(Newswire.net — June 27, 2023) — The economic situation in the United States has been the focus of many headlines and the subject of many conversations over the last few years. Inflation and overpopulation, among many other factors, are conspiring to make many things challenging for modern people, especially those looking for safe and affordable housing. During COVID, the world’s population couldn’t get far enough away from each other for fear of catching or passing the virus. As time has passed and we’ve tried to put that terrible time behind us, an old friend to those looking for homes has risen from the ashes: co-living.
Co-living explained
The best way to explain co-living is this: a dorm for adults. Though the phrase “dorm” might conjure up suppressed memories of nightmarish college roommates, co-living is, thankfully, a very different scenario. The premise is this: to create a community living space for adults who are often single or casually dating rather than in long-term relationships.
Each resident has a room in a home where all the common areas are shared. The critical difference between co-living Los Angeles or anywhere else in the States is that you can live with a particular set of strangers. Co-living rental companies rent out each room in a given home separately, meaning higher income for the company, which means far better living conditions for the tenants they rent. This means that companies can purchase and build better homes in better areas, furnish them with modern furniture and top-of-the-line accessories, and built-in laundry rooms and large kitchens with multiple stovetops and refrigerators to serve all house occupants.
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Why choose to cohabitate?
Understandably, adults might be skeptical of a living situation that puts them in close quarters with people who start as strangers. However, those who give co-living a try are pleasantly surprised by how the home works for them. Moving into or around big cities like Los Angeles, where the population is enormous and a person on their own may feel like a drop in a vast ocean, can be challenging. The stress of moving is considerable if you’re going it alone, especially if you’re moving to a new city. Co-living companies lighten that load by offering a simple and elegant solution: move into a furnished home that’s already set up and complete with friends waiting to be made.
Instead of the roommate lottery, which many people endured in boarding school or university, these companies ask for a significant amount of information on the preferences and likes of their future tenants to ensure they can match each person with an existing group of renters with similar interests. Instead of lonely nights in and worrying about how you’ll cover rent and utilities and furnish your shoebox, you can move into a place with most of what you need already included. Behind the scenes of these companies, support teams work tirelessly to ensure that people are well matched on an interpersonal level, but also to ensure that each tenant feels safe and lives in an environment that is well maintained.
Co-living spaces are so well funded these days that the buildings they take over can often afford premium extras like in-house gyms, rooftop pools and terraces, and even public coffee bars renting space in one of the units. These new spaces combat many modern adults’ concerns: the stress of making it alone, the loneliness of living alone when you may not have a long-term partner, and finding a home in a safe, comfortable place. Where you live is such an essential part of life: it affects tenants’ mental and physical health and dictates where it is practical for them to find work. Co-living is a way to share the load and make life easier.
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Changing the face of real estate
Co-living companies like to try operating on a less traditional landlord/ lessee basis. Tenants deal with these companies almost entirely through online platforms rather than one-on-one. They are under a lot of scrutiny with all the current attention on this new way of living, so companies keep their socks pulled up and focus on meeting all standards at all times. In an era of rising costs across the board and where adults no longer adhere to the “2.5 kids and a picket fence by 30” model that was once drummed into them as they grew up, co-living is not going anywhere any time soon. We anticipate more rewrites of the regulations governing this space as time goes on to refine the process and shore up the certainty of the market.
Cohabitating is a new way of modern living in a busy, expensive, and often lonely world. The rise of co-living is not a surprising turn of events, and we know that more and more people will join the ranks as it becomes more and more commonplace.