Flexible weekly co-living rentals appeal to a variety of people. Hospitality workers, students, or people looking to build credit quickly look to PadSplit for affordable rooms paid by the week. Another group coliving appeals to has been growing rapidly since the pandemic – digital nomads or remote workers.
Many remote workers have decided to use their ability to work from anywhere to explore new cities. Co-living spaces in great neighborhoods of new cities appeal to this group.
Provide flexible rentals for the growing number of remote workers
According to the U.S. Census Bureau, the number of people working from home tripled between 2019 and 2021. This statistic shows the pandemic’s effect on everyday working conditions and the start of a more significant digital nomad movement.
With over 27.6 million people and growing working remotely, the digital nomad culture has been expanding. A flexible weekly rental that caters to these and other individuals can give property owners a higher return on their investment properties.
Earn higher ROI with properties converted to co-living spaces
Why does this new group of digital nomads matter to rental property owners? This growing group of individuals wants something other than long-term rentals.
Digital nomads wish to explore flexible, affordable rentals in convenient city locations. This is precisely what co-living conversions of single-family homes create. Rental property owners benefit by earning higher returns on their spaces expanded to accommodate the need for flexible, affordable rooms.
Extra bedrooms and good wifi for a successful rental
Having good wifi in your coliving rental property is essential to tap into this growing market. Other members, like hospitality workers and students, will also appreciate a good internet connection.
While stable wifi and simple conveniences will keep remote workers and students happy, the extra bedrooms will give property owners higher ROI. PadSplit can help rental property owners with many tips on optimizing their real estate investment for maximum returns and greater member happiness.
Maintain low vacancy rates in your new co-living rental
With the growth of traveling remote workers adding to the current need for coliving spaces PadSplit host’s vacancy costs are reduced. With the increased occupancy rates in a coliving space that provides additional bedrooms in your rental property, PadSplit hosts earned 100%+ better returns.
You can use our calculator to see how much your property could make as a coliving space. While PadSplit offers flexible weekly rentals, the average tenure is eight months across all of our homes. If you want to learn more or become a host, contact PadSplit.