Catering For Millennials' Residential Needs

What is co-living and why is it attractive to those born after the early 1980s?

- Glenneis Kriel

Millennials in expensive cities, such as New York, London and Hong Kong, have modernised the concept of house sharing into a new trend called co-living, taking non-exiting, unfinished house sharing to upscale, fully furnished hotel-sized living spaces with shared amenities.

After seeing some co-living spaces during a visit to Amsterdam, Hein Ehlers, the CEO of Devmark Property Group, decided to launch a similar development in South Africa.

“Ehlers realised the solution not only rendered housing more affordable to buy and rent, but also addressed millennials’ sense of community, which is enjoying an even higher premium now because of the isolation experienced during the Covid-19 lockdown,” says Dejane Steyl, head of marketing at Devmark Property Group.

The name YUCO was chosen for the development, as acronym for “your urban co-living space.”