Co-living has recently become the new way of living for thousands of young professionals and students. Choosing co-living over renting a flat is a more affordable way to live in the center, in a comfortable space and with all the amenities needed.
What is co-living?
The term co-living expresses a new housing movement characterized by communal living where people live in the same building, have their own private room but share all of the communal spaces. It is the new attractive way of living in the urban areas that allows younger renters to have accommodation for a lower cost and with all the services included in their monthly rent bill.
Why is the co-living market growing?
Looking at the exponential growth of the co-living phenomena and looking at the socio-economic circumstances that have characterized the current times, we can find 4 pillars that can explain why co-living in London is flourishing.
1. Digitalisation.
It’s the digital era and nowadays working from home is the new way of life. People that work remotely have less restrictions than those who work regular jobs, where they have to work, and where they have to live is no longer dependent on their job and co-living is the perfect solution for these people.
Co-living accommodations, in fact, allow people to have a place where to stay with flexible arrangements and gives them the freedom to leave when they need. It is a place where communal areas are designed for co-working, with fast internet and facilities to make working time efficient and productive.
2. Shared economy.
Millenials are aware of the need for a change in this consumerist society and the principles of shared economy present a viable solution.
Co-living is the concretization of a way of life based on sharing resources. Co-living provides all of the residents with areas and services that they can use and share, this removes the need to look elsewhere for all of their day to day needs such as a gym, laundry, workspaces and relaxation areas. This also helps in building an eco-friendly lifestyle where people have access to the same amenities, in turn reducing the effects of pollution and energy consumption.
3. High cost of living.
The shortage of houses that has characterized the urban areas in recent years, has brought up a real ‘affordability crisis’ that has made the housing market in London even more in-accessible for younger renters. Following the increasing demand, co-living represents a solution for the consumers in the housing market who are uncatered for. It gives tenants the opportunity to live in a dream house where everything is included and at an affordable price.
4. Fear of being alone.
During lockdown people weren’t allowed to go out and socialize, unable to live normal lives, loneliness and depression were common feelings for many and what people require from a house has consequently changed.
Having the opportunity to be part of a community and having the option to socialize within the building they live in, gives tenants the ability to overcome feelings of loneliness and anxiety.
Looking towards the future, people will always be more tempted to look for homes where they are able to socialize and work from home without having to worry about being alone and this is the nature of co-living.
It’s obvious that in an evolving society, the way in which we live is also changing due to the shift in human needs and their perceptions of the environments in which they live.
And with the explosion of remote work, digital lives, unstable borders and rise in mental health problems, one of the most sustainable models of living for the younger generations is co-living due to its flexibility and encouraging rates of socialization.
