Building a case for meanwhile co-living
Barking & Havering
To provide compelling evidence to stakeholders demonstrating that co-living is a viable asset class, to identify demand for the product, as well the target audience.
Building upon an earlier deep dive into the local demographics and longer-term potential of the Barking Riverside, we conducted a full competitor analysis of global co-living developments along with workshops amongst key stakeholders to help inform the Modomo co-living product.
Combining this foundational work with the emerging trends in co-living as a lifestyle choice and taking into account both the early stage regeneration nature of the area and established patterns in London living, we were able to propose what the baseline product offering should look like for the Barking Riverside community.
The focus then turned to an initial identification of the target audience, taking into account a range of qualitative and quantitative factors including affordability, localised rental market and migration trends, employment and transport requirements, household composition and lifestyle preferences.
Through this work, Modomo were able to demonstrate an in-depth understanding of the co-living market, showcasing the value of a co-living brand. They were able to provides reassurances that the overarching brand and product offering decisions were backed by research and knowledge of the market.
Furthermore, Modomo were able to highlight the nuanced demographic that a co-living offering could bring to the Barking Riverside community and engage in discussion around how that could positively influence the regeneration plan’s future phases.
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