What are the Pros and Cons of Living ina a Co-living Space? You must have heard about co-working; a place where people from different or similar fields work together under one roof with shared utilities, parking, and the Internet. Nowadays there is a new buzz in the town: Co-living or Co-housing. This is equivalent to co-working but with housing and accommodations! Young people in many countries have widely accepted co-living and co-working trend. Co-living is slowly replacing the concept of traditional housing, providing a comfortable lifestyle to millennials without making a big hole in their pockets. It has changed the definition of expensive living with affordable housing. Moreover, it helps working professionals and students to build a different network and work on their personality development outside their comfort zone. As all these claims seem to be perfect, but there are some disadvantages to this revolutionary idea. However, before diving into the pros and cons of co–living, let’s have a quick look at what it is and how it works in brief.
What is Co-living? Co-housing isn’t exactly like a hostel or dormitory, but it is somewhat similar to hostel rooms, such as common rooms and roommates. Initiated in 1970 in Denmark, Co-housing was introduced in the U.S. in 1990, with 15-35 homes in cities. The amenities were a shared kitchen and a meeting room for residents to gather — these homes combined to form communities, which vary in prices and additional facilities. Every community has its own regulations that help them provide a better and quality life to people living there. The neighbourhood may contain townhomes, small-family homes, or other co-ops.
How does Co-living Work? Co-living is an entirely new leaf of our shared economy. In simple words, the houses are reimagined to provide a better way of living to the working people and students while aligning with the basic needs of a modern lifestyle. In a typical co-living space, residents have their own bedroom and bathroom with a shared living space and kitchen. Simply, co-living or co-housing approach of living is assisting people by sharing their living expenses.
We have discussed what Co-living is, where it came from, and how it works. Now let’s have a quick look at the co-living and co-housing trend and why it is popular.