>> A big expensive city and a full-time job, for many young and single professionals, that spells unaffordably high rent and seclusion.>> During the week I felt kind of quite lonely. That's what I found in London, is you can get quite lonely unless you're living with people.>> Enter co-living, blocks of so-called microflats, where residents rent tiny apartments and share facilities like dining areas, workspaces, lounges, libraries, and gyms.
Prices start at around 200 pounds or $300 a week. It's not the cheapest, but for Mickey Sung and Andrea Castles, it's value for money. They live in the Old Oak in London, the world's biggest co-living development. With 10 floors and almost 550 inhabitants.>> You get your own on-suite, you have your own room.
But then you've got all the communal spaces, and you can meet people. But it's under your terms almost. Whereas when I was looking at flats, I was gonna have a few roommates, we were all gonna share a bathroom and things, I didn't know who they were gonna be.
>> As millennials are priced out of London's traditional housing market, co-living microflats is a fast-growing area. And one private investors and venture capitalists are eager to tap into. They've already poured more than $1.3 billion into blocks like the Old Oak.>> I'm very confident that this is how people will live in the future.
We're in the midst of a loneliness epidemic. You read studies about it all the time. This generation is increasingly isolated and lonely. It's incredibly difficult for young people to find good quality, affordable housing in London. There are big socio-economic shifts in how we live and work and settle down, and housing is not catching up with that.
Co-living will be the next big thing in property.>> Some property companies say co-living won't overtake traditional flats. And say while the blocks are socially encompassing, they cost a lot to run. But investors still expect the demand to grow, and more microflat developments are planned across London and Europe.