Co-living spaces are a relatively new form of accommodation, providing private sleeping areas in combination with communal living and working spaces, ultimately focusing on an open and collaborative concept. Whether it’s due to their convenience, affordability, or simply a feeling of belonging that they evoke, co-living spaces have become the most sought-after housing trend, especially when it comes to younger generations whose professional, leisure and travel lifestyle aspects are often intertwined. With that in mind, let us explore the benefits of co-living spaces, and see what exactly led to their current popularity.
The financial benefits of co-living spaces
While living in the city comes with a number of lifestyle benefits, such as the proximity to schools, business centers or leisurely activities, the rapid increase in city densities around the globe lead to housing prices suddenly rising as well. In combination with an uncertain economy which forced many young people to pick up extra shifts or work several jobs to make ends meet, rent prices in the city seem to be unattainable for most, even though such a prime location might be an essential lifestyle aspect.
This is exactly where co-living spaces come in. Offering much more affordable rent costs, these spaces simply make more financial sense for millennials and Gen Z-ers who are still in the process of building a career and a steadier life. As co-living spaces usually come fully furnished, with no specific lease agreement, such a housing option is also much more convenient for young digital nomads who aren’t looking for a long-term financial commitment.
The popularity of serviced apartments
Within the co-living housing industry, there are a number of different forms of accommodation made to appeal to different types of renters, from more private houses aimed towards professional, working people to more community-based options similar to traditional dormitories. However, one of the most popular options currently is a serviced studio apartment, a trend that has been growing in popularity all around the world.
Such apartments are usually situated in prime city locations, in proximity to any necessary amenities, while also offering the privacy and comfort of a home with fully furnished rooms and private bathrooms. However, many serviced apartments are located in dedicated buildings that offer communal spaces such as living rooms, kitchens and laundry rooms as well, providing a social aspect along with personal space. All of these beneficial aspects might explain while serviced apartments are on the rise, both when it comes to younger digital nomads and more seasoned business professionals.
Co-working and the socialization factor
Another important aspect of the millennials lifestyle is the ability to spend their working hours and their free time with like-minded individuals, and co-living spaces allow them to achieve just that. With communal areas where they can spend their free time together, as well as interesting workshops and group activities that are often included, co-living options tend to give renters a sense of belonging and community, helping to build a support group of people with similar lifestyles and interests.
What’s more, many co-living spaces also offer co-working areas, where the residents have the opportunity to work together. Not only does this concept allow for teamwork, brainstorming and sharing ideas, making for a more pleasant job experience, but it also gives people the opportunity to network and expand their professional circles, which can be quite challenging to achieve otherwise.
The safety aspect of co-living spaces
While it might not seem as such to those who are unfamiliar with the concept, co-living is actually quite a safe and secure accommodation option for everyone involved. Apart from representing a shared community, these properties are also equipped with excellent security systems in most cases, and can sometimes even provide on-site security staff to ensure the safety of the residents.
Similarly, many co-living spaces will do thorough background checks of any potential applicants, especially those who are looking for long-term accommodation, to ensure they are a good fit for their small community. That way, both old and new residents can be safe and sound knowing that their circle of friends, colleagues and roommates is made up of reliable and trustworthy individuals with similar life goals.
As they enter into the workforce, millennials and Gen Z-ers are slowly reshaping the housing industry as well, opting more for shared spaces and a shared economy, which is exactly what co-living spaces provide. For this reason, although co-living is still quite a new concept, it will undoubtedly only continue to rise in popularity in the future.