Everything You Need to Know About Coliving: What it is, How it Works, and Why it Might be Right for You

Coliving is fairly common, particularly in tier-I urban areas and even tier-II cities that are quickly catching up.

In essence, it is a housing type with a lively environment, shared with other people your age who have similar interests.

The quarters here are all kept clean, the necessities of life are provided for, and there are many opportunities to meet new friends. A pleasant, homelike stay away that is dear to your heart. That is coliving for you!

According to SharedEasy’s article, what makes it appealing is the wealth of amenities you get access to in the shared areas.

All of these are accompanied by a hint of comfort that comes from knowing that you are not really alone in a new city because many others nearby are just like you.

What is Coliving?

Coliving is a way of life, not merely a fad. It is a community made by people with similar interests or values. These interests or values could be a career, a pastime, a passion, or even an ideology.

Today, many cities have a large number of coliving spaces that are separated into niches.

For instance, it is rather common to see locations that bring professionals like designers, computer engineers, marketers, fashion designers, etc., together because the basic objective is to share knowledge and experiences.

A coliving space functions similarly to a coworking space, except you can sleep and eat there.

Coliving places have been around for sometime; this is not a new concept, but in our day and age, many millennials and digital nomads have adopted it as a way of life.

The cause? Well, mostly the high costs associated with purchasing and renting apartments globally.

The current coliving craze began in 2014, but was not fully entrenched and widespread until 2018.

Co-living, like many other aspects of technology, is an old idea wrapped up in a great new box.

This has long been the norm, whether in global intergenerational households or boarding houses in developing nations.

Nevertheless, it greatly depends on your perspective whether co-living renters receive less or more value for their money.

The cost of co-living typically varies depending on facilities and privacy. Co-living spaces, however, are typically priced similarly to market prices.

The owners make more per square foot than they would in normal residences since there are more shared spaces.

How Does Coliving Work?

A coliving space is where individuals come together to live and work; it could be a condo, a house, or a penthouse in the city.

Residents will pay for a room and use all facilities, but the operator is in charge of billing, scheduling cleaning services, and providing orientation.

All expenditures are split among the residents of a coliving space; therefore, the more residents there are, the less expensive the rent will be. However, only if rented on a monthly basis will the cost of renting a room decrease.

If you are a digital nomad, renting a coliving for a month may be best, although you can join one for just a week.

You often have access to a common kitchen, living room, entertainment spaces, and bathroom in the shared area. Usually, ensuite rooms will cost extra, but not all co-living facilities have this type of space.

Depending on the sort of coworking, you may find larger tables and even PCs at the workstations, which often include desks and free Wi-Fi (this is quite common in co-living spaces where designers and woodworkers gather).

Why Might Coliving be Right for You?

Coliving spaces often do not have a maximum age requirement, but many do have a minimum.

Most of the population comprises students, young professionals starting their own businesses, entrepreneurs, and employees who are mostly between the ages of 18 and 40.

According to Realty, 72% of young people in major cities are open to living in coliving environments; this is due to the high cost of homes and flats around the world.

For them, living together is a chance to build professional networks and start saving money for the future.

Given how much debt students have after graduation, it is quite understandable why this trend has become so widespread.

It is also a means for young people to launch their careers from home, saving money on expensive housing, public transit, and meals because they can work from the comfort of their homes and access their own kitchens.

In One Shared House 2030, an interactive poll that Ikea’s research lab released in 2017, the 7000+ participants across 147 countries were asked about their preferences for coliving if they were to move into a shared space by the year 2030.

Ikea found that people prefer not to share toilets or bedrooms but are okay with sharing kitchens, gardens, workspaces, and the internet with strangers.

They also found that most respondents were truly interested in coliving with 4 – 10 other people.

This survey generally shows that people want to share bills and be more sociable but don’t want to live in large hotels alone; instead, they are more interested in connecting with like-minded folks.

Pros & Cons of Coliving

Pros

●   Regardless of where you now reside, it is less expensive because coliving places are less priced than 90% of available private rents.

●   You will have a different outlook on life, meet new people, and get the chance to interact with people from all cultures and backgrounds.

●   You will experience a sense of community, which we are not used to in our hectic world, where we seldom interact face-to-face or even have dinners with our neighbors.

Cons

●   You’ll almost always have to use the same bathroom.

●   Everyone in the household might not get along with you. Despite having a filtered application, you might not wind up getting along with everyone you live within a coliving environment.

●   Although the operators try to provide everyone with enough job and entertainment options, don’t be shocked if other housemates frequently use them.

Final Note

Coliving is a great option to consider whenever you are in a new country or state, especially if you’re a sociable person looking to save cost on accommodation.