Housing is an expensive investment. Aside from that, not everybody is committed to buying or building a home. This is how co-living spaces came to be and how they're starting to rise to the real estate grid.
Co-living spaces, unlike old-fashioned housing, are less expensive and more efficient. With the rapid growth in population and increasing demand for living spaces, it's only beneficial that we find alternatives to the traditional housing option.
What Are Co-Living Spaces?
Co-living spaces are where different people come together and inhabit a space that encourages them to work together, making them best for groups of people with similar interests or values. These spaces reflect a modern way of living that's comparatively cheaper than getting an actual home.
What makes it the Next Big Thing in Real Estate?
Makes Better Cash for Both Agent and Client
As a living space with far more people to accommodate, real estate developers, get to have a higher rental yield that can range from 9 to 12 percent. This is in comparison to the 1.5 to 3 percent average yield real estate developers get from residential properties.
This makes co-living spaces great assets to the real estate business. The clients also benefit from the co-living space set-up, especially since it allows them to save money. After all, they're sharing most utilities and utility areas.
Flexible for Modern Lifestyle
Young professionals relocate frequently thanks to remote job opportunities. Old-fashioned renting and leasing just don't work well for clients who are often moving from one place to another.
Unlike home rentals, co-living spaces offer a more flexible arrangement. You can arrange for accommodation that can last from three months up to one year.
Female-Friendly Environment
Safety has always been a major concern, especially for women living alone. This is another issue that can be resolved by co-living spaces. Properties secured with CCTV cameras access entry card systems, and the like make female residents feel safer.
The fact that the residents will be sharing a home with other people who share the same interest also makes them feel secure since they aren't alone.
Fit For the Millennial Lifestyle
The millennial generation craves for space to explore while also working hard for their goals in life. Co-living spaces are a perfect choice for these young independence-seekers as they get to group together and meet other like-minded people.
They can choose to live with people who share the same goals and interests as them. Face-to-face interactions also help them avoid spending too much time on social media, which sometimes ironically leads to social isolation.
Allows a Group to Embrace Their Differences
Choosing a co-living space lets clients open up to things that are out of their control--like other residents they'll be living with. This lets residents become more open to accepting other people regardless of their ethnicity, sexual orientation, and other personal factors.
Provides A Community Feeling
No matter how introverted one claims to be, humans by nature are social; they have the need to belong to a social group. With the balanced blend of privacy and human interaction provided by modern living spaces, tenants can feel belonging to a group while still having their own privacy.
