The term co-living has taken on a new meaning in society today. More people are opting to live together as roommates to off-set the high cost of rent or mortgage that has caused the current housing crisis. The topic of affordable housing is ongoing and won’t die down anytime soon, affecting demographics across the board. According to Techcrunch, millennials are affected the most by the high cost of living. They spend more on their rent than previous generations.
One solution to this problem is co-living. This living arrangement involves residents who share the same interests and values, unlike “traditional” roommates who were selected based on income and a referral(s). Another reason for co-living is loneliness. A recent survey conducted by Cigna found that half of Americans are lonely. Young adults (ages 18 to 30) are searching for a community, not simply a place to live. There are a large number of co-living startups, which are property management companies that operate, lease and brand multifamily homes. Many offer memberships, which provide access to certain services (e.g. community events). Some of these startups partner with investors and architects to create co-living developments. Let’s take a look a few.
Common – They provide private rooms in homes in a number of cities in the U.S., such as New York City, Chicago, Seattle. The homes are fully furnished with high-end kitchens. Common will even assist with the transfer to another Common community.
Open Door – Based in Oakland, California, Open Door began with renting rooms in homes, each with a purpose to help residents live better lives. They have graduated to creating a community housing model in Portland. There are 26 (total) bedrooms in four custom-built homes. They also provide training and support to residents to develop home designs, branding, and living agreements.
Ollie – Offers fully-furnished studios and shared suites in New York City, Boston, Pittsburgh and Los Angeles. Ollie offers hotel-style services and curated events geared towards young professionals. As a member, you will enjoy a number of perks, such as towel and linen service, weekly housekeeping, catered gatherings, and dishware.
Bungalow – With 2,000 members, you will find a Bungalow home in ten cities, such as Philadelphia, Washington, D.C., and San Diego. Bungalow takes care of collecting rent, marketing, and background checks. They provide housekeeping and check-ups to ensure each property is kept in top shape.
Co-living is a new way for residents to create a tight-knit community while saving money on rent in very expensive cities. The homes are move-in ready and offer many high-end furnishings along with custom-designed shared spaces and flexible leases. While co-living is millennial inspired, it provides one solution to our current affordable housing crisis.