A large majority of those opting for the shared living experience are of the millennial age group. Slowly but surely, the young demographic is transforming the way we see and accept the ways in which living can be done.
We find budding entrepreneurs catching on to the trend of co-working. It’s long been known that living together with others can be a more efficient and effective means of making ends meet.
Young students or executives who need to move for work or school can be found inclined towards the way of life afforded by co-living but what are some of the specific factors that seem to make many millennials choose the concept of shared spaces and why does it seem to have caught on so fast?
Cost
First and foremost, tight budgets are an obvious reason so many young people could be resorting to co-living. Many young professionals in this day and age simply cannot afford to buy a house in the city or sometimes even rent a smaller residence all to themselves. In light of this, renting has become their go-to option. Splitting the bills and expenses between housemates and sharing the monthly rent among others can be a great way to save money in the long run, assuming that everyone gets along.
Millennials have even figured out that statistically, a whole house may not make a whole lot of sense for their living preferences. Typically, they spend about 45 minutes a day in the living room and kitchen and about nine hours in the bedroom. Yet, the living room and kitchen space constitute 60 percent of the real estate price while the bedroom accounts for 40 percent of the cost. This gives them even more reason to reject the prospect of full property rental. By sharing their living spaces with a group, each resident is easily saving about 10 percent of the expenses and property owners can achieve a higher yield on the property since they are able to accommodate more people on a floor plate so it’s a win-win situation for both parties.
Convenience
If you don’t mind sharing your humble abode with one or two more residents, then shared living can be one of the most convenient ways to rent a space. When it comes to urban millennials and their choices in life, co-living can easily make it to the top of their choice list. They move jobs and homes every 20 months or so and the process of relocating to a new place can become less of a hassle once furnishings, maintenance services, and kitchen utilities are prepared beforehand.
Millennials enjoy the convenience of having everything in place for them by the time they move in. Residents of co-living space usually pay for an all-inclusive offer that covers electricity, TV, housekeeping, repairs, and maintenance. Furthermore, a co-living platform can offer simplicity at every step of the moving process and offer a whole host of utilities for tenants. Many living spaces follow a plug-and-play model by utilizing the latest technology and innovation to increase service efficiency. If something is not working, all you have to do is raise a ticket and it’ll be done by the time you get back in the evening. That’s the kind of convenience you can expect from co-living.
Community
Millennials are essentially social creatures, even if the mainstream media may see them as lone rangers in pursuit of their own paths. They may value their freedoms and enjoy exploring new horizons but ultimately, this can be a lonely journey for some. The interesting thing is that millennials are also redefining the way we see concepts like freedom and power. For them, power is being connected to network after network. Community is their definition of true power and co-living provides a portion of that aspect for them. By living in a community of like-minded individuals, young people develop meaningful face-to-face conversations and cherish the fact that they are surrounded by those that care about them. Room rental platforms make it a priority to build and provide their residents with that sense of community.
Safety
Of course, the issue of safety is something on everyone’s minds. For millennials specifically, residential safety is more than just about having a security guard that loves sleeping on the job. Opting for co-living spaces commonly includes 24-hour security systems with CCTV surveillance, background verification, and screening processes as well as access card entries. Security measures in accordance with this sense of safety can be found in these spaces, particularly those that carefully screen housemates to make sure that they aren’t up to no good.
Roomz has entered Roomz 2.0 from a free room for rent listing platform which has been running from 2016, now into the flatshare economy with the mission of “Room Rental with Style” where every room is fully furnished and includes utilities and cleaning on shared area. Along with unique themes and concepts for renters, Roomz also assists property owners that are looking to make full use of their spaces. Check out Roomz available room for rent today!
