for. At SALTO, we strongly believe in the power of bringing people together. Community is the key.
Affordability
Not only does senior coliving give residents an affordable option, but it also enables them to have access to higher quality spaces that their budget might not have allowed for otherwise.
For example, a person might not have been able to afford a pool or daily yoga classes on their own, but as a community, they can benefit from sharing these resources. From electric bicycles and a communal garden to weekly housekeeping and cinema rooms, residents have access to higher quality and more choices when it comes to spaces and amenities, leading to a higher quality of life overall.
Another area where affordability comes into play is in terms of shared care costs. For example, the cost of a caregiver could be split amongst the residents. A particular resident might not need a full-time helper on their own, but they might benefit from assistance with chores every once in a while or help with basic medical care.
Opportunities like this make it easier for a person to live independently as they grow older instead of moving into a more costly assisted living facility. Sometimes, an occasional helping hand makes all the difference.
Ease of Use
Ease of use is a massive benefit for seniors within coliving spaces. From an operator's point of view, management of shared spaces can be made even easier by utilizing access control systems. Offering safe, instant access with keyless entry not only enables a seamless experience, but also gives residents peace of mind.
Implementing tech also opens up a variety of options to enable more personalized perks for users. For example, some spaces offer on-demand concierge services via an app, so users can choose which amenities they’d like to add to the living experience. From food delivery and housekeeping to transportation and prescription delivery services, residents can easily select the solution that works best for them.
For operators, this opens up opportunities to offer premium services for its members. Residents have more choices, along with a more personalized ala carte experience, while providers have the potential for additional revenue streams.
Learning Opportunities
Coliving spaces often offer a variety of learning opportunities, from skill shares to actual courses. Many spaces have an emphasis on continued personal and professional growth. The desire to learn and experience new things doesn’t leave as we grow older.
I recently read about a project at Arizona State University called Mirabella. The university created a senior living community on campus, calling it ‘the world’s coolest dorm.’ Residents have access to college courses, amenities, and activities and are invited to participate in student mentor programs. Some senior residents even conduct guest lectures and act as adjunct professors, while others volunteer with their favorite sports teams.
While a lot of these programs come with a high price tag, these university-inspired retirement communities demonstrate the value that many seniors place on continued learning and being part of a larger community. Mirabella sold out of every single unit more than a year before the project was even completed. The demand is there.
Senior coliving spaces can provide learning opportunities both on-site as well as through partnerships with local businesses and organizations. As demonstrated at Mirabella, the opportunities that exist through multi-generational learning experiences are vast.
Staying Healthy
An emphasis on health and wellness is a key component of most coliving spaces, and it becomes an even bigger aspect of senior living. By focusing on actively maintaining and improving the health of its residents, seniors are able to live independently for longer.
Many coliving spaces have fitness centers or classes, as well as mental well-being programs. For example, Gravity Coliving in London offers physical training sessions and nutrition masterclasses, as well as access to mental health services through their community app.
The same concepts and opportunities that we’re seeing in millennial-focused coliving can be easily adapted for senior coliving as well.
Safety/Tech
Coliving offers a sense of safety and security for its residents. In many spaces, you’ll find 24/7 CCTV, a security team, along with smart lock systems for safe, easy access. Senior coliving projects also often have convenient access to hospitals, on-call doctors, and specific safety protocols in place.
Many spaces place emphasis on technology, making sure residents are able to stay up-to-date and informed. Whether that’s teaching members basics like how to video chat or utilize voice assistance or offering more advanced classes to further their education. The modern senior is tech-savvy and connected, and coliving spaces are helping them stay that way.
SALTO understands the importance of providing safe and convenient tech solutions to users. By implementing tech solutions that make life easier for its residents, operators can increase retention rates and help members live independently longer. Tech solutions enable coliving operators to modernize and rethink spaces to create a more user-friendly living experience all around.
The Future of home sharing for seniors
In the United States, where 10,000 people turn 65 every single day, the need for senior living solutions is becoming even more critical. But Americans aren’t alone in this issue. At 19%, Europe has the highest proportion of the elderly population in the world. Community-focused shared living for seniors is a strong trend that is taking place all over the world.
With senior coliving being such a solid solution for aging adults, why aren’t there more options available in this sector? In my opinion, it’s only a matter of time before we see an influx of these kinds of projects. Coliving is still a developing real estate asset class, and as the industry expands, so will the key demographic. I believe that senior coliving is set to make waves sooner rather than later in the real estate industry.
Wishful thinking? Perhaps a little. All I know is that when I’m of retirement age, I want to live in a supportive community that prioritizes connection, and experiences and encourages growth in all areas. And, there are millions of others around the world who are of the same thought.
For the young and the young at heart, coliving is the answer.
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Keep an eye out for the final of our Coliving Series which will focus on coliving 2023 and where the industry is heading to. For more information on how you can offer your residents a seamless customer experience, contact our team of experts here.
