Despite the growing popularity of co-living, many people are still unsure of how it differs from conventional renting. What is co-living? Why is it booming so fast? Is it a better choice than renting? Which option is best for you? These are the most common questions people often ask about co-living. In this blog, we will be discussing co-living and its differences and similarities to renting. By the time you’re done reading, maybe you’ll be able to distinguish between co-living and regular rentals and decide which is best for you.
First, what is co-living?
Co-living is a new type of accommodation set up wherein individuals or groups of people who share similar values can live under one roof while still having their own private space. Co-living units generally comprise bedrooms with attached bathrooms. These are connected by common areas like living rooms and kitchens. Co-living is more like a concept of openness and inclusivity. When you decide to co-live, you get to interact with people who share similar interests as you.
Pros of Co-living
1. The unit is fully furnished
One of the biggest advantages of co-living is that the unit is move-in ready. This means that the rooms and common areas are already fully furnished with the right furniture and appliances. You don’t need to worry about buying new appliances or renting furniture. Certain amenities like a gym, pool, court, or outdoor space are also accessible for you depending on the regulations of that particular building residence. Aside from the obvious benefit of owning a home that is ready for occupancy, you can also save a lot of money because you don’t need to purchase furnishings.
2. You get a sense of community
For people that thrive in social situations, living in a co-living environment will be advantageous. Because co-living is founded on a community, you get to engage and meet people every day who think and value the same things as you do. You meet some incredible people and develop a good social network.
However, if you are an introvert, co-living setups may not appeal to you but they can be an opportunity to try new things and go out of your comfort zone.
When compared to rentals, co-living is much more affordable because the unit comes with complete furnishings and you are sharing it with a group of people. Co-living is very cost-effective because your rent essentially pays for all of your monthly household expenditures.
Another significant distinction between co-living and conventional renting is flexibility. Traditional rentals often require you to sign an 11–12 month lease and frequently have requirements and limitations imposed by the landlord.
On the other side, co-living allows residents total flexibility. There is no landlord, therefore you are free to live according to your own regulations. If you change your mind, it’s simple to decide how long you want to stay. The terms of a lease do not bind you. Co-living also avoids the need for large security deposits.
Cons of Co-living
1. Fewer listings available
There are much fewer co-living listings available compared to rentals. So, when looking for a co-living space, locations might be limited. You won’t discover many co-living spaces in certain neighborhoods where you like because the majority are located in the center or CBD area.
2. Misunderstanding and conflicts may arise between tenants
Living with strangers might open the door to possible arguments. This could occur if one person doesn’t contribute fairly to home duties or if some residents have terrible lifestyle choices that negatively impact the other. There will undoubtedly be some conflicts along the way no matter how close-knit your group is.
Those are the pros and cons of co-living. The benefits of co-living undeniably outweigh those of typical renting. However, you must make your decision in accordance with your needs. Co-living is becoming more and more popular since it suits the lifestyles of millennials. It meets all of their requirements and gives them an excellent living choice without spending a lot of money.
Now, let’s talk about renting.
What is renting?
All of us know what renting is. Landlords often prefer tenants who will stay for longer than the minimum three-month requirement when it comes to renting. An extensive security deposit must be paid upfront, and the entire renting procedure involves signing a lease and tenancy agreement. Rental properties, in contrast to co-living, might be furnished fully, partially, or not at all.
Pros of Renting
1. Exclusive space
There won’t be any social gatherings or activities that you’ll feel forced to participate in as there would be in a co-living arrangement. Your unit is exclusively for you. This is the ideal option for introverts who don’t like to socialize or who prefer to live alone and privately.
2. Many rental options are available
Unlike co-living spaces, rentals are pretty much everywhere. There are other properties on the market that give a larger choice of location alternatives, whether it’s close to your workplace, school, or family.
You may select a property that is tailored to your needs because there are so many places available for rent. You’ll undoubtedly find the one you’re searching for, whether it’s a little condo or a two-bedroom fully furnished HDB home with a view.
Cons of Renting
If you are renting an empty unit, you need to buy furniture and appliances to make the house livable. If on the other hand, the unit is fully furnished, you still have to pay extra for the furniture and amenities available. Moreover, as a renter, you’ll generally need to obtain your own house insurance due to the extended length of stay at these rental apartments.
2. Not ideal for a short-term stay
If the location you’re eyeing is a popular choice for many, landlords will probably give preference to tenants who are in it for the long haul, which might last up to a few years. If you are searching for short-term accommodation for several months, renting might not be a good option.
3. The unit may not be fully furnished
For individuals looking for move-in-ready homes, it might be hard to find one that’s for rent. While there are fully-furnished rentals available on the market, this can come at a costly price rent and may not be a good choice especially if you’re on a tight budget or just planning to stay for a couple of months.
Renting or co-living: Which is the right option for you?
Co-living is not for everyone, despite the fact that it may seem like an appealing accommodation alternative. It mostly serves people searching for temporary housing for a few months.
It is also ideal for extroverts who like making new friends and building relationships in a small-town setting, but it is not at all suitable for folks who prefer quiet and private accommodation.
Renting would be the obvious choice if you’re not much of a social butterfly and is planning on staying for the long term.