What to Know About Co-Living Spaces

By Alicia Geigel on July 30, 2021

Living by yourself, especially as a college student, has become more and more unattainable these days. With housing prices continually on the rise, along with a competitive real estate market and rigid qualifications for renting or purchasing a home, the idea of living on your own can be nearly impossible. When looking for a place to live, there are always different things you might have in mind: proximity to important locations like school or work, transportation accessibility, amenities and utilities included in the space, etc. While finding all of the qualities you like in a place might be difficult, one way that you can offset the trouble of looking and the costs of living on your own, is through sharing a living space with others, also known as co-living spaces.

While co-living spaces sound similar to simply having a roommate, there are some differences that separate the two. Co-living spaces can give you the space to both live and effectively network at the same time, making it a great situation for both students and workers.

Are you currently a student or worker looking for housing? Interested in the idea of co-living spaces and how they work? Here are five things you need to know about co-living spaces to make your decision easier!

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What Are Co-Living Spaces?

At first glance, you may think that co-living spaces are simply a space or home that you share with another person. While co-living spaces do include this core element, there are a couple of things that make them unique and different. A blog post by Bungalow writes, “Co-living is a real estate term that has been recently popularized by the rise of housing startups offering affordable housing in homes shared by five or more adult roommates. Co-living housing often entails short-term or flexible leases, as well as perks such as cleaning services, professionally furnished common areas, and turn-key amenities and utilities.”  Now that you have an idea of what co-living spaces are, lets dive into the different types of co-living spaces as well as their benefits and disadvantages.

What Are the Different Types of Co-Living Spaces?

While there are several different types of co-living spaces, there are a few that are most common among students and working adults.

  • Traditional Shared Housing: This type of co-living space is the most popular of shared living situations. In traditional shared housing, a group of people (typically four or more) share a lease and contribute to the home together, whether it be through furnishing, purchasing groceries, cleaning, etc.

  • Adult Dorms: Adult dorms are exactly what they sound like: dorm-style living for adults. Usually adult dorms will have private bedrooms and common shared areas like a kitchen, bathroom, and living room for gathering.

Pros of Co-Living Spaces

  • Flexible Lease Terms and Lower Rent Price: Perhaps the greatest perk of co-living spaces is the reduced rent price and possibility of flexible lease terms. In a blog post by Lancor, they note, “the most significant advantage of co-living spaces is the shared rent, which reduces the rent per person without compromising the privilege to enjoy all the facilities. It is an economical option for students and working professionals.”

  • Location, Location, Location: As stated earlier, co-living spaces also mean lower rent price due to the amount of people sharing the space. Because of this, you can often find great housing or apartment options with lower rent in great locations, such as close to campus, in more urban areas, or nearby to work. Being in a prime location and having access to stores, restaurants, transportation hubs, etc. is just another perk of co-living spaces.

  • Networking Opportunities: Often, the individuals living in co-living spaces are of a similar background, whether that be students in a specific field or workers in a certain industry. Given that you will be sharing a space with people of shared interests and passions, it is likely you’ll be able to network and expand your own connections, which will help you in your field or career!

Cons of Co-Living Spaces

  • Lack of Privacy: Similar to living in a dorm with a roommate, in co-living spaces there is always the potential issue of lack of privacy. Though in most co-living spaces there are private rooms, there can be opportunities where you feel your privacy is being invaded. Everything is shared, such as the kitchen, bathroom, and living room space, making it hard to act individually on something you want to do (like cooking a meal or watching a movie).

  • Difficult for Visiting Friends and Family: Due to the amount of people living in the space and the size of the space itself, it can be difficult for friends or family to visit. Rather than have your friends or family come to your home, perhaps take them on a tour of your town or city and go out to eat. This gives you more privacy and a chance to enjoy the time with your loved ones on your own.

group, friends, roommates, apartment, home, co-living

Image via Pexels

When deciding on a living situation for yourself, you can be overwhelmed with the amount of choices you have. Living alone, living with parents, or sharing co-living spaces with others are all viable options. Co-living spaces give you the chance to have lower rent, network opportunities, and more. There are several different elements to consider, so remember to do what is best for you and your needs!

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