How the rise of co-living is transforming lifestyle trends in big cities, and beyond.
As we all know, the cost of living is on the rise. Not only have we experienced unprecedented economic stress due to the coronavirus pandemic, but we also see other contributing factors. For instance, gentrification is on the rise in most larger metropolitan areas. This means that many neighbourhoods that were once accessible to most people are becoming increasingly expensive.
“Having housemates is not exactly a new thing, right?”
The rising costs of renting or buying a home in a city are a challenge for many, especially younger people who are just moving their first step in the professional world. Thankfully, the flexibility and resourcefulness of the younger generations, specifically millennials, heralded a new lifestyle trend known as co-living. “Wait a minute,” you might think. “Having housemates is not exactly a new thing, right?”
The main difference is that co-living is now extending beyond what you would picture as a traditional house-sharing arrangement. It’s not just about the younger generations we mentioned above! They might have been the first group to get in the game, but they held the doorway open for others to join. Even families are increasingly comfortable with the idea of co-living, given the more affordable rates, as well as the (usually) flexible nature of contracts and agreements.
From shared apartments to dorms or even big family homes, co-living comes in many shapes, and many real estate investors are increasingly considering developing opportunities geared towards this growing market, and transforming many neighbourhoods in the process!