Here’s Why Co-Living Apartments Are Becoming More Popular Than Ever

Co-living spaces have become in-demand as housing prices continue to soar across the nation. According to recent data, the number of bedrooms in co-living apartments went up 20% to 74,000 in 2022, from about 64,000 in 2020. Since bedrooms are rented separately, landlords can reportedly charge rent that’s significantly higher than the rate for a typical rental unit. This makes the prospect of creating more co-living spaces so attractive for developers and property managers. Meanwhile, for people looking for a new home, co-living spaces present so many benefits that can enhance their lifestyle in different ways. Here are the reasons why co-living spaces are becoming more popular than ever.

Most adults find that making friends can be difficult– in fact, a new study has found that the average American hasn’t made a new friend in the last five years. Moreover, two in five adults say that they struggle making friends due to shyness. But if you’re staying in a co-living apartment, you may find that it’s easier to break out of your shell since you’re constantly around other people. Renting a room in a co-living apartment means that while you do get your own room for privacy, you’ll also have to share common areas, such as the living room and kitchen, and other amenities with your housemates. This type of living arrangement requires opening the lines of communication to achieve harmony, and having constant interactions can pave the way towards friendships and stronger bonds.

Being in a co-living community also means that you not only get to interact with people from your generation, but you also get to meet people of all ages. Living in an age-inclusive community allows seniors to stay active and connected to others. Meanwhile, younger individuals will have a sense of purpose since they can assist the elderly with tasks, such as setting up their laptops or tablets or helping out with gardening chores.

According to a recent report from Moody’s Analytics, the average American pays more than 30% of their income on housing as wages have failed to keep up with ever-increasing rental rates. Many adults work full time jobs and still struggle to pay rent, which is why so many of us are more harried and stressed than ever. This is why living with a roommate or two can be a good idea since you can share the rent. You can also divide the cost of security deposits, living room and kitchen furniture, and utility bills, among others. Not having to be the only one responsible for the rent and other expenses that come with housing means that you get to save money for a rainy day. Also, you’ll get to have more time to do the things you enjoy since you won’t need to work extra hours or take on a few side jobs just so you could afford your monthly rent.

If you’re new to a town or city, it’s likely that you’ll have second thoughts about signing a long-term lease since you’ll want to see what else is out there for you. Naturally, you’ll want to explore other neighborhoods, and while doing so, you may find that some areas are more desirable than your current residence. By staying in a co-living apartment, you get to have a place to stay while you’re checking out other apartments. Since each resident in a co-living space is on their own lease, this means that you can move out after a year or even less if you choose to do so without impacting your roommates’ living situation.

Not everyone has the money or energy to furnish and decorate a whole place. While those who are ready to put down roots may invest in customized furniture and interior design, people who are only living in an apartment for a certain amount of time may balk at the idea of buying too many things, especially if they know that they’ll be moving again after a year or so. Staying in a co-living apartment means that you’ll only have to get the bare necessities for your bedroom, while occasionally contributing small and inexpensive items for the common areas. This type of housing enables you to live a minimalist lifestyle so you can invest in things that matter to you right now.

A co-living apartment allows you to be as social or as private as you want, and it also enables you to save money and live a simpler lifestyle. Consider this type of living arrangement if you think it’s right for you and your current situation, and do your research to find the best co-living space for you.