Co-living refers to affordable housing options where two or more families share separate parts of a building or house. Co-living spaces take many forms, encompassing everything from renovated single-family homes to floors in residential buildings that have been converted into dormitory-style lodging.
The benefits of co-living are convenience, a feeling of belonging to a community, and affordability. Sharing a home with others is a lot more affordable than renting a studio or one-bedroom apartment. Amenities, cleaning services, and short-term leases are usually included in co-living homes.
Young people choose co-living because it allows them to save money to buy their own home in the future. However, co-living is not for everyone. Here are a few co-living challenges that you might find overwhelming:
- Privacy. With multiple families living in one building, it can become difficult to find personal space.
- Noise. People from different families tend to have unique lifestyles. For example, your neighbor might make some noise during their morning workout while you are still asleep, or you might work remotely and hear your neighbor blasting music at full volume in the afternoon.
- Personalization. Co-living spaces usually have furnished bedrooms and living rooms, meaning you will have to get used to the interior before you have enough finances to change it. There might also be some restrictions on what you can change in your space, like removing walls.
Co-living projects are popular with young people all over the world: you’ll find them among European, American, and even Dubai properties. Let’s see what their appeal is.
Affordability and Flexibility
Rent is the largest monthly expenditure, accounting for 40% of people’s income. New apartments or houses might also have additional expenses like kitchen supplies, furniture, security deposits, and broker’s fees. These costs can put extra strain on your budget.
Co-living is one of the best ways to significantly pare down your spending. You can rent a room in an existing space and share the costs with other residents. Moreover, you won’t have to buy furniture or a Wi-Fi router. Some co-living also include gyms, laundry, and cleaning services.
Community and Social Connection
Here are the main social benefits of co-living:
- Addressing loneliness and isolation. Co-living promotes mental health by putting you in a more socially dense environment. As a part of a co-living space, you will feel a sense of community.
- Fostering meaningful connections. Co-living encourages collaboration and interactions by sharing spaces and holding events that can initiate new friendships.
- Fostering shared learning. The exchange of knowledge, skills, and experiences is common in co-living spaces. Collaboration in co-living spaces creates an ecosystem where everyone can experience personal growth.
- Promoting diversity and inclusion. Co-living residents gain insights and appreciation for cultural and professional diversity by living side-by-side with people from different walks of life under one roof.
Around 30% of people aged from 23 to 38 say they often or always feel lonely. Co-living events like movie nights and shared meals can make people happier.
The way people approach housing has changed in recent years. The traditional, isolated living concept that was popular a few decades ago is changing towards a community-driven, environment-conscious housing model.
Co-living creates a sense of belonging. It promotes mutual support among residents who share similar values and interests.
Efficiency of Co-Living Models
Traditional living arrangements, with one household per apartment, are resource-intensive. Co-living spaces offer an innovative solution that reduces waste and optimizes land use while fostering community.
Water-saving fixtures and shared laundry facilities drastically lower water consumption. Residents also tend to be more mindful of their resource usage when spaces and bills are shared. In some cases, co-living spaces are located in and help revive depressed or transitional neighborhoods.
Shared amenities also reduce the need for underutilized duplicate appliances and facilities in each unit. It allows more people to live on the same urban footprint.
Waste is also minimized in co-living through the sharing economy ethos. Bulk buying and meal planning reduce food waste, while shared goods and spaces mean fewer redundant possessions cluttering landfills. Studies have shown that co-living with five or more residents produces less waste compared to smaller households.
Sustainability within co-living services is supported by modern technologies like smart sensors and new construction methods. By using these technologies and sharing facilities, co-living spaces can achieve energy and water savings.
Technology and Innovation of Co-Living Services
Co-living provides residents with convenience and security through the use of internet platforms, on-demand services, and smart home technologies. Here are some of the technologies used in co-living:
- Mobile apps. They are usually used to facilitate seamless communication between tenets and landlords. Residents may also use an app to report difficulties, request meals, and order laundry services. Some co-living spaces implement round-the-clock security alarms and facial recognition systems.
- On-premises video surveillance. Those systems are not only used for security. They are used for analyzing residents’ behavior so that co-living management can use that data to improve their spaces in the future.
- Artificial intelligence (AI). Companies invest in machine learning and AI solutions to learn more about their customers’ behavior and increase the efficiency of their services.
Other tech solutions like smart locks allow residents to access their rooms without physical keys. It decreases the chances of losing keys and prevents break-ins.
Bottom Line
Co-living is affordable and more sustainable than renting a house on your own. It provides an answer to some of the problems and opportunities that the present and next generations encounter in the urban housing market, like lack of efficiency and no sense of community. Despite its drawbacks, co-living may well prove to be the real estate industry’s future.
