You’re a single individual with a demanding profession that leaves you with little spare time. You’re seeking a place to stay that provides all of the amenities while also taking care of the maintenance. More significantly, you don’t want to pay for locations that you don’t use very often but can’t live without. If this is you, then welcome to the rapidly growing co-living places, which provide everything a single person wants without the hassle of upkeep. Furthermore, the ambiance and amenities offered are considerably outweighed what a single bedroom area could give. The co-living spaces propose to bring together individuals with similar lives and inclinations by allowing community living while also providing a variety of facilities and attractions. Let’s delve deeper into the concept through this article and find answers to all your
What is Co-living?
Co-living is defined as sharing a space with a large number of other people to encourage tenants to communicate and collaborate. As a result of the large number of young people relocating to expensive cities in search of a job, these spaces have sprung up. Overall, co-living is a new type of modern housing arrangement in which individuals with similar interests, goals, and beliefs share a living space, almost as if they were a giant family.
The notion of co-living is based on openness and collaboration, and inhabitants frequently share similar philosophical views. This type of housing is centered on the sharing economy, with residents having their bedroom and bathroom but sharing common amenities such as kitchens and living rooms. On a practical basis, the costs are split equally among the residents. This can make it a more cost-effective option; the cost of a co-living space varies based on the city, but it is always less expensive than typical rent.
Given that the bedroom only accounts for around 40% of the entire rental cost, it makes sense to have the less-used spaces shared by numerous individuals to split the rental, utility, and maintenance costs. The co-living spaces strive to do this while also integrating the spaces with other amenities and services such as housekeeping, Laundromat, entertainment, security, and repair and maintenance.
While you might think of a hostel, dorm, or hippy commune when you think of communal living, this version is tailored to young, working professionals. While it might theoretically operate elsewhere, it’s currently a primarily urban practice, with residents sharing a house, building, or apartment that’s usually owned and managed by a corporation.
Reasons for Co-living’s increasing popularity
The popularity of co-living is due to several things, including fun amenities and the pleasure of living among people who have similar interests. People who choose co-living, unlike certain communes, do not separate themselves from the rest of the world; they participate in normal social interactions while preferring to live with like-minded people. As a result, co-living arrangements have grown in popularity around the world. Co-living spaces can be found in places all across the United States and the world, with a variety of companies offering various locations.
Its appeal stems from the desire of many people to be in the company of others and build bonds. It’s simple to open your door and establish a new friendship or even a business in a co-living place. Other benefits include a reduced financial burden, community help, group activities, and a sense of belonging. Co-living is becoming increasingly popular among younger generations, particularly among digital nomads who want to travel without worrying about a mortgage or lease. This way of life emphasises agility; for some people, the freedom to go from place to place without being tied down is freeing.
Co-living spaces also address a number of difficulties that digital nomads and millennials face. The majority of people who relocate to a new city sign a one-year lease, furnish the space, set up utilities, and then either move or renew the lease at the end of the year. Co-living spaces, on the other hand, usually have no lease obligation or minimum commitment, making them a perfect option for those who wander from city to city for professional or personal reasons.
Other benefits of co-living include not having to pay a security deposit and not having to set up utilities. All resources are pooled and expenses are paid collectively due to the communal nature of the living arrangement. Last but not least, many co-living spaces come already furnished, eliminating the need to hire movers or spend money on furniture. Additionally, living in a co-living environment may result in higher productivity, especially if a co-working space is nearby.
Pros and Cons of Co-living
1. Benefits of Co-Living
- Stay on a month-to-month basis or sign a short-term lease to be more flexible.
- It has a reliable Wi-Fi connection.
- Leave your belongings (laptop, passport) in your accommodation and spend the weekend exploring remote, rural locations.
- You won’t have to worry about paying for electricity, water, or other utilities because your rent payment covers everything.
- Excursions and trips with other residents are available.
- When you’ve had your fill of people, retire to your private bedroom.
- Make business relationships with others. It’s the ideal setting for networking.
- It aids in the prevention of emotions of loneliness.
2. The disadvantages of co-living
- You may feel like your personal space has been invaded.
- A large number of users using the Wi-Fi at the same time may cause a poor connection (make sure to ask about the speed before booking)
- If you’re used to hostel costs, you might find it pricey.
Navigating the search for dependable Wi-Fi, meaningful connections, and flexible housing all at the same time can be difficult. Thankfully, co-living allows you to smoothly combine sociability and remote work while living in an environment that allows you to be as flexible as possible!
Co-living vs. Co-working: Are they the same?
Co-living and co-working share a lot more than just their names. They’re both based on collaboration and community, and they bring a new perspective to everyday activities, whether it’s in the way we live or work. Many co-working places now have co-living options, and many co-living spaces throughout the world now have co-working options.
While they are not the same thing, they do have a few key characteristics that appeal to teenagers. They’re also on the verge of changing the way we think about employment and living. Many of the co-living units will also be used as offices. This is an ideal setting for digital nomads or remote workers, as there is high-speed Wi-Fi and a workspace within the room.
Another similarity between co-working and co-living is the ease with which members and residents may network. Both provide opportunities to meet and form relationships with people who share your interests. In these types of settings, regularly scheduled activities or events are prevalent, allowing you to easily blend in with the crowd. Many people prefer working in a co-working space to working at a coffee shop or at home because they want to feel like they’re part of a community, which is also why they want to live in one.
What is Co-living with Assetmonk?
As an investor, if you are looking for a one-stop destination to start your co-living investments, then Assetmonk with its’ ‘The Landing‘ ‘ project may be your best destination. The Landing has been receiving acclaim from investors as the project was 15% booked within the first few days of its launch. The major highlights of The Landing which is the hottest investment opportunity in Hyderabad include:
- Long-term investment opportunity, with the entire investment reimbursed in the first 12 years.
- Investors can simply “invest and forget,” and we will take care of the management.
- Assetmonk assumes complete responsibility for giving regular updates on the property’s construction, business, income generation, and distribution, among other things.
- Exposure to Suites and Condos in Real Estate
- As a passive income source, it provides a regular stream of the fixed rental yield of 8%.
The old conceptions of renting and buying are evolving as housing costs continue to climb, particularly in urban regions. Furthermore, due to broader consumer trends toward a sharing economy, millennials are often the most popular group to flock towards co-living locations. Co-living appears to have evolved into more than just a housing model in today’s world; it has also evolved into a solution for the burgeoning younger generations. Last but not the least, click on ‘The Landing’ and grab your tickets to fly with the hottest aerocity co-living project in India!