Is it time to rethink your HMO business? New research shows that home sharing is growing as a lifestyle choice among older adults, with one in three people over 55 saying that they are considering having a housemate in later life.
The reasons for this seem to be many and varied, ranging from simply saving money and costs of accommodation, to avoiding loneliness and sharing hobbies. Nearly a third of over 55-year-olds said they would be open to moving in with a friend in retirement, many adding that they would rather live with friends than with family. A small but significant percentage would even consider moving in with complete strangers in the more traditional ‘HMO’ setting.
The property management service provider, FirstPort, which commissioned the recent research, said that they had seen a 27 per cent increase in enquiries for independent-living retirement developments from people wanting specifically to live with – or be near to – their friends.
In addition, according to the research, 12 per cent of older adults questioned, said the pandemic had changed their attitude towards communal living. However, for most questioned, it was financial fears that remained their biggest concern.
Other reasons cited for choosing co-living options were:
- Company (40%)
- Safety (25%)
- To have fun (20%)
- Enjoy shared hobbies and interests together (17%)
- Sharing household chores and admin (15%)
So, with this in mind, perhaps as investors and property managers we need to rethink how we set up and manage our HMOs to better cater for the older adult market?
