By Lilly Miller
Simply put, co-living represents a housing arrangement in which the tenants share certain features of their living space with each other, usually offering private bedrooms or sleeping areas, along with communal spaces, such as kitchens, living rooms, and working zones. In community-driven housing, amenities like WiFi and cleaning services are generally included, providing the convenience of living in a hotel, combined with the friendliness and the warmth of a community.
Although shared housing arrangements are by no means a new concept, Millennials have reinvented this accommodation style, turning it into a convenient, affordable and enjoyable housing option. Here are some reasons why co-living spaces are quickly growing in popularity among the younger generations:
Solving the problem of costly long-term accommodation
The rise of popularity in co-living spaces might primarily stem from the fact that community-driven housing solves one of the biggest issues Millennials face today, especially those working remotely or as digital nomads. Even though younger generations tend to share rentals with roommates for much longer and later into their lives than their predecessors, especially those in the US, signing a one-year lease is still the norm for most, filling the accommodation with their own furniture and utilities, and then either moving out or renewing the lease once the year has passed.
However, communal living spaces generally don’t have any minimum commitment requirements or lease agreements, making it a perfect option for Millennials who move or travel often, whether due to personal or professional reasons. Considering the communal nature of these housing options, both the resources and the expenses are usually shared among the group, making it a more affordable accommodation arrangement. What’s more, most co-living spaces already come fully furnished, causing moving companies and furniture expenses to become completely redundant.
Living a modern, minimal and practical lifestyle
As the demand for co-living spaces rises among the younger population, so does the range of accommodation options and styles available, especially when it comes to Asian cities. For example, finding a cozy, comfortable and modern service apartment in Hong Kong is becoming increasingly popular. This concept is focused on providing affordable yet thoughtfully designed interiors, offering furnished and serviced studio apartments for privacy and comfort, along with shared laundry, cooking, working and living spaces where the community can come together, thus offering its residents the best of both worlds – a feeling of togetherness combined with a luxury living experience for less.
Considering the fact that Millennials are the generation that popularized minimalist and low-waste lifestyles, being mindful of the environment, while still putting design, practicality, and comfort at the forefront, it comes as no surprise that these ingenious co-living spaces are only continuing to rise in popularity among these urban residents.
Experiencing a sense of community
The rise of community-driven housing might also stem from the simple pleasure and enjoyment of living and spending time with people who share common interests and lifestyles. Unlike most communes throughout history, those who opt for co-living spaces don’t isolate themselves from the world, but rather interact with it normally, while simply choosing to spend time with like-minded individuals and living a positive lifestyle. It’s exactly for this reason that you can find co-living options in popular tourist and expat destinations all around the world.
The popularity of these living arrangements might also come from the fact that it’s incredibly simple to make lasting connections, whether on a personal or on a business level. Face-to-face socializing with friends and colleagues promotes healthy and strong relationships, living in a close community offers necessary support and a comforting sense of belonging, while access to special features, such as cinemas, game rooms, and saunas, help to foster a healthy mindset. All of these aspects combined make co-living spaces the ideal option for sociable and communicative Millennials.
Sharing memorable and meaningful events
Some imaginative property owners have even turned common living features into interesting and engaging events, finding more creative and unique ways of utilizing areas such as communal living rooms and kitchens. For instance, certain companies in the mid-Atlantic area don’t just stop at providing their residents with shared gardens – they go one step further, contacting and hiring locals who can give their residents monthly samples of different herbs, fruits, and vegetables, and sometimes even schedule cooking demonstrations for those ingredients.
This kind of ingenuity and creative thinking doesn’t only attract more residents to co-living spaces, but it also allows the people living in these accommodations to experience a heightened sense of productivity and imagination, especially when these events happen in communal areas where the residents are allowed to share those unique bonding experiences.
Evidently, co-living spaces don’t only help ease the problem of low wages and the commitment of traditional housing agreements, but also reflect the tendency of Millennials to gravitate towards a sharing economy. For these reasons, community-driven accommodation doesn’t only represent a housing model, but also a solution to the most common issues Millennials face, which is why it seems this trend will only continue to grow in popularity among younger generations.
