What is Co-Living?
Co-living has been a valid concept for centuries, with its roots in the traveling migratory communities and now in the gig economy and temporary work sector. Studio apartments with extensive high-quality shared utility facilities like gyms, co-working spaces, tenant lounges, and movies are the norm in co-living communities, which are designed specifically for renting. Co-living provides tenants with all of the benefits of shared housing while eliminating many of the drawbacks. It is widespread in big cities as a practical housing option for students, employees, digital nomads, and people migrating. Unlike regular apartments, co-living spaces offer renters more freedom, more facilities, and a stronger feeling of society.
In the United Kingdom, the standard for co-living spaces consists of fully-furnished studio apartments with kitchenettes and access to bigger communal spaces. These might range from a living room to a workplace area or an indoor pool. Communal spaces are stil extremely common in southeast Asia, less common in London where people value some level of privacy. With rising costs of living, and reduced space for new builds, the co-living concept is having a re-birth and coming back to popularity again.
There is an increasing need for non-traditional housing options as millennials and members of Generation Z have a hard time securing low-cost flats. In today’s co-living market, recently graduated youngsters – for whom the appeal is often the practicality and low costs, find a solution in sharing since they cannot pay the high rents in large cities. These folks, however, are looking for locations that are better kept, more structured, and more conveniently situated than student housing.
Co-living spaces, which are developed and managed by organisations that specialise in house-sharing, are becoming a more popular choice in this niche sector. It is clear to see why it is attractive to many.
The hassle of finding roommates and negotiating rent and utilities may be avoided by renting a dorm room in such a property. As such, the ability to adjust to new settings is another strength of digital nomads and global citizens that may prefer co-living. Instead of constantly moving from one rental to another, people may pick a home base in one of these co-living areas that have access to key establishments. People who are moving to a new place for employment, school, or personal reasons will find that coliving is an excellent option.
Co-living provides opportunities and freedom that buying, or committing to a long term rental contract does not. People these days need a level of freedom, due to the uncertainties in the world right now!
