Co-Living: what is it and how can you benefit?
Shared real estate spaces are becoming more popular among a younger demographic, notably in major cities throughout the world, especially among millennials. Here, we examine the reasons behind this generation's interest in co-living housing.
What is Co-living?
Co-living is a real estate term. Co-living has gained popularity in recent years as a result of the proliferation of housing companies that provide inexpensive accommodation in houses shared by five or more adult housemates. Co-living accommodation is often offered on a short or flexible-term basis and includes advantages such as housekeeping services, professionally furnished communal spaces, and turnkey amenities and utilities.
The Benefits of co-living
The cost of co-living is relatively less
Sharing an apartment with a roommate is an excellent option to dramatically reduce your monthly expenses. However, the cost of living alone is not just based on rent. When you include security deposits, broker’s fees, and the expense of purchasing new furniture and kitchen supplies, renting a new apartment on your own may be quite a knock to your money account.
In a co-living place, not only is rent cheaper than a studio apartment, but you also won’t have to purchase your own furniture and other amenities.
Convenience is one of the primary benefits of co-living.
Once you’ve signed the lease on a new house, your job isn’t over: you will have to set up utilities and arrange monthly expenses for necessities like internet, gas, electricity; decorate your new apartment to feel like home and hire a house cleaner in addition to negotiating tasks with roommates to keep things looking neat.
In a co-living environment, you don’t have to worry about house administration, so you can spend more time on the things you enjoy.
There is already a sense of belonging when you choose to live in a co-living setting
Making friends as an adult may be difficult, regardless of where you live or how much time you have on your hands. According to a 2019 poll, 30 percent of Millennials “often” or “always” feel lonely. That's where Co-living comes in. It provides residents with a built-in community of individuals who are willing to share meals, organise movie nights, and chat about their days. Co-living apartments enable you to interact when you want to, and be alone when you don’t.
Co-living reduces the financial burdens of housemates
Co-living reduces the worry of roommates not paying rent on time or moving out early by giving individual room leases (instead of group leases with individuals you've just met). You also won’t have to pay for utilities upfront and then hound your roommates to repay you, as utilities and rent are combined in one monthly payment. Finally, you won’t ever be on the hook to locate a sub-letter for your roommate.
Co-living gives flexibility
Instead of purchasing furniture and appliances for a house in which you may only live for a year, you may choose a short-term lease with co-living. When relocating to a new city, this is particularly useful for getting a feel for the various areas before committing to one long term. Then when you do leave, you don’t have to worry about compromising your housemates’ living circumstances, as each tenant is on their own lease.
Co-living helps you to live light
Another perk of moving into a furnished co-living house is the freedom to live light. By bringing just the necessities to your new bedroom, you can save money for the things that truly matter rather than purchasing a lot of stuff you'll have to throw away or sell if you relocate. Co-living is a great option for those who value environmental stewardship and want to live with fewer possessions.
Is Co-living a good Option?
To have the best of both worlds, co-living is a great option for those who don't want to pay hefty amounts for a good house and don't want to deal with the hassle of renting and furnishing a whole home. Not to mention finding responsible housemates.
How can Indiassetz help?
Indiassetz can help you find the best co-living facility which is available out there. We can also help with financing your move, proof-reading your rental agreements, and taking care of any landlord-related issues.
All in all, we provide a one-stop digital solution to our clients.