Co-living is fast becoming the way for people around the world to enjoy luxury living spaces at affordable prices. There is so much emphasis these days on the amount of space that one acquires and the rapid and unexpected change in people under 40. This is why share living has become so popular. It combines private spaces with shared facilities and in many cases, entrance to exclusive events.
Millennials nowadays are not interested in looking for permanent housing as they have latched onto the concept of co-living. Studies conducted recently showed that it is not just millennials that are enjoying this new way of living in a communal space, but also older people. Co-living helps people who are dealing with loneliness and those who tirelessly search for available rentals. There are lots of places that are increasingly difficult to find accommodation so co-living is quite useful. People who are unable to afford to buy houses and those who do not qualify for loans now have this alternative way of living available to them. Communal living brings people of different backgrounds together under one roof. There are many economic and cultural reasons that add to the success of co-living. These include things like shared workspaces, lower rentals and the need to meet new people.
Who is suitable to live in a co-living environment?
Co-living is a good idea for people from all walks of life, professional or student, young or old. It gives people an alternative housing which is necessary in the housing market that is mostly inaccessible to many. Residents of co-living spaces share communal areas which have been designed and equipped by developers to maximize social activities such as recreation, interacting with residents and having a meal together. At the very heart of co-living, is the need to establish a community rather than a workspace or office.
Co-living becoming an “on the rise” trend
The need for co-living is expected to increase as more inhabitants are looking to settle into the various available locations that are about to be opened in professional centers in United States. Co-living is on the verge of becoming a must-have in the most expensive and busiest cities. Changes in the ways and culture conducting business are already making an impact on our lives that are getting commercial day by day. Along with this, now the shared economy is crafting its entrance in our dwellings.
What it means to Live in a Shared Economy
The underlying idea is the same as that of co-working spaces: Why should you buy for yourself what others are willing to share? Gone are the days when people want to have their own things and have private ownership of what they use. People today are willing to share spaces and transportation so that they can save. The sharing economy relies on the principles and key values of community, watchful spending and gratification from having human contact.
Advantages of Co-living
The most important benefit is the price range. It goes without saying that communal apartments are much more affordable than traditional ones. Although individual bedrooms are standard and sometimes even smaller than expected, they make up for this with facilities like high speed internet which is included in the rental cost. Rooms are fully-furnished and other amenities can sometimes include in-house gymnasiums, recreational facilities, restaurants and sometimes even cinema theaters. Co-living spaces encourage the importance of social interaction and make it easier for you to meet new people from different walks of life. It encourages building relationships with fellow tenants and often goes the distance by organizing social events like book clubs, yoga or even dinner parties. For most residents, this is a breath of fresh air from their loneliness and isolation of everyday life. You are only really living with unknown people until you have formed a bond with them, and genuine lasting friendships are created.
The future of co-living
Co-living meets the demands and pressures for cheaper and more accessible housing. Some people believe that co-living will become a key area of the real estate market while others are not sure about it. There are many co-living spaces you can have a look at via the Outpost Club website, which will give you a better understanding about the various options that are available for people seeking communal living spaces.
The long-term success of co-living may still be unclear however its increasing approval is impressive. Co-living is a budding trend for real estate in expensive city centers. It offers minimal room space but expansive share amenities and a concrete sense of community living at lower prices than one would pay for a standard studio apartment. A growing number of investors are finding co-living an attractive and viable venture. Along with investors, developers are also taking a gamble on properties from Manhattan to Brooklyn with no visible signs of slowing down any time soon.
Why is there a rush to invest?
Co-living is not a new phenomenon as people have been living with roommates for a very long time. Developers of communal living spaces owe their success to a fresh take on boarding with strangers. The most obvious one is the inclusion of amenities ranging from basic to deluxe, an idea that was borrowed from the co-working market. Occupants of co-living spaces can choose to spend their free time laying by the pool side, enjoying a good book at the open library or working out at the on-site gymnasium. There is a great demand for real estate in the major urban centers, with even more amenities. Co-living spaces are becoming increasingly more suitable and highly lucrative. The co-living market in the USA alone is worth billions of dollars owing to the trust of funders and founders alike. As years go by, there will be plenty of opportunities for investors and consumers in this flourishing market.
Is it here to stay?
There is no distinct indication as to whether co-living is here to stay or not. However, most investors wanting to buy into co-living and interested start-ups willing to invest in them suggests that this industry is only going to get bigger and better as time progresses. Only time will tell how things will play out for shared living apartments and their residents and investors alike.