Co living is becoming a trend especially among the millennial generation to combat the skyrocketing cost of living. It is a form of housing which gives you the option to share your living space with people of similar intents, values and interests. Not only do you save on rent, you will also get a sense of belonging to a community, all while having your own fully furnished space to retreat in.
The concept of co living took birth in San Francisco with the popularity of ‘hacker houses.’ These spaces normally have a shared kitchen and bathroom with a private bedroom. Co living spaces mostly attract artists, entrepreneurs and professionals who are single but are not ready to settle down with a place of their own yet.
There are a number of advantages to renting a co living space. Renting an apartment on your own has become a hassle in today’s world. With escalating prices of rent, you will only be able to afford something close to a box room apartment. If you rent a co living space, it gives you access to a huge living room, kitchen and maybe even a backyard because you share the price with others.
A problem when relocating to a new place that youngsters face is not having anyone to talk to. In today’s fast paced world, there’s a growing sense of isolation and lack of human connection which is leading to loneliness and mental health issues among youngsters. To live in a co living space means you’ll not have to worry about running out of chances to network and grow your circle. There are plenty of open areas where you can socialize with like-minded people.
With greater flexibility in leases and lesser stringency regarding security deposits, co living is providing an ideal alternative to traditional renting and home owning. These ‘dorms for grown ups’ are designed in a way to inspire you, so you can focus on your work. The property managers give you access to housekeeping services so you can live hassle free.
Living in a co living accommodation can make you save up to 20% of your cost of living compared to living alone. You are provided with amenities like a gym, laundry services, a spa and a fast and reliable wifi which you might have not been able to afford on your own. The cost of these conveniences is included in the co living fee.
Co living is not only the most economically viable way of living but also the most sustainable way. By encouraging people to share resources, people are sensitised to develop a sense of environmental consciousness. Also, you don’t have to bargain with your flatmate over who pays what share of the bills as the rate of the amenities such as that of Wifi, fridge and TV is fixed in the rent.
These spaces are not only better maintained but also better structured than traditional rentals. With co living having answered the call of the younger generation’ needs, there’s no doubt this trend is here to stay.