After Coworking Comes Co-Living: The Future of Housing?
August 30, 2023
Over the years, the nature of work has evolved rapidly. Telecommuting or remote working has become widely accepted. Then, coworking offered young professionals and startup entrepreneurs a way to work in an office environment, but with a few twists. They work in one building with other people and companies, allowing them to expand their network and save on operational costs at the same time.
Today, coworking is no longer a novel idea. However, there’s a similar concept that you may have not heard of before yet: co-living.
Some thoughts may be running in your head right now. What is co-living? Is it like living in a shared hostel but for a longer term? Would this be more cost-efficient than renting my own apartment?
Before your head goes on overdrive, read on.
What is Co-Living?
Co-living is a relatively new form of housing that is designed to meet the demands of modern-day living. Co-living homes offer the basic amenities and facilities that you’ll ever need in a house. Typically, residents have their own bedroom and bathroom, but may use a shared kitchen, dining, and living spaces. In general, the residents share living and utility expenses. They may also share common interests and possibly, common values, too.
What Are the Benefits of Co-Living?
Co-living facilities try to eliminate the limitations posed by traditional rentals. Some of the primary advantages of co-living over traditional rentals are:
There is no required security deposit.
Typically, there is no lease agreement or minimum required length of stay.
You will only pay for the term of your stay.
There are no agent commissions or fees.
You don’t have to buy your own appliances or subscribe to utilities.
You don’t have to get into electricity, water, or Internet contracts.
Since most co-living facilities are fully-furnished, you can move in as immediately as possible with only your clothes and personal items in tow. You won’t have to go through the typical stress and hassle associated with traditional moves!
Other Benefits of Co-Living
Here are other advantages that co-living offers:
Cost Efficiency – In general, the face-value of an unfurnished apartment rental may seem cheaper than that of co-living. However, if you add the costs of buying furniture and appliances, as well as monthly expenses incurred due to utilities (that you may not be able to maximize in the first place), co-living proves more cost-efficient.
Mobility – If you plan to stay in a city for a certain period, but do not wish to stay there permanently, residing in a co-living space can be more convenient and affordable than staying in a hotel.
Coworking Option – Many co-living spaces also incorporate coworking features. These have amenities and facilities that make working more conducive to the residents. This may result in better productivity.
Community Support – Single, young professionals who live on their own risk being isolated from society. However, when you opt to co-live with other people who might share the same interests and values as yours, you can enjoy a sense of community and gain support.
Even though co-living is a relatively new concept, it is something worth looking at. Get in touch with LivingQ today to learn more about co-living and see if this is something that will suit your needs.