Co-living Spaces 101: Rising Trend in Accommodation

Finding an affordable place to stay when living in a big city has become quite a challenge nowadays, to say the least. With a growing number of people deciding to relocate to an urban environment, the need for affordable housing is increasing rapidly. Unfortunately, so are the housing prices in many major cities, not to mention how the inflated prices are making the idea of sustainable urban living an unreachable goal.

This has led many individuals to rethink their approach to finding accommodation. Instead of settling for high-priced rentals and giving up half of their monthly income, many urban dwellers are embracing the co-living concept as a much more affordable alternative. If you’re currently looking to settle in a big city or are simply curious about the concept and want to learn more, these next few paragraphs will walk you through the basics of this housing model and why co-living might be just right for you.

What exactly is co-living?

Let’s start by explaining what is meant by the concept of co-living. Short for communal living, co-living involves sharing a living space with other individuals that usually have similar values and interests. In essence, it’s like living with a family in an environment where people are encouraged to work, interact, and collaborate. Before they are able to join a co-living space, tenants have to undergo screening. This is done in order to ensure that the tenants are living and working in harmony, and the process is very thorough.

Co-living is similar to co-working in a sense that it allows you to meet people and network, and many of these establishments will offer both co-living and co-working options. Given the growing housing problem many cities are facing at the moment, co-living might be one of the most practical ways of dealing with rapid urbanization, and its numerous benefits are the reason why this housing model is gaining global popularity.

Co-living as a wallet-friendly housing alternative

While the rent of shared living spaces will vary from place to place, there is no doubt that co-living is a much wallet-friendlier alternative to traditional housing options. Splitting the costs with other individuals leaves more room in the budget for the things that matter, whereas other housing options would require you to give up almost half of your monthly income.

While co-living can be appealing to individuals of all ages and not just younger generations, the concept is particularly popular among fiscally conscious millennials. Since many of them are still paying off student loan debts whose size is $35,000 on average (in the US), co-living is essentially an opportunity for millennials to enjoy the benefits of city living while still being able to save up for important financial goals.

Co-living as a flexible and functional living arrangement

For millennials and digital nomads, freedom and flexibility are key factors when exploring different housing options. This is why it’s not surprising that both groups prefer the co-living option when it comes to living arrangements. First off, you’ve got your own private space while the common areas such as the kitchen, the lounge, and the rooftop are shared with other residents.

Furthermore, housekeeping and other amenities that come with handy serviced studios for rent make this living arrangement extra convenient for young, career-driven individuals. This means that you get to focus on your personal and professional goals without worrying about cleaning, repairs, mortgage, and other responsibilities that come with homeownership. The fact that they are fully furnished means there is no need for hiring movers either, and you get to choose between long-term and short-term options.

Shared rental spaces as a solution for urban loneliness

It’s not just affordability and flexibility that have many individuals drawn to the concept of shared living spaces. Believe it or not, urban loneliness is a thing. Ironically, as we become more connected through technology and social media, more people are feeling lonelier.

Socialization plays an important role in maintaining a healthy lifestyle, which is why co-living spaces are becoming a popular housing option in major cities. By encouraging interaction and socialization with other residents, co-living spaces help individuals feel like a part of the community, thus creating a sense of belonging. This is especially important for someone who has just moved to a new city or a country and feels completely alone. It can open up a world of opportunities when it comes to friendships and sometimes even business partnerships.

Embracing the concept of co-living spaces can be a great way to save money when living in a major city. A perfect solution for younger urban dwellers, co-living is safe, functional, and it generally makes more financial sense, especially for the millennial demographic.

Does the notion of sharing common spaces with other individuals in exchange for more wiggle room in your monthly budget seem like your cup of tea? If so, the only thing left to do is to start looking for a co-living space so you can start reaping all the benefits of city living for a fraction of the cost.