Co-living or shared short term housing are growing buzz words in the real estate space right now. Sure, they sound great when you drop them around your hip friends or investors but what the hell is concept and what is all the buzz around it? Let’s break it down into a few key points and the potential benefits.
Out with the old, in with the new
Shared short term housing isn’t a new concept. Many of us have shared houses or apartments in college that would fit within the scope of co-living without realizing it. With that being said, maybe those experiences were some of the worst in your life, or maybe they were the best days of your life. Simply put co-living is shared housing. While you might have your own room and board, you are living in a habitat of other like minded individuals.
What is the appeal of Co-Living?
So some of us are probably thinking of Frank the Tank from Old School when we consider the thought of re-hatching our college days. Co-living actually is what you make of it. As remote work continues to grow, employees are feeling less inclined to stay in one place for longer than a year. Whether it’s just bouncing around apartment leases in the same town or taking the leap into the digital nomad lifestyle, the younger workforce is wanting the flexibility to live anywhere if they can in fact, work anywhere.
While many of us would cringe at the thought of moving ever 3-5 months, those who have taken this plunge are intentionally packing light and would rather have the freedom to travel than be tied down.
Freedom to Live
Another appeal of shared short term housing is that you no longer have to worry about year long leases, sub-leases or finding a room mate to fill an empty a recently open space in your apartment. Co-living spaces may have some sort of short term agreement(depending on location and any restrictions or ordinances in the city the space is located), but are usually not longer than 3-4 months. This is a welcoming time line for those of us who are currently paying that 15-30 year mortgage or even a 1 year rental agreement.
Never worry about finding roommates or your cost changing based on how many people are living in the same place as you. Shared short term housing allows you the opportunity to live where you want to live without any other strings attached. If someone moves out next week, that’s not your financial burden to bear! Soon enough, if the co-living space is successful, someone will come fill that empty room, but your price remains the same regardless.
Co-living spaces are also a growing interest for retirees. My in-laws have spoken to me several times about how when they retire they want to be able to travel to see their family who is scattered all around the midwest. The issue here is that they fork out the money to buy an RV and on top of that still have to pay for gas and a campsite. Once you add this up, you really aren’t saving much money compared to staying in a hotel room
So what are you waiting for?
Are you ready to take the next step and find a co-living space? Shoot us a message and let us know what you are looking for! We’re building a network of spaces catered to the passionate traveller and remote worker. Help us build it for you!