Co-living: Is Shared Urban Living the Future?
In the ever-evolving landscape of urban living, co-living is emerging as a compelling solution for a generation seeking community and affordable housing options. This innovative approach to shared living goes beyond simply sharing walls; it fosters a sense of belonging and provides access to a range of amenities, appealing to a diverse group of individuals from all walks of life.
Riga,Latvia,is witnessing the rise of co-living with a recent 5.3 million euro loan granted by Bigbank to Lithuanian developer Kaita Group. This funding will fuel the construction of a new “Youston” co-living space in the heart of the city, following the success of similar projects in Prague and Vilnius. Kaita group’s total investment of 95 million euros across these initiatives underscores their confidence in the growing popularity of this model.
“Co-living might bring to mind images of dormitory-style living, but the concept is far more refined,” explains Mareks Grodskis, head of the corporate affairs department of the Latvian branch of Bigbank. “It’s based on the sharing economy approach – utilizing resources more efficiently and reducing the need for underutilized private spaces. The goal is to enhance the quality of life by offering shared living spaces that promote socialization and build a sense of community for people from around the globe.”
These future co-living spaces are more than just places to sleep. Residents will have access to a wide array of shared amenities like gyms, saunas, meditation rooms, cinemas, reading rooms, communal dining spaces, and even co-working solutions. Perhaps most alluring is the promise of a diverse and international community.Existing “Youston” projects already boast residents from dozens of different countries, creating vibrant and multicultural hubs.
The demand for this type of housing is especially high in cities like Riga,where overcrowding and skyrocketing rent prices are making traditional living options increasingly unaffordable. “The expansion of ‘Youston’ is driven by the success of similar rental projects in Vilnius and Prague, as well as a growing demand,” states Ugnius Latvis, CEO of Kaita Group.
London is also experiencing a surge in co-living projects, with predictions of a near-threefold increase in shared living spaces by 2025. “Co-housing projects in Western Europe have become a viable option in response to rapidly rising housing prices, especially in city centers,” notes Grodskis. “This makes attractive living arrangements accessible to both younger and older residents. It also provides a solution for the so-called digital nomads, who are often highly skilled professionals but frequently relocate.”
Latvis believes co-living spaces are increasingly appealing to younger generations. “In the past, property ownership was seen as a primary goal,” he observes. “Now,younger people are more open to choice living arrangements that offer adaptability,affordability,and a strong sense of community.”
Co-Living: Is This the Future of Urban Living?
The traditional concept of home ownership is evolving. While real estate remains a symbol of stability and success, a growing number of young adults, particularly those belonging to Gen Z, are embracing a lifestyle centered around experiences, flexibility, and a strong sense of community. They value freedom and the sharing economy over the commitment often associated with home ownership.
This shift in priorities is reflected in global demographics. Europe and the United States are witnessing a decline in the number of families with children, while the population of single adults is steadily increasing. This trend is particularly pronounced in major cities where co-living spaces offer a unique solution by providing not just shelter but also a platform for social connection.
According to reports, over 70% of shared accommodation residents in the UK fall within the 26 to 40 age range and often live independently. Co-living spaces combat loneliness and foster vibrant social environments,catering to this growing demographic. The rise of remote work and freelancing has further fueled the demand for flexible living arrangements.
Co-living spaces respond to this need by offering all-inclusive packages that combine residential living with co-working solutions. This appeals particularly to freelancers and remote workers who seek a comfortable workspace within a supportive community.
One company leading the way in this innovative housing model is Kaita group. With successful co-living developments across Europe, Kaita Group is now expanding its footprint into Riga, Latvia. This city, with its thriving tech scene and multicultural population, presents an ideal surroundings for co-living to flourish.
“Urbanization is driving a demand for innovative, efficient living solutions,” says Lukas Zilius, CEO of Kaita Group. “Co-living addresses several challenges faced by urban residents. firstly,it helps to alleviate pressure on housing markets by making better use of space. Secondly, it provides a sense of community that can often be lacking in big cities. Lastly, it caters to the needs of a new generation of professionals who value flexibility, sustainability, and social connections,” he explains.
Kaita Group recently secured a €5.3 million loan from bigbank to build a new co-living facility in Riga’s city center, a project called “Youston”.
The Rise of Co-Living: A Conversation with kaita Group
co-living, a concept that blends shared living spaces with a focus on community and flexibility, is rapidly gaining traction as an innovative solution to urban housing challenges. In this exclusive interview, we speak with Mr. Zilius from Kaita Group, a leading player in the co-living space, about the trends shaping this dynamic sector and its impact on the future of urban living.
