First co-living skyscraper helping all generations beat rental crisis
NEW YORK: A multigenerational co-living skyscraper is helping all generations to beat a rising housing rental crisis.
The CBD’s first co-living skyscraper, which puts a modern twist on communal living, is helping young tenants beat the State’s worst ever rental crisis.
The $90 million, 39-floor building on Wellington Street called The Switch is more than 70 per cent occupied after opening its doors two months ago.
Demand is so strong the developer is scoping out sites for a second facility.
Based on the principles that led to hippie communes of the 1970s, the hipster high rise gives tenants their own bedrooms, but shared common facilities such as kitchens and living rooms.
Switch Perth general manager Tara Holst said tenants were attracted by not just the lifestyle but the fact rental references are not required.
“We are still getting people walk in the doors and tell us they have been living in hotels or Airbnb rentals,” Ms Holst said.
“People are walking in and telling us they need a room that day — it is really quite concerning.”
UWA student Nikita Patil, who comes from India, said she enjoyed the communal style of living, which includes tenants cooking in the kitchen and washing together in the laundry.
“International students really appreciate it because it helps us to find our family,” she said.
The facility’s all-inclusive bills cover gym, wi-fi, laundry and utilities, with the cheaper options costing less than a traditional share house in the suburbs.
Other facilities included in the price include access to the podcasting studio, co-work spaces, theatre room and the rooftop social area.
About 40 per cent of its tenants are young workers and the rest were students — many living on their own for the first time.
Anticipated demand is being spurred by Edith Cowan University upcoming campus at Yagan Square.