Co-living Spaces: an emerging trend

Introduction

Although co-living is a renewed concept of the modern era, it is a quite popular one and definitely on its way to becoming a trend embraced by many. It is a form of shared housing where people working in new cities stay and form bonds with other like-minded individuals. The idea is not just to build a community but to build on values like social networking, collaboration, and shared economy.

Favored mostly by young working individuals, the co-living industry has already found a platform to grow on. Currently, it still is in its cultural embodiment and is waiting to expand from urban areas to more cities around the globe. It has several different structural forms to choose from varying from rent and ownership to design and sharing of space. Let us delve into the details of this concept.

The Rising Trend of Co-Living Spaces

While coworking spaces have clearly become a well-known and widely followed trend, the idea is expanding itself to the housing sector as well. Co-living spaces is a rising trend in today’s world where finding an affordable and best-quality living space is really a hectic job. The younger generation is happily welcoming this concept where they can focus both on personal as well as their professional growth. When you find the right community that fits your school of thought, you’re simply good to go.

What is co-living?

The idea of coliving comes from the idea of living as a community and living together as one unit. Co-living spaces are developing largely in cities by big companies to provide shelter and a nice company to individuals coming to the city in search of jobs. Co-living spaces usually house people of shared interests and goals so that living together becomes more fun and exciting. In short, they bring together people with the same school of thought to live under one roof as a big, happy family

One of the most important aspects of coliving is the trait of being able to collaborate with people and maintain good social skills. Coworking spaces thrives on the idea of being economical. While personal amenities like a bedroom and a bathroom remain the same, the common areas are shared equally by all residents. Spaces like the living area and kitchen are accessible to all thus making the rent more cost-effective. Although the price of the coliving space varies from city to city based on its economic standing, this option is always cheaper than traditional rent.

If the idea of living in a co-living space brings to your mind, the pictures of a hostel, dorm or a hippie commune, forget about all of it. These are living spaces with sleek designs and modern furniture for the young working professional. This means that you already have a private space that exudes professionalism. While the trend is currently still in development in metropolitan cities, it can be made feasible anywhere around the globe in the coming times.

Concept of co-living

For those who are unaware of this, co-living is a historic concept with a contemporary style. People have been living and existing together for many centuries. With building accessibilities, people always strived to have a house of their own. However, with prices of houses rocketing sky-high and people seeking to live in communities, society is experiencing a new change. Co-living spaces are coming back into existence but now with a more luxuriant approach.

You must have heard the saying, the world is becoming smaller due to the internet. Today, we live in an era, where we can move to a different continent conveniently to start a new life. Travels made for work have become frequent and people are constantly moving from one place to another in search of a better life. The coronavirus pandemic has brought in the idea of remote working, thus making your life a tad easier.

Companies are now not only welcoming the concept of coworking but co-living as well. It will be easier for them to provide accommodation options to the new employees in cities where even renting a house is expensive. There are co-living spaces that are in-built with coworking spaces that make the transition from home to work extremely smooth. On top of that, it is cost-effective as well, considering the flexible lease terms. Thus for all those travel junkies out there, their dream of moving cities while continuing to work comes a step closer to its realization.

As we know, humans are already putting huge pressure on the natural resources planet earth has to provide. Another reason why you should be opting for co-living is that it is the best way to utilize what the earth has to provide while still making reserves for the future generation. So why not bring this amazing concept of co-living and lower down the environmental impact we are already causing.

The experience

Co-living spaces bring together people from different communities together to give you that feeling of living in a warm and happy society. It is definitely a welcoming, beautiful, and vibrant place to return to after a long day at work. Socialization comes easy at these places. Not only do they organize occasional events to keep up the family spirit of the place, but even small and daily tasks like having a meal, hanging out, etc bring you closer to the residents of your co-living spaces. However, it is a great place for introverts as well. Being a part of a community like this doesn’t necessarily mean that you need to necessarily socialize. You can have your “me-time” and whenever you need a place to call your own, you can come back to society.

Moreover, you need not worry about the basic things like furnishing your room, cleaning the area, collecting rent with your roommate. Co-living space providers pay attention to detail. They take care of all these things so that you only focus on your task at hand. From providing basic utilities like soap to stocking up the kitchen; everything is taken care of. You just don’t simply live. You become family, a good friend, and part of a larger community.

