For many years, people have been told that the true way to happiness is to own a lavish home with multiple rooms in a nice neighbourhood. Even though there’s some truth to this belief, the recent economic climate has made this quite difficult for many people, especially those who are already struggling with student debts and other professional challenges.

Enter the concept of co-living. Where the traditional homeownership and renting values individuality, co-living values togetherness and collaboration, especially among young professionals. So for that reason, here are some ways that make co-living redefine a concept of a home.

It’s affordable and sustainable

A lot of people prefer to save money before moving to other ventures such as home purchasing, for example. Also, living in a big city can be stressful and expensive, especially for students, interns and people who work lower-paid jobs. In that case, co-living spaces might be the right solution. They’re more affordable than traditional apartments, and they don’t even require tenants to share costs with their roommates. Haggling over monthly bills can be stressful and costly. In co-living spaces, tenants pay a fixed price every month, which also helps them manage their finances safely and consistently. Also, deposits are much lower in general, and that is definitely helpful to people who are just starting to climb their career ladder.

Flexibility plays a big role

There’s a myth that claims that only millennials prefer co-living lifestyle, but in reality, this type of living is popular among various age groups. Plus, living in such an arrangement is great as it allows more flexibility and independence, which is important to those who don’t like to be locked down in year-long contracts. Digital nomads and people who spend a lot of time travelling might find co-living more suitable as it allows them to come and go without any risks.

It’s great for building a communal spirit

The age we live in values individualism above everything else and that might be a bit challenging to those who prefer the comfort of a collective in order to feel happy. Co-living can fix this, as it encourages the sharing of resources. Finding serviced studios for rent is a good step in the right direction, especially for those who enjoy sharing with others while maintaining their privacy. So, it’s no surprise that designers, entrepreneurs, students, digital nomads and even seniors prefer this way of living compared to traditional arrangements.

There are more choices available

A home is a place where one is allowed to rest and relax, knowing they’re safe. Renting an apartment might come with certain benefits, but in many cases, tenants are those who have to worry about things like appliances, doing laundry and maintenance. Many landlords tend to forego their responsibilities as soon as the contract is signed, which leaves tenants in an unfavourable position. On the other hand, co-living offers more freedom, which is important because more freedom means more choices. Many co-living spaces offer a number of amenities and facilities, so tenants can get a chance to have a comfortable and worry-free living experience. Certain accommodations even offer food, which is amazing to those who are busy to prepare their own meals.

Socializing is easier and more fun

Sometimes, socializing can be time-consuming and expensive, especially if one hangs out at bars, restaurants and clubs. Even though there’s nothing wrong with that, sometimes, staying indoors with friends and enjoying some homemade coffee or tea can be more fulfilling than shelling money on an overpriced cup of coffee. Also, sharing the living space with others can be a nice way to socialize, mainly if one’s too tired to use public transport to meet friends in the opposite part of town. With co-living, it’s entirely possible to meet new people and have fun with them, because there’s always someone in the kitchen or a common area.

Co-living promotes healthy values

Staying in a co-living space is great as it can teach the importance of diversity and empathy. People who opt for co-living come from different walks of life, and this is wonderful as it promotes unity and also helps combat discrimination based on one’s age, gender, race, sexuality and class. Therefore, co-living is definitely a good idea to everyone who wishes to leave their comfort zone and create some memorable and unique experiences.

In conclusion

Concept of a home varies depending on whom we’re talking to. But, when it comes to co-living, it’s safe to say that it’s convenient and suitable for different types of people, which is the biggest advantage. Sharing the living space with different people is great as it can promote unity and compassion.