Kaita Group’s upcoming Riga development promises a state-of-the-art co-living experience, featuring a mix of private bedrooms and thoughtfully designed shared spaces like kitchens, lounges, and workspaces. “We aim to create a vibrant community where residents can collaborate, socialize, and grow together,” shares Mr. Zilius, emphasizing the emphasis on fostering a sense of belonging within their co-living spaces. each development, he explains, is carefully tailored to reflect the unique character and charm of its local context, ensuring a truly immersive experience for residents.
Naturally, co-living raises questions about potential downsides, such as overcrowding and privacy concerns. Mr. Zilius acknowledges these concerns, stating, “Overcrowding is not a concern for us as our designs ensure each resident has ample personal space. Moreover, we beleive co-living is about respect for one another and finding a balance between communal and private spaces.” Kaita Group thoughtfully designs their spaces to facilitate both social interaction and individual privacy, ensuring residents feel comfortable and secure within their shared living environment.
Looking ahead, Mr. Zilius is optimistic about the future of co-living, stating, “I believe co-living is here to stay.It’s not just a trend; it’s a response to real urban challenges and a reflection of changing social dynamics.” As urbanization continues, the demand for innovative and efficient housing solutions will increase. Mr. Zilius sees co-living as well-positioned to become a key player in shaping the future of urban living, offering a blend of community, sustainability, and flexibility that appeals to a growing number of individuals.
How does the co-living concept address the challenges of affordability and overcrowding in cities like Riga?
Archyde: A Conversation on Co-Living with Ugnius Latvis,CEO of Kaita Group
Hello everyone,today we have a fascinating discussion on the future of urban living with Ugnius Latvis,the CEO of Kaita Group. Welcome, Ugnius!
Ugnius Latvis: Thank you for having me. I’m excited to talk about co-living and how it’s transforming urban living spaces.
Archyde: to start, can you give our readers a brief overview of Kaita Group and its involvement in the co-living sphere?
Ugnius Latvis: Of course.Kaita Group is a real estate developer with a focus on innovative living solutions. We’ve been active in the co-living scene for several years now, with prosperous projects in cities like Vilnius, Prague, and now Riga. Our flagship brand, “Youston”, combines stylish, comfortable living spaces with a wide range of amenities and a strong sense of community.
Archyde: Your latest project is a €5.3 million loan from Bigbank for a new co-living space in Riga. What makes Riga an ideal city for co-living?
Ugnius Latvis: Riga is an exciting city with a thriving tech scene and a diverse, multicultural population. It’s also facing challenges like overcrowding and high rent prices, making customary living options increasingly unaffordable. co-living provides a solution to these issues, offering affordable, community-focused housing that caters to a wide range of residents.
Archyde: co-living spaces are more then just places to sleep. Can you tell us about the amenities and community aspects that make “Youston” projects stand out?
Ugnius Latvis: Absolutely. Our co-living spaces offer a range of shared amenities, from gyms and saunas to co-working solutions and communal dining spaces. But what truly sets us apart is the community we foster. We’ve created vibrant, multicultural hubs where people from all over the globe can connect, socialize, andSupport each other. Our existing “Youston” projects already boast residents from dozens of different countries.
Archyde: Who do you see as the primary target audience for co-living spaces?
Ugnius Latvis: Our target audience is broad and diverse. Co-living appeals to young professionals, freelancers, and digital nomads seeking affordable, flexible housing options. It also caters to students and young families who want to be part of a dynamic community. The common thread is a desire for affordability,adaptability,and a strong sense of community.
Archyde: There’s been a notable shift in attitudes towards home ownership, particularly among younger generations. How do you think co-living aligns with this change in mindset?
Ugnius Latvis: You’re absolutely right. Younger generations are increasingly open to choice living arrangements that prioritize experiences, adaptability, and community over traditional home ownership. Co-living caters to this shift by offering affordable, adaptable living spaces that foster a strong sense of community and encourage social connection.
Archyde: Looking ahead, what role do you see co-living playing in the future of urban development?
Ugnius Latvis: I believe co-living will play a significant role in shaping the future of urban development. It addresses several challenges faced by urban residents,from affordability and overcrowding to loneliness and isolation. As cities continue to grow and evolve, innovative, efficient living solutions like co-living will become increasingly important.
Archyde: Ugnius, thank you so much for joining us today and sharing your insights on co-living. We look forward to seeing more “Youston” projects pop up in cities across Europe!
Ugnius Latvis: Thank you.It’s been a pleasure. we’re excited to continue expanding and bringing the benefits of co-living to more urban residents.
