How to install iOS 7 and onwards simulators in Xcode 7 Beta 5?
Solution 1:
Older Simulator runtimes are available for download through Xcode's preferences.
Goto Xcode -> Preferences -> Downloads to see the list of compatible legacy simulator runtimes.
El Capitan supports iOS 8.1 and newer runtimes.
Yosemite supports iOS 7.1 and newer runtimes.
There is a known issue mentioned in the Xcode release notes which prevents the iOS 7.1 simulator runtime from working in Xcode 7.
Thus, you can't currently use the iOS 7.1 simulator runtime with Xcode 7.