Is co-living right for you?
This micro-apartment concept is trending around the globe. Still thought of as newish, its popularity is due in part to increasing numbers of millennials — roughly those born between 1981 and 1997 — who are looking to dwell with others. Lonely boomers, too, are looking for ways that increase connection.
Co-living is all about living near other people and sharing communal spaces such as kitchens, bathrooms and work areas. It's also about socializing and relaxing together with other like-minded and similarly-situated people. And it may be a way for people to find affordable housing in traditionally expensive areas.
When you're in a co-living space, there are lots of benefits.
Private rooms and beautiful shared spaces like kitchens and common rooms generally include all kinds of extras. Modern interiors are fully furnished, often with an industrial vibe, lending to its broadening appeal.
Proximity to an urban core is a major co-living motivation. You'll find these arrangements mostly in urban hubs. Think New York, Chicago and San Francisco. The average studio rental in Washington, D.C. is about $1,915. By contrast, you could spend $1,425 in co-living quarters.
In Chicago, a co-living community provides places to call home in some of Chi-town's most sought-after neighborhoods. You could live near the Bean, Millennium Park or Wrigley Field. One concept offers private, furnished rooms starting at $975. Another tops out at $1,225, with features including keyless access and balconies.
Depending on the location and company, some co-living buildings have amenities that rival some of the most luxury apartment complexes.
According to Coworking Resources, there is a 10-floor co-living space in London that offers a movie theater, library, gym and a restaurant on site. Even if your space doesn't feature all of these amenities, you can expect supplies like trash bags and paper towels to never run out, WiFi is a given, along with a cleaning service and paid utilities. Even laundry might be covered under one all-inclusive rate.
However, there still are some aspects of co-living that not everyone is buying. Fast Company reveals that people really don't want to share bathrooms. Or even bedrooms for that matter. But they're fine with sharing kitchens, workspaces, gardens and the internet.
To explain the rise in co-living, we have to start with the basics: Saving money. However, it's more than that. Vox reports that people are living with strangers to save money, but also to maintain a higher standard of living than they might enjoy on their own.
It's kind of dorm-like, for anyone whose been there and done that. And yet, it's also so much more grown-up and hassle-free. It appeals to those who are educated and yet financially limited.
There's also the lure of the right blend of people. The demographics of co-living does vary. However, it's said to be a millennial co-living boom. Why? Because millennials are redefining adulthood.
And, this way of living has become popular among the tech set, also known as "digital nomads." It fulfills a niche beyond co-working spaces. Combining both co-working and co-living options is also trending, based on demand.
Boomers are also breathing new life into a more formalized version of communes and co-ops. Gone are the '60s-era communes and back-to-the-land movements and instead, the focus is now on “intentional communities."
According to the Cohousing Association of the United States, being 60-plus and older without a spouse, partner or grown children calls for an alternative living solution. It's a predicament that close to 30 percent of the 60 and over population face in U.S. cities. The goal is to ease the burden. This means creating both senior-centric and multigenerational co-living communities.
Now, a surge of real estate developers and investment companies seek even more opportunities. QUARTERS CEO Gunder Schmidt tells Realtor magazine:
“Building a large footprint in Chicago and throughout the nation is a priority. In Chicago, we want to grow to 10,000 beds. Across the country, we are looking at key cities like Denver, San Francisco, L.A., Miami, and Detroit for expansion in the next 12 to 24 months.”
In order to remain relevant, architects are trying to stay up-to-date with contemporary living patterns. They are also working to rebrand the idea of commune living — taking an old idea and giving it a fresh voice.
Perhaps that's how these new for-profit co-living startups are so far-reaching, not only in the U.S. but also around the globe.
It's important to remember that co-living is a trend and that trends are always coming and going. It wasn't long ago that people were installing faux wood panels on walls and covering hardwood floors with carpets.
However, it's worth noting that co-living seems to at least somewhat solve an affordability issue for people who want to live in a trendy location but can't afford a normal rent payment. Considering the amenities and price, co-living may satisfy as a perfect solution in a worry-free zone for the right kind of renter.