What is co-living?
Co-living is a communal living lifestyle, typically involving shared meals and shared space. This form of cohabitation ranges from housing projects to small apartments to condominiums. It offers a middle ground between the economic needs of single individuals and the demands for privacy for coupled people, such as in a marriage.
Co-living is a communal living style where people occupy a private room in a shared space. It is meant to foster self-sufficiency, collaboration, and community among residents as they save on housing costs. Traditional co-living is populated by young professionals working in new and creative industries who do not conform to the monotony of norms set by traditional lifestyles. Here you can find more information on what shared community living means in an article from SharedEasy.
Shared communities have been used throughout history to serve many different purposes. They’ve traditionally been used as a way to bring people together who have similar interests and promote communal living. Nowadays, shared living spaces are becoming an increasingly popular alternative to paying big prices in centers of major cities. co-living spaces focus on shared housing while still providing private rooms for their inhabitants.
Residents will be able to invite their friends over to share the experience with them. Not only do they get to live in a shared property, but they are also sharing other parts of the apartment, such as the kitchen, bathroom, living room, library, gym, and others.
Modern living has evolved and some have decided to live in co-living spaces. A co-living space is a shared home filled with like-minded people with no single tenant. It’s a design concept that aims to provide luxury services like housekeeping, gym membership, guest rooms, gourmet meals, and housewares. All these service packages come with the price of the co-living agreement that residents would pay monthly.
Today, co-living facilities are being built all over New York City that cater to shared living. They provide furnished apartments for two or more people who want to live together. Not only do these cost-effective complex residents learn new skills from each other, but they are also able to share fascinating stories about the rich culture and history of various other residents.
Who chooses co-living?
With a sublet/short-term rental agreement, you can have roommates that are different every time. You could also use this for larger groups of people wanting to share a place for a short period of time and have new people come and go.
Short-term sublets allow for about 1-8 people (you can sometimes add more but this can get more complicated) and give you the flexibility to come and go whenever you want. Co-living is a growing trend in the accommodation market.
For example, in New York, Chicago, Los Angeles, and San Francisco, there are now more than 10 shared living companies – and they are expanding rapidly. These services are now within reach of more people, who value connection over privacy.
Co-living in The U.S.: Where? Why? How Much?
On paper co-living may seem like a young person’s thing, but it’s not just for college kids anymore. With the Millennial dream of home-ownership further out of reach than ever, they’ve faced a tougher job market, and even tougher living situation (owing to rising rents exceeding income).
Thus, many young adults are flocking to co-living setups everywhere; Angelenos are packing roommates into bedrooms, New Yorkers are testing dorm life with strangers, and San Franciscans are inviting complete strangers to shower in their bathrooms.
Co-living brings all of your needs into one convenient package. The average monthly cost of co-living is $1,400 per month in the USA, with some starting at $800 per month. Know what you’re getting into in order to make the most of your time in an exciting new city.
There are plenty of artists in Los Angeles that live in areas that may not provide a lot of financial security, particularly when they are freelancing.
There is also a need for cheaper housing to fill the void of missing jobs that would normally provide such security. The same can be said for New York City and other metropolitan cities.
Where is co-living Most Popular?
Every day more and more people are turning to co-living to enjoy its benefits. A growing number of co-living spaces have opened up in Asia, especially in Hong Kong. One such space offers a unique solution by combining co-living with workplaces, while another provides an apartment shared with like-minded people.
Why waste money on hotel rooms when you can stay in a co-living apartment instead? People often advertise their apartments as co-living spaces simply because they are lonely and want to meet other people.
In this way, they save money and get to enjoy more of the advantages of living in a co-living space. Co-living is a concept designed to provide young professionals with affordable housing.
Instead of living by themselves or living in conventional housing, they share a house and split amenities like power, WiFi, water, and food bills.
Everything from transportation to entertainment costs less since there are more people amongst which to split the costs. Co-living is shaping up to be the future of living for many people.
The co-living lifestyle has nearly doubled in the U.S. over the last two years, according to the co-living real estate platform, RealtyShares, which also predicts it will become even more popular.
This is due to a faltering economy, rising costs in rental and homeownership, and millennial preferences to living closer to their peers and working together, said Nadia Naffaz, Vice President of marketing at RealtyShares.
In recent times the co-living movement has grown considerably. Nowadays, people across the world are moving into co-living spaces.
Some have already given up their regular jobs to pursue the entrepreneurial ventures that they are working on in these co-living spaces, while some just use the spaces to connect with new people and experiences.