There’s no doubt about it. Renting a home can be incredibly expensive.
According to Trulia, the average one-bedroom apartment in the United States is $1,223 per month with cities like New York and San Francisco topping out at $3,000 each month.
As a side effect of the rising housing and rent prices, co-living has become a popular alternative to traditional shelter solutions for many people looking to live affordably while also discovering more meaningful ways to connect with their peers.
Co-living is basically living in a room of your own but with shared spaces such as living room, kitchen, laundry room, etc. The cost of utilities and rent is thus split amongst all the residents of the co-living space.
It thus creates a “community vibe” you wouldn’t find as easily in a typical residential Miami Springs apartments.
If you want to learn more about co-living and find a co-living spot of your own, look no further than this famous and reliable New York coliving company SharedEasy.
Now without further ado, let’s get to some obvious advantages of this new co-living lifestyle.
Co-living is affordable, and has lower deposits
If you’re looking to save money, one of the best ways is to live with roommates. While it’s tempting to move out on your own, small studio apartments can quickly become some of the most expensive housing options in a major city.
For example, New Yorkers living in a studio will pay an average of $1,400/ month.
By comparison, if you share that same apartment with a roommate at 50% off, you’ll pay $750 a month — almost half the cost! If you choose to live with others in a co-living space, you don’t have to pay extra rent to have your own bathroom, kitchen, and living room.
In addition to the lower rents due to roommates, the deposits themselves tend to be lower as well, or in some cases, nonexistent!
Co-living spaces let people avoid having to pay big deposits. Student renters often have to pay 11 months of rent in advance as a security deposit.
In many parts of India, landlords demand 11 months of rent from renters even if they are students or just starting out in work and don’t have much money yet.
Co-living spaces charge only a small deposit, so they are an affordable option for such people.
This security deposit burden being lifted is also fantastic for people looking to stay for a few months in a new city, but who don’t want to pay exorbitant deposits for such a short stay.
More facilities, more fun!
Unlike most residential apartments, or even a lot of hotels with barebones amenities, many co-living spaces are outfitted with lots of facilities to encourage the residents of the space to interact with each other and share ideas and experiences.
A lot of hotels don’t even offer food as part of their amenities, while co-living spaces often do.
Common areas in co-living spaces are often outfitted with TVs, games, etc. and many also have workout spaces, lockers, laundry, and internet facilities as well.
This serves as not only convenient to residents, but also as a way to foster new relationships with the people you’re living with, and get a sense of community that co-living spaces strive to provide.
More Freedom for occupants
Sometimes, with tenants and their landlords, a lot of rules come into play that can restrict some people’s ways of living.
Some landlords for example are not willing to house tenants of certain religious backgrounds.
Co-living solves this issue entirely, as residents have the freedom to come and go as they please, they are surrounded by like-minded people of many backgrounds, and they can even choose to have meals at irregular hours if need be, since the common/shared areas are always open to them.
Because of the shared nature built into every co-living residence, tons of opportunities exist every day for co-living residents to socialize and interact with one another.
While having the added advantage of having your own private room if you need solitary time, having people around to share ideas and conversation with helps ease the problem of loneliness that often accompanies solo-travelers moving to new cities on their own than if they were to rent an individual apartment. And who knows? Some of your co-living roommates may become lifelong friends!
Add-ons and more!
One thing especially appealing to millennials and many others is access to shared experiences, and many co-living spaces can provide such things for young and old alike.
As mentioned previously, co-living spaces tend to bring together like-minded people, and many co-living space operators will try to accommodate this with add-ons such as yoga classes, meditation classes, or other fitness classes.
Additionally, it is not uncommon for some co-living spaces to connect occupants with various professionals in their chosen field or occupation; they also can offer various skill-building and leadership events, something that you’d be hard-pressed to find at a regular hotel, apartment, or other short-term lease.