Flexible rentals, flexible living ‘flex’
Flexible living, or “flex”, is a modern housing and lifestyle concept that emphasises adaptability and customisation to meet the changing needs and preferences of individuals. The idea is to provide versatile living spaces that allow residents to customise their homes and amenities as required, whether it be for personal, professional, or financial reasons.
Examples of flexible living preferences include short-term leases, co-living spaces, shared living arrangements, and flexible rental agreements.This concept particularly caters to the needs of younger demographics who value mobility and flexibility in their lifestyles and are less inclined to pursue traditional home ownership.
Many forward-thinking developers and operators are embracing a new approach to housing by creating blended communities that combine shorter-term, more flexible rental models with more traditional, longer-term leases. This strategy allows for more resilient portfolios, operators can access various rental demand channels and enhance asset performance through optimal utilisation and reduce the risk of over dependence on a single source of income. Essentially, it diversifies revenue streams and maximises profitability that additionally adapts to an emerging demographic of residents who prioritise choice and flexibility over being bound to rigid long-term leases.
This concept, along with all its many nuances, is more holistically referred to as “Flexible Living” and is primarily applied to institutionally-owned apartment buildings. It typically encompasses a range of features, including short-term lease options, shared living spaces, and versatile apartment layouts that can be customised to suit residents’ changing needs and lifestyles.
By incorporating Flexible Living into their portfolios, companies and investors can better engage and convert renters by offering them greater choice and flexibility, as well as attracting a new generation who prioritise mobility and flexibility in their lives. This approach also allows operators to adapt quickly to market changes, resulting in more resilient and adaptable housing portfolios that can better withstand economic uncertainties.
Greystar launched Be Casa in Spain in 2022 as a new concept of hybrid and accessible ‘flex’ accommodation. Be Casa offers innovative and professionally managed quality accommodation that responds to the new demands of the population, with more than 2,500 fully furnished units offering short-term leases, shared living spaces, and community amenities such as fitness centres, co-working spaces, and outdoor areas. Greystar Be Casa aims to provide residents with a high-quality living experience that adjusts to their changing needs and preferences.
Overall, the trend towards flexible living represents a significant shift in the housing market towards more adaptable and customisable living solutions that are tailored to the changing needs and preferences of modern renters.