Is co-living the same as coworking?

Co-living is an idea itself derived from co-working. That means it stands on the foundation of using shared spaces together as a community of one. It takes a different approach to the way people live without affecting their privacy as such. Coworking companies like WeWork are already building upon the idea of co-living spaces and have already included that as an option along with coworking spaces.

However, these spaces are not exactly the same as traditional living or working spaces. They are targeted towards the generation of modern times who prefer socialization, openness, and a no-restriction norm.

In the future, these co-living spaces might also serve as co-working spaces for people who seek membership of both. This will be extremely useful for individuals like digital nomads or employees who are working remotely for their company. Thus, you not only get a nice shelter above your head but a well-functioning office, with state-of-the-art amenities and quality services as well.

A similarity between coworking and coliving spaces that can easily be pointed out is the huge network-building opportunity that you receive. Not only do you meet people from the same walk of life as yours but you also have a peer group of like-minded people which helps you expand your network. Several coworking companies enforce this idea upon their members by regularly organizing events and activities that allow people of the community to know each other. Therefore this is the best choice not just for companies but also for those extroverted and socially active individuals who seek social interaction. Because, obviously, working at home, would be quite a bore!

How does coliving differ from traditional rentals?

Moving to a new city has always been difficult. The more difficult part is looking for an agreeable leasing term and building up a place that you could call home. So, if you could already rent a house, then why should you opt for a co-living space that sounds more like a commune?

To clear out all those misunderstandings: “Co-living is very different from a commune.” While paying rent for a house or an apartment simply covers the cost of owning the pace for the mentioned period of time; when you pay for co-living spaces, it means that you\’re paying for all basic amenities including the rent. These services include everything ranging from WiFi connectivity to daily meals.

Living Spaces

If you\’re planning to share rent in a multi-bedroom apartment, it could be inconvenient for several different reasons. These apartments are not specifically designed for co-living this rendering inadequate space for privacy or having disproportioned sizes of rooms. On the other hand, common co-living houses are designed to make your stay comfortable and relaxing nonetheless.

Your living space is furnished with a comfortable bed along with ample closet space and a nightstand. You also get a fridge for storing eatables. The common area is adequately equipped with utilities so that you don\’t have to wait for your turn. Everything is providing keeping in mind the quality of the item.

Affordability

Not just for the sake of saying it, but the statistics itself prove that you save up on an average of $400 per month when you opt for co-living spaces. This is a valuable amount for people living on a budget. These savings amount from everything like the WiFi and cleaning services. Moreover, you also get to partake in community gatherings and events at no cost.

Flexibility

Unlike the long-term leases forced upon you, co-living companies offer you flexible leases ranging from few days to a complete year. They also provide services to transfer your membership from one location to another.

Community

The most cherished part of living in co-living spaces is the amazing community of like-minded people that you get to experience. You make friends for life instantly in a new city where you had no one of acquaintance earlier. You can indulge in a wide variety of activities all free of cost with your newly made friends. Thus these places strive to make your life away from work as happening as possible.

Why is co-living so popular?

Co-living spaces are becoming fairly popular especially with the younger generation. People nowadays are usually looking for building relations for enjoyment and engaging in activities. It allows you to maintain interaction with the outside world, while you have a warm and familiar place to always come back to. This is another reason why co-living spaces are an emerging trend. Several cities across the world have already built these spaces for new individuals in the city. Multinational companies are also offering this service in various locations across the globe.

Society is what people seek in a world of loneliness. All they want is to be able to connect to people who can understand them. Co-living spaces build on this idea. Apart from this, other benefits that include this type of living are lowered maintenance costs, and group activities and events that give people a sense of belonging. Everyone here lives like a community that supports each other in daily activities. It is also a perfect plan for people who like to travel from place to place without having to worry about a mortgage or lease. This is the kind of life the newer generation prefers. It is extremely favorable by people like digital nomads as well whose travels and stays in a particular city are required to be agile. The concept of coliving spaces is freeing as well as gives people a familiar vibe at the same time. It is definitely a “one of a kind” concept.

