Today, technology is teaching us the real meaning of sharing. Yes, seems funny! But indeed it is. Sharing is the new way to having facilities everyone wants at a lower cost.
Co-living is a new and improved way of living with other residents under one roof in one building.
What is co-living?
Before knowing why co-living will impact real estate, let’s draw our attention towards the ground reality of co-living.
Co-living is basically, re-conceptualizing the old idea of co-housing of 1960. This new concept of co-living is based on the Denmark’s living idea back in 1960. The innovative idea of living in co-housing to meet all the home requirements. It was first of its kind case in the history of Denmark’s living styles. And people are reframing the concept of co-housing as co-living.
Here different people live in the same home where they share each home values with a single vision. It is kind of shared economy precisely shared by residents of a conventional home.
Why will Co-living impact real estate?
Many reasons which describe why and how co-living will affect the real estate business are quite simple. It is kind of an arrangement which combines personal space with standard amenities and communal space.
* In cities like New York, Saratoga, WA, and Brooklyn – co-living has already become a part of everyday lifestyle. Many companies are combining private living spaces and communal space to offer luxurious apartments to many people. Namely, these companies are Common, WeLive and Commonspace which ensures a perfect living place for their worldwide customers. These units remain well furnished and include clean bedsheets and utility accessories charges in its rent.
Exclusive facilities of the above websites include specialized Apps that connects tenants and property managers and voice maintenance requests. Through this application, one can connect to the manager in case of any difficulty.
* The co-living idea is itself an attractive concept. This concept undoubtedly offers a comfortable lifestyle choice. One is free from the burden of paying utility bills. Special cleaners are appointed to clean room and the common space. One will enjoy all the home furnishing in the co-living space itself which allows residents to move freely from one location to another. The whole thing feels more like living in a hotel room; except you pay an entire month’s rent.
* It is common now to live in a space with a stranger, unlike previous days. This shared economy has filtered our lives. It is more likely to share the same platform to reach desired destinations by each and every individual.
* Real estate industries share a huge portion which could not be missed out. Growing companies like Airbnb and VRBO have proved that people are more than excited to share their homes with strangers.
* The Co-living is the best opportunity to answer any big problem regarding cities across the country housing. With housing costing more and living spaces becoming smaller, it is hard to accommodate a healthy living situation. With Co-living, this is possible because it shares kitchen and basic amenities which provides enough space to the individuals.
* Co-living decreases the new building cost and cost to repair an older building.
* The improved idea includes larger audience and acceptance among people. It includes flexible lease terms for employees who run from one city to another for business purpose.
The co-living system is extremely helpful while searching out a residence in another town. It is an alternative living station in another city at a reasonable cost as compared to other living locations. Studies have proved that more people are interested in living with roommates than staying alone.
It is a resolvable way of living with roommates because of shared expenses. People can more easily afford luxurious living. This fast phenomenon of living with inmates will reshape the real estate dramatically soon enough.
Take a look at the above facts/points and reconsider the idea of living with strangers. There is no point in avoiding benefits of co-living. If one could get an affordable yet luxurious home with no utility charges – what could be better than that? It’s just a new way of living with new people.
Isn’t it better to live with a group of roommates than living alone in another city? Obviously. So, become a friend of your new roommate and start your healthy life in another city with a co-living environment.