The concept of coliving in Spain it is booming, attracting a young and professional audience looking for an affordable and collaborative way of living in large cities.

With more than 8,000 places at coliving available, this type of shared housing is gaining ground in the European market and consolidating itself as a key option for both investors and residents.

However, for colivings to be truly sustainable and profitable, it is essential to integrate technologies that optimize both the resident experience and resource management.

We recently launched the guide 'Intelligent Colivings: Unleash the Potential of Your Shared Spaces with Technology' in which we explore how technology is revolutionizing this sector whose objective is not only to improve profitability of these shared spaces, but also win increased operational efficiency.

Below, we tell you the main conclusions we have reached.

The state of coliving in Spain: A growing model

Coliving in Spain has experienced rapid development in recent years, with cities such as Madrid, Barcelona and Valencia leading the supply.

According to data from CBRE, Spain represents the 5.18% of the total number of coliving places in Europe, with more than 1,500 rooms available in strategic locations. Demand is mainly driven by young professionals and digital nomads, who value the flexibility, collaboration and community offered by these spaces.

The coliving model has proven to be very attractive to both residents and investors. With an average occupancy of more than 95 per cent throughout the country, Coliving accounted for 31% of investments in flex living, a residential subsector, during the first half of 2023. In 2022, turnover reached 433 million euros.

In the coming years, this sector is expected to continue to expand significantly, with the supply of beds expected to double between now and 2025. And, although this business model is revolutionizing the real estate market driven by high demand, it also faces some challenges such as high operating costs or changing regulations. However, there are a number of strategies for a successful investment in Coliving. 

Efficiency and profitability: Keys to optimizing coliving

One of the main challenges for owners and managers of colivings is to find ways to optimize the efficiency of these shared spaces. We know that greater efficiency not only improves the residents' experience, but also reduces operating costs and increases profitability.

But how can we do that? This guide offers key recommendations to make colivings more efficient by use of technology, like the ones we tell you below:

1. Intelligent space design

Maximizing the use of space is essential for efficient coliving. Smart designs that take advantage of every square meter make it possible to accommodate more residents without compromising comfort. Modular and multifunctional furniture, such as built-in wardrobes and modular shelves, can transform small spaces into well-used living areas, reducing costs and increasing guest satisfaction.

2. Automation and technology

Technology plays a crucial role in improving operational efficiency. Intelligent lighting, temperature and safety control systems optimize energy use, in addition to improving comfort during the stay.

The use of residential management platforms, such as mobile applications, simplifies essential tasks such as space reservation, the payment of rents and the management of incidents. With regard to administrative and accounting tasks, technological solutions, such as with the supply management software with Polaroo, they allow you to automate the collection of invoices, their digitization and the centralization of data on a single platform. This significantly streamlines the accounting process, making it more efficient and easier to manage.

3. Efficient resource management

Sustainability and energy efficiency are essential to maintain the profitability of a coliving. The installation of water-saving devices, such as flow reducers and efficient irrigation systems, helps to reduce operating costs and to be more environmentally friendly.

Continuous monitoring of energy consumption allows managers to identify usage patterns and potential inefficiencies. With Polaroo, in this regard, you can visualize consumption with a history of data of the different basic supplies of the property or property, which makes it easier to make informed decisions and provides the possibility of measuring where we can reduce the costs associated with these consumptions in the following months.

Advanced technology for future coliving

The integration of emerging technologies in the coliving sector is helping to rapidly optimize the way in which these shared spaces are managed. Connected devices, such as those that form part of the Internet of Things (IoT), allow efficient control of critical aspects of the building or innovations such as virtual and augmented reality, which offer attractive tools for reaching new guests, facilitating virtual visits and enriching the user experience.

On the other hand, blockchain technology reinforces security and transparency in the management of contracts and payments, creating an environment of trust essential in this type of community.

Internet of Things (IoT)

The use of connected devices allows you to control key aspects of the building, such as lighting, temperature and security, remotely. Smart thermostats and digital locks, for example, allow residents to customize their environment, while managers can optimize energy use.

Virtual and Augmented Reality

These technologies offer new ways to attract potential residents. Virtual tours allow interested parties to explore spaces from anywhere in the world, while augmented reality provides additional information about the facilities during physical visits.

Blockchain

Blockchain technology can facilitate the management of contracts, payments and identity verification in colivings, providing greater transparency and security in transactions. This level of trust is essential in shared spaces where interaction between multiple parties is constant.

Energy control in Coliving thanks to technology

Efficiency is key to the success of a coliving; from intelligent design to automation and continuous resource monitoring. This is how emerging technologies are helping to develop and advance the way in which these spaces are managed.

A practical example that demonstrates how technology is indicative of an improvement in the energy control of a coliving is the case of ENSO-Coliving. We'll tell you about it below:

Success Story: Enso co-living and Polaroo

An excellent example of how technology can optimize the management of a coliving is the case of Enso co-living, a Spanish company that offers shared spaces focused on community and sustainability. With a property portfolio valued at 120 million euros and 100% occupancy, Enso faced important challenges in supply control, from the lack of daily monitoring to problems with accurate billing for your tenants.

In some cases, the invoices issued were based on estimated consumption and not real data, which resulted in a difficulty in managing correct invoices to tenants.

The solution came with the implementation of Polaroo, which allowed Enso to optimize consumption control, centralize invoice processing on a single platform, and resolve issues more efficiently.

Thanks to the basic supply management software, Enso Co-Living managed more than 2,600 invoices, on its more than 140 real estate assets, saving more than 20,000 euros, significantly reducing the time of your accounting team.

José Miguel Calle, Co-Founder and CFO of Enso Co-Living, highlights the importance of software in internal operations: “This software is one of the most important tools for our co-living company. As CFO, I have been able to improve supply control and reduce the time of the entire accounting team.

Find out more about how to transform your coliving into an intelligent and efficient space, downloading our full guide. In it, we delve into real cases, industry statistics and key technological tools to make your coliving not only profitable, but also sustainable and attractive for those who hope to live a memorable experience in these shared spaces.