With skyrocketing prices of rent, coliving offers an alternative to living in a traditional rental. It is a concept of living in which people share their living space and resources with others of similar values, lifestyles, and intents.
Coliving spaces emerged from ‘hacker houses’ which became popular in 2013 after the tech boom in San Francisco. These ‘hacker houses’ housed techies who shared communal living rooms and workspaces. The communes or hacker houses were later rebranded as co living spaces. Lately, this way of living has been trending among the millennial generation who are not yet ready to settle down with a place of their own and can’t afford to rent a place of their own.
In recent times, more youngsters are living with their parents, according to Pew Research. Moreover, the homeownership rate is lower than that of the previous generations among them. This can be attributed largely to student loans and the rising cost of living. Coliving has filled this gap that needed to be addressed as rent is cheaper in apart from other incentives it offers.
Some of these millennials even prefer staying in co living when they can afford a traditional rental, for the opportunity to network and the amenities provided with it. In case you’re considering moving to a co living space, here are eight things you’ll want to know about it.
1- Money-saving
Coliving spaces are usually located in places close to your work which would have otherwise been unaffordable. You also don’t have to bring your own furniture along and waste money on hiring movers, as co living spaces are fully furnished. All you have to pack is your suitcase before moving here. Additionally, resources are shared among residents, which not only saves your money but also reduces your carbon footprint.
2) Amenities
A coliving space comes fully equipped with household essentials so you don’t need to stock up the apartment regularly. Along with that, it has room keeping services which will tidy up after you so you can concentrate your time on work or studies. If something breaks or needs to be fixed, all you need to do is raise a ticket and it will be taken care of.
Coliving spaces also offer various amenities like a fast Wifi, gym, swimming pools, gaming areas, yoga studios and fitness classes at no additional charges. You can have all these premium facilities which would otherwise cost you an exorbitant amount under one roof with everything included in your membership fee.
3) Flexibility
With a regular rental, you usually have to sign a lease that lasts up to 6 months or a year. These strings attached can become cumbersome as you can’t back out in case you change your mind about living there or if work calls you to other places. In this way, a co living space can be ideal as members get the choice of the duration they want to stay for. Even the security deposit that will be asked for is very less.
4) The feeling of a community
In a co living space, you live with other people who share the same philosophies and lifestyle as you. They are also of diverse cultures and ethnicities which will open up your world view. Living with other housemates means you don’t have to worry about being lonely if you’re new to the city or have been on the road too long. You can learn a lot from them, professionally and personally and even cultivate new hobbies together such as hiking or playing video games.
There are also various social events that are organized by co living operators to help you interact with each other which can lead to you to grow in confidence.
You can always retreat in your room and have your privacy when you don’t feel like mixing with others. You also don’t have to worry about the decibel levels rising when you want some quiet as there are various house rules in place.
5) Recreation
Co living spaces have communal spaces where you can go when you want to let your hair down and have fun. Some even have a dedicated entertainment center so you can relax and enjoy yourself with others. You can play a game of table tennis or watch a movie with your new friends whenever you want.
6) Technology-driven
Coliving operators use the latest technology to ensure a smooth stay for you. With smart locks, biometrics, and voice-controlled tech, some co-living spaces have even gone up a notch.
Operators also develop apps to communicate efficiently with the residents so they can give feedback. You can also pay your bills and raise a complaint through these apps.
7) Safety
Your safety is a high priority for co living operators. Along with the latest security features, these spaces have 24/7 CCTV surveillance and guest and staff screening.
8) Co-working spaces
Coliving spaces come with working spaces so you can have your peace of mind while you work and have all the essentials you need at hand. You also don’t have to spend extra cash on renting a working space.
9) No landlords
One of the major benefits of living in a co living space is you don’t have to deal with landlords directly. You can forget about living by their house rules and waiting for days before a problem in the apartment is fixed. You are free from living under their supervision and norms but get to live in a healthy atmosphere with like-minded people.
