Society is always changing, but the coronavirus pandemic has accelerated that change. Nowhere has this change become starker than in how we choose to live and work. With the rise of shared office spaces, it should come as no surprise that this trend has extended to shared living spaces.
The rise of coliving is set to become the new big trend in accommodation. Here’s why it isn’t a trend you can afford to ignore.
What is the Coliving Model?
The coliving model is quite simple to understand. They can be anything from a whole living complex to a house with separate bedrooms. Communal areas are shared, and community programs aim to bring people together.
They are mainly targeted at young, single professionals. In many ways, they are the adult version of college houses.
One of the driving forces behind the coliving trend is the lack of housing affordability across the U.S. The cost of living has risen, and salaries have failed to keep up. In 2019, the average cost of a home is $219,000.
With student loans and other assorted costs, young professionals simply cannot afford to purchase a home of their own. Coliving is seen as a response to that.
Urban loneliness is a growing phenomenon. One survey revealed 54% of Americans feel that nobody knows them well. Of course, there are a variety of reasons for this beyond the scope of this article, but the fact is millennials are perhaps the loneliest generation in modern history.
Coliving is seen as a way of making it easy for young, single people to connect with each other. It makes socializing much easier than renting or buying alone.
Millennials want flexibility in life. They are less likely to put down roots at a young age than their parents and grandparents.
Coliving provides them with the flexibility they crave to move around as and when they please. It is an affordable living option that enables them to uproot themselves according to their current life situation.
It is something long rental contracts and mortgages simply fail to offer.
Will Coliving Take Off?
There are those who cynically sneer at the concept of coliving as corporate workhouses and college dorms, but this is far from the truth.
Coliving is a housing model that better fits the changing needs of society’s younger generations. It should come as no surprise that the number of coliving projects is taking off across the country.
In many ways, coliving is the response to many of society’s most pressing problems. In particular, it is the answer to the country’s cost of living crisis and a growing recognition of widespread mental health problems.
Since the government has shown little to no willingness to correct these problems, coliving is the free market’s solution.
Although coliving has been largely confined to the country’s major population centers, such as New York, Los Angeles, Seattle, and Miami, coliving is quickly spreading across the world. There are now coliving locations in locations as diverse as the UK, Egypt, and Ukraine.
How do you think the coliving trend is going to progress in the coming years?