Coliving spaces are becoming increasingly popular, and for good reason. These spaces offer affordable, flexible and communal living arrangements that are particularly attractive to millennials and young professionals. However, furnishing a coliving space can be a challenge, especially if you want to keep costs low. In this blog post, we’ll explore some smart ways coliving operators can maximize their ROI on furniture.
Plan ahead
The first step to maximizing ROI on furniture is to plan ahead. This means taking the time to carefully consider the needs of your coliving space and the furniture required to meet those needs. Start by assessing the space available, the number of tenants you will be accommodating, and their expected length of stay. Once you have a clear understanding of your requirements, you can then begin to research and source furniture that meets your needs, and fits within your budget.
Invest in multi-functional furniture
One of the best ways to maximize ROI on furniture is to invest in multi-functional pieces. These are furniture items that serve more than one purpose, such as a sofa bed, or a coffee table that doubles as a storage unit. By investing in multi-functional furniture, you can save money by purchasing fewer items, and also make the most of the limited space available in coliving spaces.
Consider renting furniture
Another smart way to maximize ROI on furniture is to consider renting rather than buying. This can be particularly useful for coliving operators who are just starting out, or who are unsure of their long-term requirements. Renting furniture allows you to test out different arrangements and styles, without committing to a large upfront investment. Additionally, renting furniture can be more cost-effective than buying, as it allows you to spread the cost of your furniture over time.
Buy in bulk
Buying furniture in bulk is another way to save money and maximize ROI. Many furniture manufacturers and retailers offer discounts on large orders, so by purchasing all your furniture at once, you can take advantage of these savings. Additionally, buying in bulk can help you to maintain a consistent style throughout your coliving space, which can enhance the overall aesthetic and appeal to tenants.
Consider second-hand furniture
While it may not be the first option that comes to mind, second-hand furniture can be a great way to maximize ROI on furniture. There are many online marketplaces, such as Craigslist and Facebook Marketplace, where you can find high-quality used furniture at a fraction of the cost of new items. However, be sure to thoroughly inspect any used furniture before purchasing it to ensure it is in good condition.
Focus on durability
When furnishing a coliving space, it is important to focus on durability. Tenants will be sharing the space, and furniture will be subject to frequent use, so it is important to choose items that can withstand wear and tear. Invest in furniture that is made from high-quality materials, such as solid wood or metal, and that has a sturdy construction. While cheaper furniture may seem like a good option, it will likely need to be replaced more frequently, which can end up costing you more in the long run.
7.Prioritize the essentials
Finally, when furnishing a coliving space, it is important to prioritize the essentials. Focus on purchasing the items that are absolutely necessary, such as beds, storage units, and seating. Once these essentials have been purchased, you can then focus on adding decorative items and accessories to enhance the overall look and feel of the space. By prioritizing the essentials, you can ensure that your tenants have the basics they need to be comfortable and happy, while still keeping costs low.
In conclusion, furnishing a coliving space can be a challenge, but by following these smart tips, coliving operators can maximize their ROI on furniture. By planning ahead, investing in multi-functional furniture
