Is “Co-living” the New Trend?
Affiliation and being part of a community are still prevailing human needs and have been since the early dawn of civilization. However, the years of industrialization provided people with new housing options, including individual properties which seem to have made people forget about the importance of neighborhood and social belonging. Increasingly, Millennials are going back to basics, which may be the reason why co-living is a growing trend across the world nowadays.
What is co-living?
So, what exactly is co-living? It’s a way of living in shared spaces designed to improve quality of life for the residents. This is not only a housing model but also the best solution for a fast-growing demographic. It has become a popular trend among young professionals and Millennials who crave social connections and can’t afford skyrocketing rents. Communal in nature, it gives residents the opportunity to enjoy fulfilling accommodation and a venue for social interaction.
Co-living―a growing trend and its benefits
The co-living trend actually started out in the US, where various startups like “Common” and “Pure House” tried to capture the market of individuals under-35 looking for the convenience and sociability associated with sharing properties. Since then, the concept has gained traction in different parts of the world.
A couple of years ago, Bloomberg Business reported that around 5000 people across China were living in the communal buildings of YouPlus. And that number has grown rapidly ever since. Similarly, in the UK, we have seen many office buildings converted to co-living complexes. The Collective Old Oak in London is a prime example.
The trend for co-living has plenty of benefits on offer. Some of these include:
- Community living and opportunities to socialize
- Reduced costs of living
- Shared duties for routine chores
- Shared facilities
- Access to high-end residences
In addition, it presents intriguing investment opportunities to the businessmen who can make great revenues by taking advantage of this growing dimension of the real estate business. The market still is not saturated and one can invest their money and make huge gains even today.
Top 5 co-living spaces around the world today
Now that you know enough about this growing trend, here are some of the most popular co-living spaces in the world today:
With extremely fair pricing, these are some of the best co-living spaces around, offering freedom of movement in areas situated in the dreamiest locations in Tokyo, Miami, Ubud (Bali) and soon in San Francisco. Rent prices vary depending on the location. Residents can take advantage of 24/7 access to co-working space and communal areas as well as laundry facilities, WiFi and shared kitchens. Media rooms, pools and event spaces are available depending on your chosen location. The minimum stay is seven nights, the maximum is a lifetime. A flex plan is offered wherein you can purchase nights in bulk and use them whenever necessary.
2. The Collective
This one is located in London city center and takes pride in being the pioneer of co-living spaces. It started in 2012 and has grown in its popularity ever since. The facility has expanded into a 10-floor building which is home to around 500 people. The rent varies depending on the room. Options range from ?200 to ?370 per week, but the longer you stay, the lower your rent will be. This payment guarantees access to services such as room cleaning, WiFi, gym, communal areas, 24/7 on-site gathering and community events. The minimum stay is four months, with a maximum of 12 months.
3. Sun and Co.
If you love the beach, Sun and Co. is the co-living space you need. This one is situated in Javea, just an hour’s drive from Valencia, Spain. Apart from co-living, there are also co-working spaces available and the building is inspired by 19th-century architecture. It’s a comparatively small co-living space and can host approximately 20 residents. You can stay a minimum of one night here and extend indefinitely. The average cost per night ranges from ?18 to ?45 depending on the type of room (shared or private) with a deposit of 50% of the total amount. The services available include free organic coffee and fruit, cleaning service, kitchen, Wifi and 200m2 communal areas. There are also various activities you can engage in like kayaking, surfing and biking.
Zoku is a co-living community in Amsterdam. The cost per night depends on the type of room, ranging from ?72 to ?187, while lofts start at ?210 and go up to ?233. For shared rooms, the average cost per week starts at ?350. Access to communal areas is also available, which includes guest pantry, music corner, game room and treatment room. Television, WiFi, kitchen, living room, bar, laundry area and meeting rooms can also be accessed at your convenience. You can stay a minimum of one night here and extend indefinitely if you want to. Zoku is also a co-working space, so you can live and work without leaving the facility.
Common offers the ultimate attention to detail and design, making it unique among co-living places in the world today. There are several sites across the United States in Chicago, San Francisco, New York and Washington. The cheapest rate per month is in Washington which costs $1,300, with the most expensive in San Francisco with a rate of $2,300. Various services provided include weekly cleaning, Laundromat, kitchen and WiFi. In addition, you can stay in stunningly designed rooms from one night with no upper limit to how long you can stay. Members benefit from access to all four locations in the US.
So, with the co-living market thriving all over the world, and more and more Millennials choosing to embrace this growing phenomenon, it’s time you consider shifting to a co-living space. The benefits are many and you’ll love the experience for sure.
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