Unlocking the potential of unused space in apartment buildings

Space is increasingly at a premium in Australia’s major cities as populations density rises.

Not only are growing numbers locked out of buying homes in inner city markets as prices rise beyond their reach, those who do live in cities are also having to learn to live with less space – less space for storage, less space for parking, and less space for living.

The sharing economy has already quickly capitalised on the growing demand for ‘space’, and innovative owners corporations can also find opportunities in this area.

 

How the sharing economy is creating a market for space

 

One of the best known sites in the sharing economy is AirBNB, which since 2008 has been helping property owners earn extra cash by renting out their homes to travellers.

There are now dozens of spinoffs from AirBNB either doing the same thing or doing it slightly differently, or helping people run their letting operations more easily and efficiently.

Spacer connects those with excess space to those who need it, whether it be for storing a surfboard, boxes, a boat, or car.

Divvy parking allows people to rent out unused parking spaces in cities where parking is increasingly dif.

Rubberdesk connects those looking for co-working or office spaces.

A New York start up, Spacious, is helping restaurant turn their unused space during the day into co-working spaces.

The advantages of using restaurant spaces is they already have many of the perks of office spaces we have all come to rely up: desks, chairs, meetings rooms, and, importantly, good coffee.

French outfit OfficeRiders and the UK’s Vrumi are allowing homeowners to rent out parts of their home to small business operators, such as massage therapists, pilates studios, or as flexible co-working or meeting spaces.

 

Unleashing the potential in our own apartment building

small-apartment

Innovative owners corporations also have an opportunity to ‘share’ unused space through a single, in-house platform.

A specially developed platform could enable owners to rent out an apartment when they go on holidays, lease out common areas for storage, or even allow parties to be held in garden or rooftop spaces.

The opportunities are endless.

Many owners might appreciate an opportunity to earn extra cash, and it makes good use of a city’s finite and increasingly limited spaces.

 

Author: Beyond Strata

Beyond Strata is a professional owners corporation management firm that was founded on overarching principles of professionalism, honesty, integrity, openness and transparency. We strive to continually improve our people, culture, technology and processes improving our firm’s ability to provide the highest level of service possible to our clients.

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