Co-living refers to a living arrangement where multiple people share an apartment or home, each with their own private bedroom and ensuite bathroom, while communal areas and amenities are shared. According to Joe Cianciotto, this living arrangement largely appeals to individuals looking for convenience, flexibility, social interaction, and affordability. Co-living spaces are much more than sharing a home and rent. It is also about cultivating community and making life easier. As real estate prices soar in several urban hubs and remote work blurs lines between home and office, co-living presents a more connected way of living that helps reduce isolation.
Joe Cianciotto offers a general understanding of co-living spaces
Even though “co-living” is a relatively new term, the idea itself is several generations old. In many societies, extended families have been living together for several decades. History is dotted with co-living projects with varied goals, including helping recent immigrants. More recently, co-living projects have become a popular option among travelers and other individuals looking for housing and work opportunities away from home.
Historically, co-living spaces have not necessarily been the first choice of many. They were considered bridges that connect people to a life they aspire to live. However, things have changed substantially today. The way people think about housing and work is changing, especially among young urban dwellers. Many of these individuals, despite having successful careers and good incomes, feel isolated in their day-to-day lives. They crave community and connection, something often missing in the traditional lifestyle. At the same time, they also want the freedom and flexibility to move around without being tied down to long-term leases or heavy responsibilities. This is where co-living comes in. It provides a fresh alternative that fits the changing needs of modern urban dwellers.
At its core, co-living refers to a space shared by a group of people who did not necessarily know each other before. The demand for co-living spaces has skyrocketed over the last two decades, owing to several key factors. One of the biggest drivers is the rising cost of living in major cities, especially for millennials and Gen Z. Faced with high rents, many young urban dwellers are open to sharing a home just to save money. Co-living spaces become all the more appealing to them, as they come with built-in social networks, opportunities for collaboration, and flexible living arrangements.
According to Joe Cianciotto, typical co-living setups include shared kitchens and living rooms. Some of them may even have co-working spaces built in, which makes it easy to work from home while also having social interaction. Residents usually have private bedrooms and bathrooms, but the rest of the house is communal. The leases for co-living spaces can be short-term, like weekly or monthly, allowing people to come and go as their needs change. This flexibility particularly proves to be a major benefit for people who often travel for work, are in between jobs, or are new to a city. Much like how co-working changed how people use office space by lowering costs and encouraging networking, co-living spaces are transforming the housing market.
