“Co-living is a great solution for those moving to a new city while they figure out where they would like to live.”
With its initial origin in Silicon Valley in the United States, the practice of co-living has spread like wildfire. During the first half of the 2000s, California was home to several youngsters in quest of spaces where they could live and work together. It gave rise to co-living places that contributed to the fusion of private life, social life and professional life.
According to the director of structured finance at Arc & Co., the accelerated growth of co-living will continue in larger towns where the employed youth seek rented accommodation.
Are you interested in co-living in the United Kingdom? If so, the estate agents in Fulham are there to assist you with their team of experts.
The Concept Of Co-Living In The UK
Co-living involves a beautiful co-existence of independence and overallnetworth community. Thus, members develop thick bonds while living life on their terms.
In the United Kingdom, they allow renters to share their living spaces with less or no cons at all. A co-living lease can be of any duration based on the resident’s preference. At times, it is a short stay for a night or two. It can also extend to more than a year.
It is super popular among people of all groups and professions due to the plethora of facilities that the spaces offer. Some of the co-living spaces have properly furnished studios and many even grant access to large common areas. Be it a living room or an indoor pool or a coworking area, co-living brands take care of every demand.
How Is Co-Living Different From Co-Housing
If you are wondering about the distinguishing elements between these two apparently similar terms, here’s what you need to know.
- Cohousing does not have as much accommodation capacity as co-living spaces. In the latter case, a lot of residents can live here in shared or private rooms.
- In the case of cohousing, permanent homes are available, but co-living only provides stays for short timespans.
- While cohousing caters to senior citizens, families, and large groups of similar interests, co-living is open to all.
- Since cohousing focuses on establishing contact with nature, it builds spaces away from the hustle-bustle of city life. However, co-living facilitates travelling and maintaining contact with near and dear ones because they are located in cities.
Reasons For The Rise Of Co-Living
With tremendous competition in the UK property market, many citizens choose co-living as the best realistic solution. It helps them eliminate the stress and hassle of looking for historyglow affordable and comfortable homes. Co-living is the new hyped trend in addition to ridesharing and coworking practices.
The pointers below will explain why co-living in the UK is on the rise.
- Communal living with a sense of community, collaboration, and entrepreneurship among like-minded individuals
- Sustainable lifestyle using minimum plastic and renewable energy
- Living in a global environment with a mixture of cultures, ethnicities, and nationalities
- Shared amenities like cinema rooms, laundry facilities, gyms, maintenance, libraries, games rooms, etc., at affordable rents
Is It Worth Investing In Co-Living
If you are unsure about investing in co-living, you should not be. Here’s why- statistically speaking, it offers a 7.5% return as compared to traditional rentals with a maximum return of 5.5%.
The price ranges between 650-pound sterling to 1400-pound sterling every month. It largely depends on the location, the type of space, and the services.
Besides students and professionals, families with remote working parents opt for co-living. Again, an individual looking for networking and connecting with others in the same place finds it easy to live here. It has paved the way for investors to expand their business in the market.
Not only is co-living profitable, but it also promotes techybio diversity. So, this practice is currently a favourite of digital nomads.
It is evident that co-living caters to a living style that guarantees work, personal, and social activities all at once. They say that it is the end of urban loneliness. Isn’t it exciting to make friends, network, and work from a single space every day? Without any doubt, co-living is extremely convenient!