What is Co-Living and How Can It Ease The Pain of Today’s Housing Crisis?

coliving

Co-living (short for “communal living”, sometimes spelled “coliving”) is a term that has gained a lot more prominence in recent years due to today’s whirlwind housing economy. When searching for a new home, prospective residents traditionally looked for entire units to stay in. As housing prices continue to skyrocket and the middle class continues to dwindle, co-living is a concept that is gaining popularity out of necessity.

For those unfamiliar, co-living is a term that describes sharing a house or an apartment with roommates. Think of it as a grown-up version of living in college dorms. Instead of living in a raggedy old building sharing a bunk bed with a random person and sharing a bathroom with a hundred different people like you might have done during your college years, you can now live in a luxury apartment at a fraction of the price.

There are different types of co-living spaces to satisfy the needs of any home seeker. You can find entire co-living communities who live in large 10-bed houses, but if living with that many people don’t fit your tastes, you’ll be quick to find co-living arrangements apartments and houses of all different sizes.

Many co-living communities and services have sprouted up in almost all major American markets like San Francisco, New York, Los Angeles, Seattle, and Silicon Valley (San Jose), catering to the needs of thousands of home seekers around the country.

Co-living has quickly become a great option for many college graduates and young professionals, as it serves as a budget-friendly way to live in nice buildings in desirable locations. As buying a home or renting an entire house or apartment is simply out of the question for today’s generation, renting a private room in a luxury apartment is quickly becoming the most feasible way to get the most value out of your money.

Live in Luxury for Less

Many of today’s co-living arrangements are located in new luxury buildings in major cities around the country. Many of these buildings have the features and amenities you’d expect out of a new building: fitness centers, on-site laundry, parking garages, swimming pools, rooftop patios, and more. By sharing the apartment with other people, you’ll be able to live in these modern apartments at a fraction of the cost.

Turn a House (or Apartment) into a Home

Co-living is great for individuals for so many reasons, but perhaps the most important benefit is the family atmosphere that co-living creates. Because you’re living under the same roof with other individuals, it’s natural that friendship and camaraderie will build between you and your housemates. Soon enough, you may be living in an apartment with some of your best friends. Co-living can be a great idea especially for those moving to a city where they have no family, friends, or connections around them. Make sure you live with great roommates. It can make or break your entire experience!

Flexibility is Key

Aside from the lower cost of living and having a sense of home and community, co-living also comes with a lot of flexibility as you don’t have to commit to staying anywhere long-term. It’s perfect for the individual looking to live in different neighborhoods and cities before having to settle down. It can be a great option for the professional whose career takes them to different locations, students traveling abroad, or just for people who prefer a nomadic lifestyle.

The Future is Now

As co-living’s prominence is continuing to grow, there are more co-living options now than there ever have been before. It’s easy to find a room for rent online, but it can often be difficult finding the ideal location, building, and roommates. Dedicated co-living companies like HomeShare are designed to make the end-to-end process of finding your next home and your roommates seamless and stress-free. HomeShare’s extensive selection of buildings, algorithm-assisted roommate matching, and a dedicated Customer Experience team, and is designed to take on the ever-changing housing economy head-on. 

Co-living is a burgeoning concept in today’s housing market that will soon play a critical role in keeping cities accessible to generations of today and the future. It’s true that owning a home or even renting an entire apartment isn’t feasible for today’s younger generation, but it shouldn’t stop you from living where you want to live.

Check out HomeShare’s buildings in San Francisco, New York, Oakland, San Jose, Seattle, and Los Angeles.

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