Most are familiar with terms such as house sharing or renting a room, where a group of people pitch in together to share accommodation to help make costs more manageable. But the traditional renting concept is outdated with ideas not being built with the purpose in mind. While people are familiar with these ideas, people are yet to discover the solution to all the issues surrounding traditional renting, Co-living.
Co-living is a living model that focuses on creating genuine community within shared accommodation and challenges the ongoing issues within the current housing market.
From students to professionals, millennials to older generations co-living has something for everyone!
So what is all the hype about and what are the benefits?
What is Co-living?
Traditional renting is often associated with stress, uncertainty and little support after moving in. With negative landlord and tenant relationships, tenants often feel unsupported and left in the dark whilst landlords frequently view tenants as inconvenient. Renting can often be overly complicated, with bills not incorporated in monthly payments often leading to hidden fees and uncounted costs this traditional model is outdated.
Co-living instead incorporates all bills, supports tenants throughout their stay and makes house-sharing simpler. It is a model that suits the 21st-century lifestyle that's all about creating a community for like-minded people that can live, work and socialise together.
It provides shared accommodation to like-minded people and goes above and beyond the traditional renting model. In a broad sense, co-living centres around sharing workspaces, communal areas and even values. It aims to cultivate new and meaningful connections amongst like-minded individuals through sharing.
“The goal is to benefit the modern-day tenant in areas such as habitation, career advancement and collaboration.”
Andrew Okun - Co-founder & CEO of MILHUB
Benefits of Co-living
Friendships & connections
The worldwide pandemic demonstrated our need for social interactions and how it lingers at the core of our relationships as humans. Lockdown restrictions changed the way in which we communicated with friends, families and colleagues via Zoom and FaceTime calls, but the feeling of isolation and loneliness highlighted the need for physical interactions.
In the 21st century, it is no secret that our dependence on the internet and social media has begun to damage and change how we communicate.
Surveys like “one shared house 2030” showed that the ability to socialise was one of the most considerable benefits of co-living. Immediately it allows people opportunities to become part of a vibrant community and create genuine connections amongst people who share similar values.
Whether you are relocating for work or are looking to meet new people, this movement attracts spirited personalities, who are open-minded, curious and ready for new adventures. Social events and collaborations to bring people together are often encouraged within these spaces; we believe connections begin at home and venture far beyond.
Affordability
Standard renting or buying is often out of our price range, but as well as being overly costly it can be a challenge when trying to consider all of the hidden costs beyond the rent itself. Trying to calculate the rent, utility bills, council tax and price of furniture can be a headache. Luckily with co-living, all costs are included in manageable monthly fees, with no unexpected costs and feasible upfront deposits.
Some companies incorporate extras such as cleaning, furnished rooms, local discounts or added perks to add a little something extra to your experience. Co-living spaces often come with shared communal areas such as kitchens and living rooms which means more bang for your buck.
Convenience
Another benefit is that it is easier than the traditional renting model, with apartments usually having flexible lease terms in addition to other advantages such as being fully equipped and furnished. In other house-sharing models, people have no choice over their flatmates, whereas, in co-living spaces, housemates are put together based on their interests and values which fosters genuine connections under the same roof with no hassle from tenants.
Personal development
Maybe you want to move out but aren’t ready to leap into the daunting life of renting, flat-sharing allows you to have your privacy whilst also having others to share your experiences. Co-living gives you the invaluable opportunity to work on your personal growth and venture into the world of independence, it can be a massively rewarding experience for people of any age. With endless, enriched opportunities for people to step outside their comfort zones and discover diversity through exploring different peoples' backgrounds and cultures.
Summary
Co-living is all about bringing people together from all walks of life and sharing unique experiences, facilities and spaces and promises to be the solution to the modern housing problems.
With house prices rising and the average age a person leaves home being around 24 years old, co-living will become the new normal for many people. The future of co-living is so promising because it changes the way people live, works and plays. It provides solutions to the issues within traditional renting, alleviates loneliness, has more manageable costs while still allowing people to gain a sense of community without sacrificing their privacy. All these benefitting factors encourage individuals to embrace it's lifestyle; I am certain that this isn't the last you will hear about it as it becomes more popular and widespread.
If you want to book a tour today and check out some of our co-living spaces head over to our page.
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