Co-living is a contemporary, shared housing arrangement that accommodates multiple unrelated people living in a shared dwelling unit. According to Joe Cianciotto, co-living spaces have become increasingly popular in recent years, owing to their cost-effectiveness and easy access to social interaction. Co-living spaces are generally focused on community and convenience. While they might be available in many forms, co-living spaces are largely found in urban areas where housing costs are high.
Joe Cianciotto sheds light on co-living spaces and its benefits
Co-living spaces are an increasingly popular housing concept where residents not only share a living space, but also values and interests. While the concept of shared living space is not new, the whole idea of has been re-imagined by the millennial generation who value factors like social networking, collaboration, community and a shared economy. Co-living tends to promote shared living spaces while building an ecosystem of collaboration, connection and support.
While many think that co-living and co-housing are the same, they are two different concepts. Co-living ideally implies to a living environment where residents have their own private space, like bedroom and bathroom, and share other communal living spaces. However, co-housing is pretty much like living in a university dorm with shared spaces. Co-housing can also refer to an arrangement where a number of people share a household that has not been directly designed to be shared. Co-living is most popular in large cities where housing prices are steep. It has emerged as an ideal alternative living situation for digital nomads, young professionals and students. As opposed to traditional apartments, co-living spaces are characterized by flexibility and affordability. They may come with a range of amenities, and often foster a sense of community. The majority of co-living communities offer high-quality and fully furnished rooms that come with essential amenities.
The housing situation in large cities is quite expensive. For many, especially the newer generations, buying a house of their own is often out of reach due to the high costs involved. Hence, millennials just entering the job and housing market are choosing to become renters instead of owners. But renting an apartment is not always a budget-friendly prospect, especially when one factor in the cost of buying new furniture, kitchen supplies, and utility fees. Co-living spaces are a much more affordable housing arrangement. They generally have lower rent than traditional apartments, and come with a fully-furnished layout. Hence, one would not have to buy their own couch, TV, or Wi-Fi router when moving in.
As Joe Cianciotto points out, the definition of home has gradually moved away from a place of long-term permanence for younger generations. Rather, they simply seek a place that provides comfort, affordability, and a sense of community. Making friends can be a challenge when moving to a new city, either for work or through the digital nomad life. However, things do get easier when one chooses to live in a co-living space. Such properties ideally come with built-in communal facilities and host events that cultivate an environment ideal for open-minded people wanting to meet new people.
