Regardless of whether you call it co-living or co-housing, a rising number of millennials are calling this decision convenient. Co-living is a modern real estate trend in which residents create their own small community in the form of intimate, private living spaces contrasted by a larger shared living space, such as a kitchen, dining hall, or living room. With each member of the community lending a hand in chores, expenses, and social experiences, co-living has become an enticing idea to the modern always-on-the-go millennial.
This lifestyle trend can trace its roots back to the Middle Ages or further, with some historians speculating on humanity's social mindset stemming from our hunting and gathering agricultural days. Humans are by nature social creatures, and only in the past few decades did the idea of a single-person household or a single nuclear family living independently become considered the status quo.
Co-living environments have been called "dorm rooms for adults", though the creators of the most successful Co-living startups, like Common, find the comparison distasteful. That being said, it is not inaccurate. The co-living startup begins by purchasing a large building, such as an apartment complex, and renting the bedrooms out to individuals. The startup typically charges the resident less than a landlord might, but that reduced price comes at a cost- the residents have to share kitchen appliances, laundry rooms, and household chores.
There are benefits to this companionable lifestyle, not the least of which is the social environment brought on by the time and close physical proximity. As any college freshman living in a dorm would testify, after living with a group of people long enough, you're bound to make friends and memories. Co-living reflects the millennial's desire to be a part of a larger community.
Home-ownership has long been considered a staple of growing up and a foundation of being considered a functional adult. But in today's harsh economy, many young people had all but given up on the hope of ever affording a good home for themselves and their families. Co-living arrangements offer the ability to divide up the overall cost of a large house among all of the residents, driving each individual cost down while increasing the ratio of space per person.
Whether you consider it a logical step in a socialized world with a bad economy, or merely an extended adolescent phase, co-living startups are becoming more popular than ever in a short amount of time and will no doubt continue to grow for the foreseeable future.
