More people are on the move than ever before, making a short team lease arrangement highly desirable.
What is Co-living and Why is it the Future of Home/Work Life?
By the common presumptions of what co-living apartments and co-living spaces are:
- It’s a hippie commune, right?
- Some kind of student housing?
- I’m not sure, but I don’t think people are allowed to shower, or something...
Co-living is not something your grandmother did in the ‘60s. Nor must you give up meat and subsist on granola and algae. This new living arrangement is a cutting-edge trend in fact, and very popular among a cross-section of populations, from young urban professionals to community-focused seniors.
Why living with strangers in one house? Architect Grace Kim shares on TED Talks an age-old antidote to isolation: co-housing, a way of living where people choose to share space with their neighbors, get to know them, and look after them.
Co-living Attracts Young Professionals who are new to Urban Centers
Budget-conscious young professionals relocating to a new city for work are some of the most frequent adopters of co-living, however, the trend is broadening to include families and seniors. Through co-living, residents new to a city can enjoy networking opportunities, the common share apartment amenities which may include, a gym, shared kitchen, free onsite laundry, and Sunday dinners. These in-house amenities, combined with the neighborhood amenities such as public parks and transportation make this living arrangement a win-win for young professionals eager to focus more on their career than logistics of doing laundry or commuting to work at a price point less than they would find if renting a studio or one-bedroom in that same city on their own.
Of late, companies have seized on the advantages of co-living for their employees. Not only can they more fluidly accommodate and attract top talent, but they can also encourage greater camaraderie among their employees around the clock, as co-living encourages residents to interact and collaborate together.
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Not Just for Youngsters - Co-living Suits all Adult Demographics and Family Units
Investors are seizing on this real estate opportunity, with many developers correctly perceiving this new lifestyle will be attractive not just to young professionals but to married couples, families with children, divorcees, baby boomers on the cusp of retirement, as well as seniors living out their golden years in style.
In fact, several years ago my husband Henry had a two-year contract in San Francisco. Rather than finding a sublet to furnish, he chose a co-living space. In this way, he was able to focus on his fulfilling his contract in the Bay area and return home to enjoy his family back in Chicago on long weekends and when the contract term was over.
"If one does not know to which port one is sailing, no wind is favorable." - Lucius Annaeus Seneca- Photo by Canva
Delphine Nguyen, Investor
Delphine Nguyen is a real estate investor and a licensed real estate broker in Illinois. She learned to be successful from a variety teachers, including her own mistakes. Real estate investing is her passion. Helping others to achieve their goals is another passion that she has. She does what she knows best, therefore, her focus is solely on multifamily and co-living investment types.
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