Worldwide: Over 35 per cent of the global workforce will be made of the Y generation, or millennials, by 2020, according to Vonder GmbH CEO Yoni Karako.
Karako was speaking at Calcalist’s WeTechBerlin conference in the German capital, where the lifestyle managed marketplace company Vonder is based.
Founded in 2016, Vonder offers co-living rental apartments for periods of six months or more. The company currently operates in locations such as Berlin, London, Warsaw, and Dublin, and by the end of the year, it aims to be operating in other European cities including Budapest, Paris and Barcelona.
Millennials refer to those born between the years from 1982 to 2004. Karako says that by 2020, over 35 per cent of the global workforce, or more than one billion workers, will be made up of professionals born in this time period.
Karako added that millennials, unlike previous generations, do not want to “own houses, take a loan, or be alone”. In a survey, Vonder found that 40 per cent of millennials choose co-living because they want more opportunities to socialise, 60 per cent would pay extra in return for services that come with their apartments, such as food and laundry services, while 71 per cent of those surveyed said they wanted a community in locations all over the world.
By the end of 2020, Karako said Vonder is planning to have over 4,000 co-living rental apartment units operating in Europe.