Home is where the heart is. However, employment opportunities drive today’s youth further and further away from home. The unfamiliarity with the environment of a new city and emotional isolation from family and friends does take a toll on many. The days of work and life balance are long gone. It is the era of work and life integration. There is a great deal of sacrifice, especially in living arrangements. Hence, it has given rise to a new trend known as co-living.
Co-living has become the hot new trend
- Co-living is a real game-changer, and Millennials, who account for almost 73 million of the US population, seem to love it. Renting A Co-living Space is a hot new trend which has many advantages.
- Co-living offers groups of people private living spaces with communal facilities. The concept of co-living thrives on creating a community-centered environment that provides privacy without isolation. The trend is about sharing spaces with like-minded people, through which one can get inspired by being part of a working community.
- While virtual socializing through social networking platforms has been all the rage for the last decade or so, it is also quite unhealthy. Co-living allows people to participate in actual real-life activity and communication.
- A broad cross-section of the US population suffers from depression and a feeling of loneliness. Co-living is being seen as a remedy and encourages co-living partners to give each other company and flourish.
Demand in the USA
- Since 73 million Millennials form the largest living generation in the US, there is a high demand for co-living residencies. There is a growing interest in co-living apartments in places such as New York and San Francisco, where the cost of renting or leasing an apartment is sky-high.
- The working class cannot afford to spend tens of thousands of dollars on house rent every month. So, the cheapest alternative is to settle for a co-living apartment. Not only will you get more affordable accommodation, but you will also get to socialize and make new friends.
- The renting philosophy has been attributed to the behavior of the American working class, where the renters share less utilized areas such as living spaces, balconies, and kitchen. The observation has made investors sit up and take notice of the emerging sector. They are offering renters the opportunity to create economic rental decisions and be part of a working community.
- The co-living spaces cater to the needs of Millennials by keeping up with technology, mobile platforms, apps, and keyless entry. Renting A Co-living Spaceis ideal for someone who is seeking flexibility, a non-fixed asset model, and homes that are completely furnished, serviced, and managed.
Reason for popularity
The Millennials of the USA do not have time to dedicate to household chores, paying frequent utility bills, etc. They are often stressed about meeting targets and project deadlines in their respective professions. Since Millennials have gotten used to co-working, their minds are also much more open to the new trend of co-living. It is for these reasons that the hot rend seems to be on a meteoric rise.
So, if you are single and relocating to a new city, then explore the option of co-living.