Co-living the hottest trend in “Living Smarter.”
So what is it? It goes by many names from the “hacker house,” “commune,” but whatever it is you prefer to call it, Co-living is a shared, sustainable,and affordable living space that often focuses on community, and it’s allowing millenials to live in cities they never thought they’d be able to live in before.
It’s getting noticed as one of the biggest trends in real estate throughout the world. It’s a new way of living in the 21st century, even though it’s a lifestyle that existed for generations. Now a surge of real estate developers and companies are seeing more opportunity in this growing movement.
People who choose co-living buildings pay rent for a private bedroom but share common spaces, such as kitchens, living rooms, or lounge-type spaces. These types of residences are mostly in big cities where relocating renters may not know anyone so, the benefit of this living arrangement is an instant community and planned social activities for the building. Most co-living properties offer temporary leases.
The costs of co-living are typically 20 percent to 25 percent less per month than standard rentals. The bedroom is fully furnished and includes all utilities. Renters even receive sheets, towels, maid service, and free internet.
Every co-living development and company offers something different. Some properties are creating spaces just for female renters, while others are offering co-working spaces along with co-living areas. Most of the time, everything from toilet paper to weekly maid service are included in the price. But some places go way beyond, with amenities such as language schools, surf camps, yoga decks, hammocks, photography classes, and fitness centers.
However, its the flexibility that co-living properties offer is what usually wins tenants over. Once they are part of the co-living community, renters can change locations. It’s a whole new class of residential real estate.
It’s growing worldwide, and it disrupts the residential marketplace by allowing shorter-term leases and being flexible.
Studies even show that more than 40 % of today’s young professionals suffer from chronic loneliness. Human beings have an innate need to belong so with the smart blend of private and communal spaces, co-living makes it effortless to bond with like-minded people. From movie nights to brunch parties, there’s always something to bond over.
No wonder it’s becoming a hit!
Co-living, as an emerging asset class, will soon see established developers enter the fray. It’s only a matter of time before co-living becomes a long-term solution to the urban housing crisis. Not just for the millennials, but varied niche groups.
Shaura Cuyan - Summit Virtual Assistant