Is Co-Living the future of housing?
Lifestyle and work are evolving at a rapid pace. However, there are limitations in the traditional housing model, which is limiting progress. Little attention has been paid to the improvement and transformation of the system for fulfilling the basic human need for shelter. The issue has given rise to the concept of co-living space in metropolitan cities. While many people might find the new housing model intriguing, it can revolutionize the way the world lives.
What is co-living?
Co-living thrives on the concept of a shared economy. The synergistic form of housing is aligned to serve the needs of modern-day life. In a typical scenario, residents have their bedrooms and bathrooms but share the living space and kitchen. Moreover, residents share living expenses, which helps in meeting the monthly expenditure, which would have been much higher, had the residents paid for everything by themselves.
Why is co-living great?
The concept of renting or leasing a house has been a long-standing trend. It originated in the years B.C. and has been that way ever since. Renting a home in the modern world isn’t that different. Today, there is more of a structured and standardized approach, where renting an unfurnished property for at least one year is the norm. Add in the real estate agent fee, and you have officially landed in an inflexible situation.
Benefits of co-living
- Highly affordable
The face-value of an unfurnished rental apartment may appear to be cheaper than co-living in some cases. However, one can genuinely see the difference in cost upon adding the monthly expenses and one-time sunk costs. Moreover, the opportunity costs and time spent in making a move will paint an entirely different picture.
- Global mobility trends
A co-living system eradicates the hassles of utility contracts, rental agreements, and furniture holding you back. So, it allows residents the freedom to live anywhere with a remote job.
The freedom to live anywhere allows a resident to define the cost of living and housing expenses. Ex: One can rent an apartment for €150/month in Bulgaria, for €800/month in Berlin, for $2,000/month in London, and $2,500/month in Tokyo. Consider the cost of renting an unfurnished studio apartment in New York or San Francisco, and the co-living system won’t fail to impress you. Since the cost of renting or buying a house in these areas is sky high, people looking for cheaper accommodation can genuinely benefit from co-living space.
- Convenience and productivity
Co-living eliminates the worries of monthly bills, and most co-living establishments have a built-in co-working option. It means that a resident can work right where they live. So, it helps save time and travel costs and lets you enjoy more personal time and multiply your productivity. All you need to do is walk-in next door, open your laptop and get started. Think of the things you can do with an extra 2-4 hours in your hand every day.
One of the drawbacks of the western countries is the lack of a close-knit community. With co-living, one can feel the support of a community and can take part in collective activities with friends and co-living partners. So explore the new trend and enjoy its innumerable benefits.