Co-living represents a fraction of the multibillion-dollar apartment industry, yet it is very popular. In 2018, the Wall Street Journal, Business Insider, and the Financial Times featured articles on the rise of this trend among young people. The concept is less than a decade yet it old, it has been making waves with both established real estate developers and the New York City government.
Co-living spaces are often described as an extension of dorm life because it allows occupants to rent a private bedroom within a larger apartment. All the occupants share living rooms, kitchens and other areas like the bathroom. Amenities like cleaning services, dog walking and cooking classes are often included. Even though it is a lot like having roommates, co-living is different because a renter has an individual lease but with co-living there is a shared lease.
It may be seen as the better and cheaper way to rent, with rentals ranging from $690 to $3,050 per month however this depends on the room you choose. Many people believe that co-living is a good temporary housing solution, as opposed to a permanent living situation.
Co-living, as one can imagine, is particularly popular among Millennials. From 2005 to 2015 the number of Americans aged 18 to 34 with roommates noted an increase of 23%. This is primarily the result of higher housing costs, the load of having a student loan debt, and delays in marriage.
As these young folk and other dwellers discover new ways to live, they are looking at new developments as well. Co-living is a fine example because it is a technology-driven service that is increasing the options of occupants and landlords alike.
Co-living is focused on community living and integrating well with one’s community, instead of being isolated and in competition. Co-living encourages a sustainable lifestyle. It does this by making people share resources thus saving money and also helping people t become more conscious of the environment. It allows people to save more money as they are sharing costs for utilities and rent with others. With co-living, you pay one fixed rate for all amenities such as the TV, fridge, electricity, wi-fi, cleaning services and many others. There are no hidden costs and people are aware of what they are to pay from the very beginning.
Co-living encourages people to be more independent and flexible. They can independently choose to change their co-living home or leave the co-living space without worrying about a lock in period. This is another reason why it is so appealing to millennials. It is ideal for individuals who are just starting out and may not want to waste their savings on buying or renting expensive real estate on their own, or people who are not ready to settle down in a single place yet.
Co-living involves people living under the same roof from different places, and it offers many opportunities for people to bond and interact with their community. However, you will also be able to enjoy as much quiet time as you need. Co-living is the ideal combination of socialising and having privacy. When co-living spaces are designed, developers consider the best way to use the given space efficiently and in a manner that will still ensure the privacy of its occupants.
Co-living welcomes residents from all walks of life. While many of the residents that choose co-living facilities are young people such as college graduates or university students, it is simply not true that this lifestyle is mainly for millennials just because they are most likely to be drawn to something different from the ordinary. The reality is that with growing trend of nomads in metropolitan cities, people from all age groups are choosing co-living options which are conveniently located close to their workplace, despite having a home in some other distant part of the city. This is mainly to avoid the travelling daily and save on time and even money. Co-living also lets its occupants choose where they want to live without being discriminated against because of race, colour or gender.
Co-living is not a new phenomenon however it has recently gained even more popularity amongst people, both young and old alike. This is due to plummeting housing prices, living spaces becoming smaller and increasing social disconnects. We can look forward to the future of rental living being more flexible, community oriented, and affordable through shared spaces.