New Form of Housing
By now, you’re probably familiar with the notion of a co-working space. But have you heard of its housing equivalent – a co-living spaces? This is a practical solution for those on the hunt for affordable housing. The rising trend of co-living spaces allows individuals to save money by sharing the apartments with other people while ensuring higher living standards they otherwise wouldn’t be able to afford.
The trend of shared real estate spaces is flourishing in various global metropolises, and it is particularly being embraced by younger individuals such as millennials and Generation Z. Given how the current housing prices in urban centers are going up, the co-living trend might just be the pocket-friendly answer many young home-seekers are looking for. Let’s take a closer look at this millennial-driven housing trend and why this particular demographic is so interested in a co-living housing model.
What is co-living?
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While the idea of sharing spaces with others as a way of saving money is nothing new. The co-living is a concept that differs from the notion of “having roommates.” Private bedrooms, combined with common spaces shared with other people, are features these two brands of housing share.
However, the way co-living differs from the traditional roommate arrangements is that the former comes with individual leases. In contrast, the latter comes with a master lease all residents are covered with. Co-living is, in essence, a filtered version of roommate arrangements that only keeps its good parts while eliminating the bad ones.
Another perk of this rental arrangement is the ability to spend more on experiences instead of paying for living in a larger home. And if there’s something millennials and Gen Zers are known for, they tend to value experience over material possessions, and sharing a living space is a great way to facilitate such a lifestyle and focus on things that matter most.
Economic factors driving the rise in co-living
With cities’ density increasing at a rapid pace, housing prices are going up as well. The rise in prices means individuals need to dedicate an even bigger chunk of their monthly paycheck to cover housing expenses. The continuous influx of new residents in urban areas only makes the issue more complicated.
Add to that the fact that an average amount of student loan debt in the U.S. is around $35,000, and you begin to understand why millennials choose to rent real estate instead of buying. Since they’re choosing to settle, get married, and have children much later than previous generations, they are also more likely to rent for longer.
All these economic factors drive the rise in co-living. Which is the most convenient, wallet-friendly option for many millennials and Gen Zers around the world. Living in a shared space allows them to split the costs with other people. Enjoy better, higher-quality amenities than if they were to pay for the housing. What’s more, co-living spaces often come furnished. So there’s no need to spend extra money on new furniture or hire movers to transport the existing furniture.
Whether it’s the appeal of the larger cities that attracts them. Or the fact that they landed a job that requires moving to a densely populated area. Millennials and Gen Zers who decide to relocate to an urban hub may find this transition difficult. Making new connections in a big city may come as a challenge to them.
Sharing a rented living space eliminates this anxiety as it instantly provides you with an opportunity to meet new people and develop long-lasting relationships. The communal areas that often come with furnished studios for rent include kitchens and rooftops that present the ultimate chill zones and the perfect places for meeting like-minded individuals and learning about new cultures.
Whether you’re looking for a short-term housing option while visiting a major city or on the hunt for a place where you can stay for longer, co-living might just be the perfect way to escape isolation and make connections, and feel like a part of a community.
Co-living and safety
While the co-living concept is being embraced by young individuals worldwide, many are still unfamiliar with how co-living really works. Therefore, it doesn’t come as a surprise that some people would be concerned about their privacy and safety and that they might worry about being scammed.
However, these issues can be quickly resolved with a simple Google search. With just a few clicks, you can learn more about the company and whether it’s a scam or not. If there is an active website and everything is legitimate, you shouldn’t have any concerns regarding the safety of co-living spaces you are planning on renting.
Since every individual tends to spend their time differently and has specific requirements and needs, it is advisable that you check if your potential home has all the amenities you’ll need, whether it’s a gym, a pool, or a private room. Even though the concept of co-living spaces is still new, a couple of years from now, it can easily become a standard in the hospitality industry, just like Airbnb.
Slowly but surely, millennials and Gen Zers are reshaping the real estate market and the way we inhabit spaces. Openness, transparency, flexibility, and collaboration are essential for this tech-savvy generation. Their choice of communal spaces over traditional housing options is just one of the ways younger generations are influencing global housing trends. Shared economy and shared spaces are a way of life for millennials and Gen Zers. We can see this particular housing model gaining popularity in times to come.
Featured Photo by Andrea Piacquadio from Pexels