People whose job requires them to continuously move from one place to another usually love this kind of lifestyle. The traditional method of getting settled in a place involves signing a year-long lease whether you plan to stay there or not. Moreover, you need to make the place habitable with furniture, utilities, and other necessary requirements. On the contrary, co-living spaces free you up with all these obligations.

When you become a part of any co-living society, you need not make any commitments like signing a lease agreement. Professionals or nomads who need to travel to different cities find this term extremely agreeable. You don’t even need to pay a security deposit for your stay here. They already come with tastefully furnished rooms and basic utilities for a comfortable living. Most of the amenities and resources are pooled together as one to be used by all pertaining to the communal setup of these spaces. Hence, all the members combine and divide the expenses among themselves thus making it more economical. The best part is that since they are pre-furnished, you won’t have to worry about the expenses to move or transfer your utilities from one place to another. Therefore, co-living spaces are all about being productive while having a comfortable life in a great society. Most of these co-living spaces have coworking hubs attached to them so that you don’t have to worry a lot about commuting to your workplace. All you need to do is sit, relax, work and enjoy!

Exploring Co-living Spaces

Co-living spaces have evolved into several different shapes and sizes with time. You can easily go through the internet to choose the design that suits you best. Collective, is a great example of a co-living space that offers both living and working space at one place in London. The building encompasses 546 rooms spread across 10 floors. The common amenities include a well-equipped gym, library, gym, movie theatre, and a restaurant. It also has a communal kitchen on every floor. A different approach to co-living spaces is a 19th-century home-influenced house in Javea, Spain. The company that offers it is called Sun and Co. and has both shared and private room services.

There are multi-national co-living spaces as well which offer state-of-the-art facilities. Roam is a company that specializes in offering co-living spaces in multiple cities around the world including Bali, Tokyo, Miami, and San Francisco. You can rent rooms that have attached bathrooms and complimentary cleaning services. In the U.S. Common offers co-living services spread across six cities. The popular coworking brand WeWork has also come up with a new subsidiary brand called WeLive. Offering communal spaces in D.C. and New York, they offer spaces that are a hybrid between hotels and apartments. Hence, it is up to you to choose whether you want to spend a mere few days or extend your stay to months.

With numerous coliving spaces guaranteeing different facilities to attract consumers, services that help you choose the right space for you have also cropped up. Medici Living, a Berlin-based company, gained a profit of $1.1 billion itself by helping people choose their co-living space on their platform. cool is another platform that helps travel nomads find the right co-living space without a lot of struggle.

Is co-living safe?

Since co-living spaces involve people different people living together under one roof, concerns for safety naturally arise. Above that, it is a new concept that is still to gain credibility in the market. It is not wrong to beware of scams and frauds. However, you also need to remember that once upon a time, even a billion-dollar company like Airbnb was also considered odd until it blew up the entire hospitality industry. Therefore, it is advisable that you do your research on the kind of service you’re ready to take.

You can look up various co-living space providers on the internet through trusted websites in order to ensure the legitimacy of the business. You should also make a visit to the place if possible at least once to see if everything is according to your taste. You can also take a look at the amenities and extra services they provide like a gym or an open area for outdoor activities, etc. Try to get to know the people living there and the way they would like to co-exist with you. Learn about the general norms and common interests of the people that will help you make your stay peaceful.

Is coliving the future of housing?

Buying a house is not an easy task. According to the Urban Institutes Housing Finance Policy Center, the ratio of people below the age of 25 who owned a house was 1 in 3. The statistics that are from the year 2018 indicate that the number is 8-9% lower than the previous generations. As a result, millennials will prefer a way of housing that is not a burden on their pockets. Therefore, the very method of acquiring housing properties will have to change. Co-living spaces provide that fresh change. The demographic indicates that it will slowly tend to incline towards co-living spaces as a result of the general consumer trend. The economy is slowly changing into a shared one. In an era like this, co-living will grow more from a concept into actuality.

Conclusion

The co-living trend might still not have gained a strong footing in the housing and hospitality industry. However, one thing that we can be sure of is that with the diverse range of services and amazing facilities provided, the idea is becoming popular with millennials at an extremely fast rate. The industry is all set to take over the way society and housing function and we are all in to step into an age of co-living houses.

Co-living Spaces

Table of Contents: