Can we take a moment to talk about the crazy rise in real estate prices and the never-ending surge in rent? I mean, seriously, it feels like we are stuck in this never-ending loop, waiting for prices to drop back down to pre-COVID levels. But let’s face it, that might be wishful thinking at this point.
So, what’s the solution? Well, more and more folks are turning to coliving spaces or sharing apartments with roommates. Sure, at first glance, they might seem like two sides of the same coin (after all, you’re living with other people, right?), but trust me, there’s a lot more to it than meets the eye.
But hey, if living with roommates isn’t your thing (completely understandable!), you can always take the more traditional route and rent an apartment. In this discussion, we will look into everything you need to know about coliving and traditional renting. By the end, you will be equipped to determine which option suits you best!
So, buckle up, and let’s dive right into the world of housing alternatives!
What is Coliving?
Coliving, or shared living, is a space that offers common living areas but private bedrooms. These shared spaces typically include a kitchen, laundry area, and outdoor space. Some coliving also include shared amenities like a gym, coworking space, rooftops, backyards, and even creative work areas like a recording studio. When it comes to coliving, there are two main types of spaces. First, we have these huge experimental coliving spaces like The X in Denver and Phoenix. They are these massive communities where people live together, sharing not just their living space but also common areas and facilities. It’s a unique way of living that is gaining popularity, but it’s still a bit of an unknown.
On the other hand, we also have smaller, more homely coliving spaces that you can find in almost every big city. These are more intimate and cozy, with fewer residents and a more personal touch. They often have a strong sense of community and can offer a supportive and nurturing environment.
According to June Homes, a notable chunk of coliving residents fall into the age bracket of 21–30 years old. It’s that “testing the waters” phase where they wholeheartedly plunge into various career paths and switch between states with remarkable flexibility. They pursue the convenience of furnished apartments with flexible leases to support their transient lifestyle.
Pros of Coliving
1. Affordability
Coliving spaces usually offer a single private room, making it a more affordable option. Rent for a coliving space is lower than the average rent of a studio apartment. You also ditch the preliminary expenses of renting, such as the dreaded broker’s fee, security deposit, etc.
Coliving spaces in NYC that are featured on Diggz average around $1,799, while a studio apartment can cost a whopping $3,500! Talk about the insane difference!
Not only that but most coliving spaces come fully furnished. So you don’t have to worry about buying and hauling furniture around. It’s a huge convenience and can save you money on furnishing your place or dealing with the hassle of moving heavy furniture.
2. Flexibility
Since you don’t have to move around the city hauling a truck of furniture — coliving spaces give you great flexibility. Plus, you only have to worry about your share of the rent. These arrangements offer single leases regardless of how many residents are involved. It ensures that non-payment from other tenants does not affect your credit score, nor do you have to cover for them.
Most rentals impose a minimum of 11–12 months of the lease agreement. At coliving spaces, you can pitch your own move-in time and move out whenever you want without being chained down by a long-term lease. You can find coliving spaces that offer as little as a month minimum, though most ask for at least three.
This flexibility can be a game-changer for those who have uncertain plans or prefer not to commit to a fixed timeframe. Coliving is also a great option for those new to the city. You can meet locals, make friends, and explore the city before committing to a long-term lease.
Whether you are a digital nomad, a newcomer, or a student with changing schedules, coliving spaces allow you to adapt to your lifestyle.
3. Community
Everything about Coliving when it first came out, was geared towards its focus on community. Made for an age of loneliness, as they say.
With the rise of remote work and online education, more individuals find themselves spending long hours at home, craving a sense of connection.
Coliving addressed this need by providing shared living spaces where residents could come together and form a community. It’s all about shared living spaces where folks from all walks of life come together and create something special. While it’s true that healthcare pros and business dudes make up more than 50% of the crew, don’t think coliving is limited to just those folks! It’s a diverse melting pot that welcomes all sorts of amazing individuals.
It isn’t just about sharing physical space; it is also about sharing responsibilities, chores, and experiences. The concept of coliving reinforces a sense of community among its residents, offering a support system that might be lacking in a more traditional living arrangement.
Cons of Coliving
1. Lack of Privacy
Living in a coliving can sometimes feel like filming a reality tv show. One of the residents of a coliving space shares that she was reprimanded for taking a drink to the smoking area. It made her feel like she was constantly under surveillance. However, it’s also important to have someone responsible for taking care of the place and enforcing certain rules — best be an objective party!
Also, most coliving spaces have smaller-sized bedrooms. Sure, the idea is to encourage mingling in the common areas and foster a sense of community, but it also means sacrificing some personal space and privacy.
2. No Control Over Selecting Roommates
While at a regular rental, you’ll search and pick your roommate either before or after moving in. At a coliving, you won’t have 100% control of who your roommates will be. Roommates can come and go due to the short-term nature of it. This can be exciting but also challenging, getting to know new roommates and wondering if this one would stick. However, according to June Homes, most coliving residents stay for an average of seven months before moving elsewhere. So it’s not necessarily a montly turnover of new roommates.
In any case, colivings do their best to place roommates that will be a good fit to prevent turnover and roommate conflicts. Most offer existing tenants to chat and vet the potential incoming roommate and get a sign-off prior. They also tend to offer single-gender living or co-ed options. They will not add a male roommate to a female-only apartment unless you and the other tenants agree to it.
What is Regular Renting?
