As we begin to near the end of 2016, a new trend is setting itself up for a big boom in 2017: co-living spaces. Co-living spaces are a new form of affordable housing that allows tenants to move into a building where they have their own bedroom, but share a common area including kitchen and bathrooms with other tenants. They are aimed to be friendly, comfortable, and convenient living products that build more of a sense of community among tenants.
Some might be thinking, “Who would ever want to live like that?” and the answer is millennials. Millennials have been jumping at the opportunity to live in co-living spaces such as Common in New York City, which received over 10,000 applications for one of their 100 bedroom co-living spaces this past year.
Many like to believe that millennials are drawn to co-living spaces because of similarities to the generations old college dormitories; however, co-living spaces are much more than anyone’s old residence hall. While the two are similar in the sense that they encourage a more sociable lifestyle, co-living spaces are more of a cross between student housing and hotels. The buildings are completely furnished, and in most cases, utilities and other services such as cleaning are built right into the monthly rent. This style of living is also especially appealing to millennials because of their lack of focus on physical possessions. Those who have been studying the trends of co-living spaces have taken note of the fact that millennials tend to focus on experiences rather than possessions, making co-living spaces an ideal living situation for this generation.
While millennials are taking advantage of the perks brought to the table with co-living spaces, the rest of society can benefit from these housing options as well. Co-living spaces are beginning to offer a solution to the urban housing crunch in many ways. Obviously, this form of living has helped to end the shortage of affordable housing options for young adults. It should also be noted that this type of living has the potential to increase urban real estate values and add pressure to maximize profit per square foot.