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What Everyone Ought to Know About Co-Living

The old has now become new again in American cities. People now move in with strangers to save costs and keep a higher living level than they would if they stayed alone. This time, they're calling it "co-living."

Renting apartments in dorm-style structures with communal living spaces and other amenities is what this sort of lodging involves. Despite a few fundamental changes, this is strikingly comparable to the far less glamorous habit of "having roommates."

Electricity and Internet are supplied, as well as a number of amenities like housekeeping in co-living environments. These condos usually come furnished and do not need long-term contracts; billing and maintenance are handled through an app. At the moment, co-living companies are primarily establishing themselves in areas with a high density of tech workers. In addition, they frequently employ the words "technology" and "community" in their ads in order to hit home.

Here, you can find out what is coliving, where it started and why it is so popular.

What Is the Big Deal With Co-Living?

While co-living options will never totally replace traditional roommate setups (at least in the foreseeable future), they are becoming more popular. This is due to a number of socioeconomic factors that have made co-living desirable to city dwellers — and entrepreneurs — in recent years.

Housing costs in the United States exceed incomes; therefore, paying for housing consumes a more significant portion of one's earnings. As people continue to swarm cities, the problem has gotten worse. Rent costs for all types of properties have skyrocketed in popular locations due to increased demand for limited housing availability.

Additionally, because of student loans and a lack of upward mobility, many people are delaying marriage and establishing families. This means that individuals are less motivated to buy a house even if they can afford one.

There are also societal factors.

It's no coincidence that co-living places are sprouting up in innovation hotspots like New York, Seattle, and San Francisco. Co-living is frequently regarded as — and sometimes pushed as — a remedy for the loneliness that comes with our increasingly tech-enabled lifestyles.

We are all aware that solitude is a significant problem among young workers. Imagine yourself in a new location, starting a new career, and knowing nobody. Exactly. Co-living gives you quick access to a sense of belonging and connections. They also organize community events where members can socialize, have fun, and build genuine friendships.

Millennials are enthusiastic about new experiences. And they will undoubtedly catch it if they live with others.

Is Co-Living Worth It?

As with many other facets of technology, co-living is an ancient concept packaged in a fantastic new wrapper. This has long been the case, whether in developing-country boarding houses or intergenerational households all around the world.

However, whether co-living renters get less or more for their money largely depends on your viewpoint. The cost of co-living tends to vary according to privacy and amenities. However, in terms of pricing, co-living places are generally comparable to market rates. Because more places are shared, the owners earn more per square foot than they would in typical housing.

A one-bedroom property on Wall Street costs around $3,900 monthly, while a studio apartment costs around $3,200. (both have small living bathrooms and private beds). That's about the same as the median one-bedroom apartment rent in the area: $3,330. Meanwhile, in Williamsburg, a suite with a private room, a shared bathroom, and other housemates starts at $2,150. In other neighborhoods of Williamsburg, a full one-bedroom flat costs $2,900. Many co-living companies charge 10-20% less for bedroom flats than studios in the same places with comparable amenities. Others provide lodging that is 30% less expensive.

Roommate arrangements in which numerous users share a multi-bedroom house can be much less expensive. Renters, on the other hand, must deal with some of the more unpleasant things about living with colleagues (or strangers). Finding and evaluating suitable roommates, utility sharing, and cleaning up shared spaces are all part of this.

Despite their size, co-living spaces are of good quality and cost less than full-fledged luxury condos. The room and apartment size vary by company and region. However, they frequently have less personal space than a traditional flat. Rooms around 120 and 140 sq ft in size are popular co-living options. To put things into context, the standard size of a studio in a major US city is 500 square feet.

Tenants like the advantages of co-living. They can afford better facilities and services — gyms, house cleaning, and laundry — than they would if they didn't split the costs. Often, the shared areas are more luxurious than what a single tenant could pay.

App-based payments and extended leases are additional benefits for people that are both time-pressed and wealthy. Co-living companies also provide intangible services like "authenticity" and "community," the value of which is decided by how much you value them.

Will Co-Living Work?

In light of the above-mentioned socioeconomic trends, co-living looks to be feasible. It remains to be seen whether it will extend beyond a limited market in the USA.

In theory, co-living might solve the problem of housing affordability. With the current high-end pricing, it's not for everyone.

Smaller living spaces are widespread, especially in Asia, where urban congestion is frequently higher compared to the United States. For example, studios in Hong Kong are typically roughly 200 sq ft (less than half the size of a conventional New York studio). As a result, Asia has a significantly more established proclivity towards cohabitation.

How people truly live and use their time is very personal and complex. Nonetheless, huge adjustments in our determination to survive have previously occurred in the United States. Consider how people felt about Airbnb's idea of having strangers stay in your home a few years ago. It is now widely acknowledged as a legitimate competitor to hotels.

Co-living does not have to grow all that much to be a profitable industry.

Coliving: The Better Option

Coliving spaces are easier to find, register for, and integrate into than traditional renting houses. Coliving spaces are designed to give people rapid access to fully furnished apartments for rent, as well as great housemates and a large community.

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