While the concept of communal living may not be new, the way coliving has been branded and currently being marketed has completely revolutionized the property market, by exploiting a niche need at a time when most millenials are not prioritizing buying property the way that previous generations did. As students and young professionals nowadays seek flexibility and life satisfaction over long term commitment, coliving provides a host of benefits that are able to fill so many of their needs, within a budget that most can afford. Coliving spaces offer residents private apartments or rooms to sleep in, while providing a host of communal areas, which are used for entertainment, amenities, and storage. A big pull toward the coliving lifestyle is the ability to meet and live with like-minded individuals; a chance to make new friends, which can be difficult for young newcomers in a big city.
Recognizing The Value of Space as a Service
Community living, or coliving, spaces, also commonly known as communes or hacker houses, refers to purpose-built residential centres which offer young professionals the opportunity to live and work with people with similar values, and share the price of amenities and creature comforts, such as cleaning service, WIFI, or entertainment areas. Entrepreneurs who have recognized the value of providing these spaces and amenities are totally reshaping the way that property is valued. Previously seen as an option for college students in dormitory situations, coliving is fast becoming an upmarket option for up-and-coming professionals who want value for their money without being tied into long term commitments. While property ownership rates hit an all time low in USA in 2016, a survey showed that millennials do plan to purchase property one day. Until that day, coliving is the practical alternative.
The Benefits of Coliving
There are a few key reasons why so many millennials are choosing the coliving lifestyle, and why coliving is shaping the way we look at real estate and living spaces in urban areas.
Coliving is Affordable for Students & Young Professionals
While many established professionals in major cities suddenly find themselves struggling to make mortgage payments, due to global economic crises, residents of coliving spaces are paying all-inclusive rentals fees which cover all of their expenses, with no long-term tie ins. In comparison, their rent is often lower than and their benefits and utilities are often worth more.
Coliving Builds Relationships
While students long for freedom and independence, they also put a lot of value and emphasis on social bonds and events. Coliving offers a chance to meet and socialise with a variety of new people, and is far safer than living alone in a big city.
When you consider how the property market has evolved over the past decade, it is clear that coliving is shaping the way future generations will look at living spaces. With property prices becoming increasingly higher, and more and more people are taking their time investing in property, technology and innovation will continue to fill the gap created by young professionals and students who need the flexibility, convenience, and affordability offered by coliving space providers, in these exciting times and into the future.