As urban areas continue to become more and more overcrowded and rent rates skyrocket, many people are finding themselves living in teeny tiny rat-infested apartments in dodgy sections of town. Believe it or not, there is another option, and it’s way more affordable than you may think. Thanks to the rise of individuals making use corporate housing and coliving spaces, people are realizing there are new ways to look at city life and accommodation and changing the way we look at living quarters.
Coliving – What Is That?
Coliving is a modern take on the hippie-style communal living model, with a capitalistic intent, adapted to suit the contemporary needs and expectations of students and professionals alike. The intention of coliving is that of a community mindset, with pooling of assets, labor, and resources which is both cost- and energy-efficient. Communal living not only reduces the cost of city living, they are generally situated in inaccessible and central areas, which also reduces the cost of commuting.
Corporate housing and coliving spaces are typically fully furnished rooms and include all the necessities and many luxuries you would need, as well as access to shared living spaces and fitted kitchen areas. Some rooms have ensuite bathrooms, and spacious shared areas are usually well stocked with appliances and entertainment equipment. Most coliving spaces offer laundry services and free Wifi and may organize events for their residents. Bathrooms and kitchens are usually kept stocked with toiletries and staple foods; all included in the rental, just like the utilities.
The sense of community is strengthened by well kitted communal areas, which usually include big screen TVs and barbecues. With other residents to interact and bond with, the feelings of loneliness and isolation often experienced in urban areas is faced hand-in-hand. This is a big plus for students or professionals moving to a big city for the first time.
So What’s So Great About Coliving, Anyway?
Financial relief is a major appeal to most people, particularly millennials, who are the least likely demographic to plan on purchasing their own property. Young people also tend to prefer shorter leases and the flexibility to travel which coliving services generally offer, and place more value on relationships, experiences and memories than assets, vehicles, and property. Since corporate housing and coliving spots are all-inclusive, the funds spared can be used to save up for future asset purchases – coliving gives you the freedom to choose.
Finances aren’t everything to everyone, there are various other advantages to the safety in numbers and relationships which are built in these communal spaces is not only beneficial to the individuals who participate, they benefit their community as a whole as well. Through pooling resources, communities can reduce carbon footprint, environmental impact, and wastage of resources – building towards more sustainable neighborhoods and cities. It isn’t just freelancers, students, and corporate execs who can benefit from communal living, there are many coliving spaces which are family-centric and ideal for people who have children.