Why do modern people prefer Coliving to other housing options?

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27 October 2021

Real Estate

Coliving

We have often been told that more of us will live in cities and that cities will be bigger. But what we have not seen is how this will happen.

While there is a growing awareness among the public, politicians, developers, and architects about the need to improve living conditions in cities, little is being done. Coliving is still a new concept, but the fast-growing Coliving industry aims to redefine the way we live. Coliving offers shared living spaces, sharing kitchen facilities, sharing laundry, and cleaning services. The potential cost savings are significant, although the initial start-up costs are high.

Living in smaller spaces is a cultural norm in the affluent West. But until recently, people in most developing countries had few options beyond informal settlements or slums. Now, thanks to urbanization, millions of people are leaving rural areas and moving into cities.

Urbanization is speeding up in Asia, Africa, and Latin America, but the trend has been visible in developed countries, too. In 1960, 70 percent of the world lived in cities; by 2050, it will be 75 percent. Read this blog content about coliving from sharedeasy.club.

History of coliving

History of coliving

In the 1950s, we began to think of space as a commodity. At first, we thought of it as a commodity to be bought and sold, like a plot of land or a building.

Then, we came to think of it as a utility, like electricity or water. Then, as the idea of sustainability grew, people began to think of space as a vital resource.

Finally, in the 21st century, we came to think of space as a service. That is, a space is a service, like a utility, that provides shelter, privacy, and community.

Co-living also falls under a relatively new concept of Housing as a service. It is disrupting the way we screen, monitor, and select housing. Co-living is seen as a promising potential from industry experts from different market leaders as the real estate developers, hospitality companies, and investment community. Big names in the retail- and automotive industry are adding co-living to their portfolios.

Related Reads: Smaller Apartment Downsizing Hacks

Coliving benefits

Coliving benefits

SharedEasy launches its new spaces which is an innovation lab based in New York. Here are some main benefits of coliving:

  • Co-living spaces are breaking free of traditional housing models. They provide living spaces with shared amenities, such as gyms, cafeterias, and common areas. Co-living spaces are often in buildings with 100 to 400 rooms.
  • Co-living is not a new trend, but a new business model, with unprecedented demand.
  • Co-living spaces offer more than just a place to sleep. They provide shared amenities like gyms and cafeterias.
  • Co-living spaces are viewed as an alternative to conventional housing, either because of cost or lifestyle issues.
  • Co-living spaces are growing in popularity. An increasing number of millennials are choosing these spaces over conventional homes.

Urbanization brings with it many benefits. But rapid urbanization also brings with it many new problems. Often, people are priced out of the housing market. They are forced to live in informal settlements or slums. They lack adequate access to infrastructures such as water and sanitation. And because of the strain on city infrastructure, cities are left vulnerable during natural disasters.

“Build it and they will come” is a noble sentiment. But it doesn’t work in practice.

Related Reads: Property Investment Worths

Coliving in practice

Housing is a basic human right. For most of us, our housing is the biggest single expense we have every month. But building housing is expensive. Many cities are at or very near their historic peak population levels.

The East Coast already has more housing than it can reasonably absorb, with the result being that half the population cannot reasonably afford a home. And California, which has experienced a spectacular population boom in recent decades, has a serious housing shortage.

Insufficient housing is one reason why young people, especially, are leaving cities for the suburbs. By some estimates, 30% of young people between the ages of 18 and 34 live with their parents, compared to 7% of older people.

Co-living is a response to this problem. It’s a way of living that takes advantage of the economies of scale in housing.

Instead of people having to buy or rent their own house, they live together. In a normal house, people generally have private rooms, but in co-living arrangements, they share a bathroom and a kitchen.

Co-living has many advantages. Now people can live near their best neighbors, and they can also share costs. And they do not have to be locked into a long-term contract with a landlord. But it also has some disadvantages. First, co-living is not for everybody.

Some people want privacy. For these people, co-living is probably not a good idea. Second, the co-living companies need to manage a large number of people, and this requires a lot of staff. This is a considerable expense.

But most importantly, co-living does not solve the fundamental problem. We need to build a lot more housing.

Why is coliving preferred by millennials?

Co-living, in this sense, is an evolution of what millennials have come to think of as normal: a communal living arrangement that mirrors the way social media functions.

It’s both social and intimate, it’s both private and communal. And it’s a community where members do not compete with one another for space; instead, they collaborate, sharing common spaces and amenities, from kitchens and living rooms to bedrooms and bathrooms.

Conclusion

Co-living in particular is the logical consequence of sharing everything online. The idea of shared living spaces has been around for quite a while. The Victorian fascination with communal living and with communal service — the belief that community was the key to happiness — was reflected in the rise of the boarding house and the shared house.

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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