BLOG

Co-living: The Newest Upcoming Trend

10.21.2019

Co Living

 

Co-living is becoming a major trend amongst the younger generations, as it is convenient and flexible. It encourages an urban and communal living style with little commitment compared to the typical apartment set up. It tackles the millennials concerns of affordability, finding a roommate, and being a part of a community. Co-living spaces are the perfect solution.

Units within this new living style are already accounting for utilities, maintanence, and furniture which are generally included within the monthly rent. This way only one operator is needed and there's one payment system. Instead of separately paying for each bill, the process goes smoother and saves time. The model works especially well in larger cities. It allows more space to be utilized within the building and this model creates tenants feel more attached to the building complex as a home and community. 

"Co-living 2.0" is said to be the next upcoming trend. This new living style is targeting the older and richer demographic from late 20s to early 30s earning at least 70k.  This demographic wants a model where they still have a large amount of privacy space but also have a sense of community. A global firm, Node, has taken this concept and brought it to life. Node is in charge of urban apartment communities in some of the most well-known cities from LA to London. The firm includes fully furnished apartments with their own private kitchens, living areas, and unique design. The difference that sets them apart is how they push for community living. They utilize an application that is used to communicate with residents about events in the complex and where they can also get in touch to other residents as well. The app allows them to have maintanence, paying bills, and any other details they might need at their fingertips. 

"Few people want to spend over $1,000 per month to live in 100 square feet and share a kitchen with 10 other people,” Anil Khera, founder and CEO of Node, told Forbes.com. “There has to be a co-living model that embraces communal living and the sharing economy, but with slightly larger private spaces for sustainable independent living, too.”

As people are moving globally, there is a stronger need for a global community. The co-living 2.0 model brings friends, peers, and mentors together through the creative ways of each city. Each complex has a community curator that is responsible for managing and curating each city. This allows for the complex to have a real insider to make certain the residents are involved and feel at home.

Khera explains it simply, "Restarting community life every time one moves is highly disruptive and so the rise of a global community can help tackle issues of loneliness and isolation for globally mobile people.”