KEY TAKEAWAYS
▸ Co-living spaces are shared housing arrangements where multiple residents have private bedrooms but share common areas like kitchens, living rooms, and bathrooms, similar to adult dormitories with pre-furnished units and included utilities.
▸ Monthly costs range from $500-$2000+, depending on location and amenities, with utilities included in rent and potential savings through referral programs and cost-splitting among more roommates.
▸ Co-living works best for digital nomads and social individuals who value flexibility and community living, but may not suit those who prefer privacy or plan to establish long-term roots in one location.
You’ve probably seen the news–housing and renting prices continue to rise, so sharing a living space with a friend or partner may be easier on your budget. If you don’t have a roommate in mind, though, finding a random roommate you trust can be a pain, and living on your own can be isolating and pricey. If this sounds like you, consider a co-living space!
A co-living community is a little like a college dorm for adults, giving you a private space while offering amenities you share with your neighbors. These communities are perfect for young adults looking to find a new place to live with others while watching their wallets. In this article, we’ll go into what co-living spaces are, how they work, and why they may (or may not) be right for you.
What is a co-living space?
Co-living is a concept that first emerged in the EU and UK, but it’s gaining some traction in the US since housing prices are rising. A co-living space is made up of three or more bedrooms with a shared kitchen, restroom, living room, and other areas, a little like a college dorm for grown-ups. These spaces provide renters with private areas while consuming less water, energy, and space per person, making them both easy to afford and sustainable.
Co-living spaces are a little different from apartment living; they are pre-furnished and have built-in utilities, and leases are much more flexible since renters only have to move fully into one bedroom. Communities made up of these spaces also have curated events for you to mingle and get to know your neighbors, both in and out of your co-living unit.
What should I consider when looking into co-living?
Co-living may sound like a perfect solution for your housing needs, but there’s a lot to consider when applying to live in one of these spaces. You’ll need to pass a basic background check to determine whether you’re a safe neighbor to live with, and some co-living communities have compatibility assessments to figure out whether or not you and your possible housemates are a good fit for each other.
When it’s time to pay rent, you may find yourself paying from $500 a month for a basic co-living space to $2000 or more for a more upscale space. You can often save money through referral programs and splitting costs with more roommates. Utility costs are included in these rentals, so you won’t have to pay them separately as you would in most apartments.
As with any roommate situation, you’ll want to discuss who’s responsible for what chores and what house rules to follow with your in-unit neighbors before moving in. Storage can be a big sticking point for roommates, as they’re sharing all that space; consider renting an off-site storage unit to keep extra belongings secure and out of the living quarters.
How do I know if a co-living situation is right for me?
Co-living spaces aren’t right for everyone! If you’re a digital nomad (someone who works from their laptop and travels all over), or you live best with other people, renting a co-living space may be perfect for your needs. However, if you prefer living on your own or you plan on putting down roots somewhere, a longer-term apartment rental will give you more privacy.
When looking into co-living, make sure you compare relative rent prices per person between a traditional rental and co-living providers to figure out which one is best for you. Research the providers to make sure others have a good experience with them and you don’t end up getting scammed or living with unreasonable provider management.
How can I store my belongings while living in a co-living space?
Co-living spaces are a cost-effective alternative to traditional rentals if you want to share costs with others and live in a community of like-minded people. They may require some lifestyle compromises, but their flexibility and convenience more than make up for any adjustments you might have to make. By now, you should know whether co-living may be right for you and how to look for a space that meets your needs.
When it’s time to move into a co-living space, SpareFoot can help you find storage and moving solutions that make it much easier. Take a look at our search tool to compare prices on storage units near you.
In a co-living space, several people share a common living area with separate bedrooms or private areas.
Co-living is cheaper and more flexible for people who don’t want to stay in one place too long, but it can be an adjustment for anyone who isn’t used to living with other people.
A shared apartment typically has separate billing for utilities and is usually only shared between two or three people, maximum. Co-living spaces can accommodate more people and have built-in utilities and furnishings.
As long as you vet your roommates beforehand and trust your provider, co-living is a safe alternative to traditional rentals.
Peter Lalush
