Humans have been co-existing since forever, but it wasn’t until recently that the concept of co-living started to pick up in popularity, particularly among millennials, Gen Z, and digital nomads. If you’re moving to a new city and considering co-living, we’re here to take you through everything you need to know about this modern type of communal living.
So, what exactly is co-living?
Co-living is a real estate term that has risen in popularity in the recent past after housing startups started offering affordable housing in homes that are shared by five or more adults. It can be a single-family home renovated to accommodate non-related people or floors in a building that has been changed into lodging that resembles dormitories. It’s living together as a community with people you either do or do not know.
Those who have house-haunted know how overwhelming it can be; from figuring out the rent you can afford to picking the right location, the entire process is energy-draining. This has made co-living a popular alternative to traditional housing options.
But is it the right choice for you?
Before we answer this question, it’s essential to understand that this concept has its fair share of pros and cons.
Benefits of Co-Living
It’s Affordable
Did you know that rent is the largest monthly expenditure for people under 30? In fact, on average, they end up spending 45% of their income on rent. Co-living helps to save money on rent and other factors. When you rent out a property, you have to consider broker fees, security deposits, buying furniture and appliances, and so on. This can severely drain your bank account. With co-living, the rent is significantly lower, and you don’t have to spend money on buying your own furniture.
It’s Convenient
When you buy or rent a house, the work is far from over, even after you’ve signed the lease on your home. You now have to set up utilities, schedule bills for electricity and Wi-Fi, decorate it and even hire a cleaner to tidy it up. Worrying about home administration doesn’t have to weigh on your mind in a co-living space, giving you more time to do things you enjoy.
Reduces Loneliness
The younger generation often feels lonely, mainly when they have recently left home or moved to a new city. Co-living solves these issues because it offers a built-in community of like-minded people. You get to share meals, socialize with one another, host movie nights and be a source of support to one another. Since co-living has shared living spaces and private bedrooms, you can socialize when you feel like it and be alone when you want solitude.
Reduces the Financial Liability of Roommates
There is a lot of financial anxiety that comes along with living with others but co-living does away with some of it. Since it offers individual room leases, it eliminates the constant worry of your roommates paying rent on time or moving out early. Besides, rent and utilities are combined in one monthly payment, so you don’t have the stress of having to be behind your housemate to reimburse you.
It’s Flexible
When you’ve moved to a new city and want to explore the area before settling long-term, co-living is the ideal choice because of its flexibility. Moreover, since each resident is on their own lease, you don’t have to stress over compromising your housemate’s situation.
Saves Time and Money on Traveling
If you have opted for a co-living space, it’s likely one close to your workplace. Generally, renting a flat in a prime location is very expensive, but you might be able to find a co-living space in the same area for a fraction of the price. You can pick one close to your office or college, saving time and money that would otherwise be spent commuting.
It Promotes Sustainable Living
Since people are more passionate about reducing their environmental footprint, co-living is an eco-friendly option. When you share a living space, as well as other resources and amenities like appliances and furniture, it reduces energy consumption and waste. Many shared spaces use environmentally-friendly appliances and materials like energy-efficient lighting to minimize environmental impact further.
Disadvantages of Co-Living
Personal Privacy and Space
When you live with others in a shared space, you have less control over the environment and might have to compromise on your preferences. Besides, shared amenities can be messy and crowded, and maintaining cleanliness can be challenging, especially for those who value their need for personal space.
Having to Deal with Different People
When you co-live with people with different habits, preferences, and lifestyles, there is more room for disagreements and conflicts. For example, if one resident stays up late at night to work or plays loud music while the other prefers a quiet night, it could lead to issues. However, co-living spaces generally screen residents to ensure they are compatible, so it helps to form a community of people with similar habits and lifestyles. However, this may not always be possible.
Added Responsibility for Others
When you live with others in a shared space, everyone needs to be considerate of one another and take the initiative to maintain a clean environment. Moreover, there may be instances where residents have to address issues among roommates, which can be challenging for those who prefer independent living.
Now, let’s get into the crux of the matter:
Is Co-Living the Right Choice for You?
Having now considered the pros and cons of co-living, it’s easier to analyze it from a personal standpoint. It’s fair to say that the experience of co-living far bypasses the headaches associated with renting out a property, and even the cons mentioned are outweighed by the benefits. Based on your lifestyle and preferences, you can decide if it’s a good option for you. Co-living is an excellent idea for anyone looking to save money on rent while looking to live in a community.
There is a significant reason why this concept has risen in massive popularity. With rising living costs, young people find it more challenging to afford apartments. This has paved the way for co-living to make a strong mark in the real estate industry, and this trend isn’t unique to the US; other countries are picking up on this pretty fast too. And when considering the advantages that come with it, including convenience, affordability, and community, it’s easy to see why the younger generation is drawn to this concept.
