Co-living first appeared in the 1970s in Denmark. It was called co-housing. In order to create this perfect neighborhood, they brought together 35 families, interacting and sharing their social circles, common areas, and philosophies. As of 2021, living in co-housing will become one of the trendiest ways to live. Co-living is an alternative that emphasizes community support, group activities, and a sense of belonging rather than the emptiness and loneliness associated with solitary living.
The term “co-living” simply refers to people sharing a residence. Co-living spaces come in many shapes and sizes. While some of them are shared homes, some offer privacy in common areas so people can get together as much as possible. Co-living may be a short-term solution or a long-term solution for people moving to different cities away from home.
Co-living is popular for many reasons, including:
- Millennials moving to urban areas looking for affordable housing services, and co-living spaces are helping to ease this problem.
- Startups with excellent services and amenities promote these types of housing.
- During the past several decades, the housing market has shown that housing is often unstable, which has altered the perspective on homeownership.
- Many people choose to live in a co-living space when they can’t buy their own home or want a nicer living environment than they can afford on their own.
- It is convenient, easy to live in, and provides a flexible living environment.
- You can connect with people who have common interests.
- Many people are drawn to co-living, including entrepreneurs who are building up their businesses together, people new to an area, those seeking a more social life, those seeking communal and simple living, and those waiting to settle into homeownership or a certain area.
Living together with roommates, living in communes, or other forms of co-living has been around for centuries. However, it has recently been gaining popularity because startups and hotel groups have jumped on this concept, calling it co-living and adding amenities to make it more attractive. Millennials are also interested in this living style, and contemporary society is encouraging it too.
Most co-living spaces offer internet access and maid services. There are also some groups with the purpose of bringing people together based on mutual interests. These things make the co-living space more interesting & bring people from diverse backgrounds together under the same roof.
Businesses that facilitate co-living relationships offer some benefits, especially for people attempting to do so on their own. You don’t need to negotiate contracts, furnish the place, set up utilities, Wi-Fi, and other elements of the move on your own since they take care of all that. Businesses offering co-living take care of all these factors and make it convenient to move in.
There are several factors that influence why a property is popular. One of the most important factors is its location. In an urban area, the property may provide a place to live or put someone near a university or job. While co-living provides access to a place, it is also the chance to gain knowledge, create a network, and form ties with like-minded community members.
Providing great service for running a co-living business is the same as running a hotel business. The business aspect differs, however. Because of longer stays and return visits, co-living staff gets to know the residents better. They can implement changes or ideas faster and easier in co-living businesses because of their flexibility and creativity. It creates authentic relationships when staff members are true to themselves and show their personalities.
So, how does co-living define the true form of housing as a service?
Let’s have a look at the benefits:
A person under the age of 30 spends about 45% of their income on housing, which is their largest expenditure each month. You can decimate your expenses by living with roommates if you’re looking to save. Living alone isn’t cheap just because of rent. A new apartment can be quite costly when you include security deposits, broker fees, and the cost of furniture and kitchen supplies.
Apart from the fact that co-living spaces are cheaper than studio apartments, you don’t need to spend on a couch or a Wi-Fi router for yourself additionally.
Getting a place ready for you to live in is only the beginning. You also need to set up utilities and schedule monthly bills for essentials like gas, electricity, Wi-Fi, and for decorating your new home. You’ll have to look for a replacement roommate if a roommate moves out.
It takes time to manage a household. Co-living spaces allow you to focus on what you love without worrying about home management.
The flexibility of co-living allows you to live in a home for only a year without committing to a long-term lease with no furniture. Especially useful when you’re moving to a new city. Unless you decide to leave, your housemates’ lives (or furniture!) will not be compromised, since everyone has a separate lease.
Living light is another advantage of moving into a furnished, co-living home. By buying just the essentials for your new bedroom, you can save money by not buying a lot of home goods you’ll have to sell or toss when you move. Co-living caters to those who prefer a minimalist, sustainable lifestyle.
The popularity of co-living is for a good reason. Co-living can offer you the benefits of sharing an apartment with a roommate without having to worry about up-front costs, furnishings, and finding responsible roommates. It offers the best of both worlds: affordability and community.
No Financial Liabilities
Not having to deal with financial worries is one benefit of co-living. As co-living offers individual room leases, it eliminates the stress regarding roommates and their ability to pay rent on time or move out early. Rent and utilities are bundled into one monthly payment, so you won’t have to worry about reimbursing your housemates separately. Last but not least, roommates won’t be on the hook to find subtenants.
You may find it difficult to make friends as an adult if you are moving to a brand new city or overwhelmed with work. 30% of millennials reportedly feel lonely frequently. Co-living aims to solve this problem by offering a community of people who will share meals, organize movie nights, and talk about their days. Co-living homes give you the option of living alone or sharing a room as you wish.
Why co-living is a win-win for both; the tenants & the owners?
The benefits of co-living are shared between the tenant and the owner of the house. Co-living is an asset-light, cost-effective and flexible way to live in a city if you are new to it. In cities such as Bengaluru, Hyderabad, Chennai, co-living services are offered by companies like Colive. Residents occupy over 90% of these co-living areas. Despite the high demand, you may not get a room in the neighborhood you prefer. It is more common for young, unmarried individuals to live in co-living spaces and not families.
Owners of prime real estate in prime locations could benefit from co-living to earn regular cash flows. Though the responsibility to maintain your property falls on the owners, companies like Colive ensure to have a team of staff to ensure a safe, clean & pleasant living for the tenants at the properties.
The ultimate co-living experience, combined with the most pleasant roommates, is available through Colive. We sift through all the residents of Colive and match you with roommates who share your living preferences and interests.
Look no further! Find your next home with Colive in Bengaluru, Hyderabad, Pune & Chennai today.
Visit www.colive.com to check out the best co-living spaces for you!