There are always pros and cons with co-living, as with any other choice of accommodation. However, the fact that real estate companies are becoming dedicated to constructing buildings which are meant for co-living only can serve as an excellent indicator of the current situation. So many young people have begun to share their living facilities that even the construction industry has recognised the phenomenon and is adjusting to the growing trend. When we take a look at all the benefits, the situation will become even clearer. 

Shared costs

First of all, living together with a few friends is much more affordable than living alone. Your rental expense is smaller, yet you are living in a bigger space. Even if you were to live in a studio on your own, that does not necessarily mean you would have more personal space. You could actually have a bedroom that is exactly the same size, yet you would be paying much less. In addition, all the utility costs are evenly split among the housemates. Bulk shopping is also an option, which can regularly save more than a few dollars.

Entertainment benefits

When you live on your own, you are more prone to spending money outside your home on eating out or having coffee. This is perfectly fine, as we are all social beings and everybody has a right to their own choice of entertainment. However, when you already have people living with you, watching a film online makes up for watching it at the cinema, but with a more friendly audience and your own choice of snacks. You are also more tempted to invite friends over, too, instead of wasting money on public transport and drinks.

Real estate searches

Ultimately, co-living gives you a much wider choice when it comes to real estate. Finding a studio or a small flat is linked to all kinds of compromises. Firstly, they are usually sold out or rented first, so the choice is quite narrow. Secondly, they may be far from your work or college, and so on. In contrast, there are usually plenty of “big” flats on offer so you can take your pick and find an ideal one – close to work and in the immediate proximity of all the facilities you hold dear, such as gyms, supermarkets or coffee shops.

Millennial’s independence

No matter what the world thinks of them, millennials are having a hard time at the moment. The statistics show more and more Australians in their mid-twenties are still living with their parents. While there are certainly more reasons than one for this trend, it can’t be denied that ever-rising house prices are one of the key contributors. This trend has seen real estate prices increase dramatically in the last 5 years in Australia, Europe and the US. Consequently, it takes much more time to save up enough money to become a homeowner.

In the struggle to gain some independence and still be able to afford their own home someday, a lot of millennials are opting for co-living as the best solution. Most societies are prone to shaming 20-something-year-olds still living with their parents, and this is another reason for embracing the co-living culture.

Personal development

Living with people other than your family will certainly broaden your horizons and eventually make you more tolerant, and more creative, too. Being exposed to a new social environment is certainly beneficial since it makes you leave your comfort zone where everything is too predictable for your own good. Depending on their backgrounds, you will be able to get to know better people who have different attitudes from yours. You needn’t change your opinions, though, but you will definitely become more open or create better arguments for your beliefs.

Digital nomads’ home

The internet has transformed our world beyond our wildest dreams. Nowadays, it has become perfectly common to decide not only to work from home, but to move to another country just for pure pleasure, and do all of your business online. The total number of digital nomads is said to reach one billion by 2035, and most of them are looking for co-living accommodation options. When you tend to move house relatively frequently and usually cannot count on a totally reliable income, it’s extremely convenient to share accommodation expenses.

More support

Finally, one of the most important perks of co-living is the fact that you won’t be going through hardships alone. It’s much easier to deal with a noisy neighbour or a flood with your housemates than to cope with everything on your own.

Admittedly, co-living has its downsides, too, such as the occasional lack of privacy or unreliable housemates. Nevertheless, the advantages seem to outweigh the cons, and people worldwide enjoy co-living with all its benefits.