Regular renting is a tried-and-true way of finding a place to call home for many Americans. With more than 36% of the population opting to rent, it’s safe to say that it’s a popular choice. And guess who makes up a big chunk of that percentage? You got it — us young adults, the “struggling for air” individuals trying to make our mark in the world.
When it comes to traditional renting, options are pretty diverse. From cozy studio apartments to spacious five-bedroom houses and even the occasional basement rental, there’s something out there to suit everyone’s needs.
Pros of Renting
1. Larger Spaces
In regular rental apartments, you can expect to find bigger bedrooms with more storage options. Even if you are sharing the place with a roommate, you will likely have more space in your room. On the flip side, coliving spaces focus more on creating larger common areas where everyone can hang out and chill together.
2. An Abundance of Options
In the U.S., there’s an abundance of spaces available for rent. Even when the headlines report there’s a housing crisis, you can still find a place to rent (you might have to pay more). It’s not just about the big cities either. Even in smaller towns, you will be blown away by the sheer number of rental options.
3. Privacy
Renting alone gives you the kind of privacy you have been daydreaming about forever. I mean, who wouldn’t want their own space after living with family and then roommates in college dorms, right? It’s like finally breaking free and having a place to call your own. Sure, it comes with a bit more responsibility, but that feeling of independence might be totally worth it.
Cons of Renting
1. Expensive
When it comes to expenses, renting can certainly take a toll on your wallet. It’s not just about the rent and bills; there are numerous additional costs to consider. Let’s break it down: First, there’s the furniture. Unless you’re lucky enough to find a fully furnished rental, you’ll likely need to invest in furniture to make your space feel like home. And we all know furniture shopping can add up pretty quickly. And let’s not forget about the infamous broker’s fee, which can be a substantial chunk of money upfront.
On top of that, there are utilities to set up, like WiFi. These are just a few examples, but the list goes on. So, while renting provides the flexibility and independence many desire, it’s crucial to consider the full financial picture beyond just the monthly rent. Coliving, on the other hand, often offers a more inclusive package, covering many of these additional costs and providing a more budget-friendly option.
2. Increased Responsibility
Renting alone means taking on all the responsibilities and costs associated with the property. You are responsible for managing bills, maintaining, and finding suitable roommates if needed. In coliving, many of these responsibilities are shared, lightening the burden on individuals.
Plus, if you do end up with a roommate to lighten the load, you could find yourself in a sticky situation if they struggle to pay the rent. You might have to step in and help out to keep things afloat.
3. Tied Down to a Lease
Unlike coliving spaces, finding a rental place that offers a lease shorter than six months can be quite challenging. Even if you manage to find a month-to-month lease, keep in mind that these often come with higher rent prices and an uncertain end date. On top of that, it’s not just about the money crunch; there’s also the nagging thought at the back of your mind every month — will the landlord even renew my lease? And even if you got a year-long lease, furnished the place, and settled in, there’s no telling what your rent increase will be like the following year, and if you’ll still be able to afford living there.
Coliving or Traditional Renting: Which One is Right for Me?
If you’re on the hunt for a new living arrangement, the choice between coliving and traditional renting can be tough. Coliving is like a college dormitory for adults and offers a unique experience where you can save money and become part of a community.
I mean, let’s be honest, loneliness can hit hard after college. But dealing with nagging roommates for rent and stressing over shared responsibilities like dirty dishes can sometimes be even worse. That’s where coliving comes in — it offers the perfect balance between renting alone and renting with roommates. It’s like finding the sweet spot in the rental world where you can enjoy your independence while also having a built-in social network.
According to estimates, opting for coliving can lead to higher savings compared to traditional renting. Let’s break it down: In Atlanta, the average cost of rent for a 1-bedroom apartment is around $1,714. While rent for coliving spaces can cost $719. That’s a substantial difference of nearly $1,000! It’s the same for most large cities, like New York, Los Angeles, Chicago, etc. So, not only can you save some hard-earned cash by choosing coliving, but you also get the added benefit of being part of a supportive and engaging community.
On the flip side, regular renting has its own perks when it comes to privacy and convenience. Let’s be real, finding a spot in the coliving world can sometimes be a bit tricky. Sure, the number of available bedrooms in coliving rentals has gone up by around 20% in the last two years, but it’s still not a walk in the park to find the perfect coliving rental. We’re talking about a modest count of 74,000 coliving spaces out there. It’s definitely a growing number, but let’s face it, it’s still on the smaller side.
Meanwhile, traditional renting gives you a wider range of options, making it easier to find a rental place. If you find renting alone over your budget, you can always split the costs by sharing the apartment with a roommate. And, if you prefer flying solo without the roommate shenanigans, regular renting might be your ticket to finding the ideal spot.
In the search for the ideal living arrangement, the debate between coliving and regular rentals has sparked numerous discussions. However, regardless of which option you lean toward, Diggz is here to simplify the process. With a vast selection of thousands of coliving listings, our platform connects individuals with their perfect communal spaces. Whether you seek a coliving spot to create lasting memories or a regular rental offering thousands of options, Diggz ensures that you can make the right choice. So, why stress when you can let us handle the address?
Ready to explore the coliving option? Find coliving rooms on Diggz in most cities, like NYC, LA, SF, Dallas, Atlanta, Chicago, Philadelphia, DC, San Diego, Seattle, Portland, Austin, Houston, Phoenix, San Antonio, and even Las Vegas.
FAQs
- What is the difference between coliving and regular renting?
Coliving typically involves shared spaces and a sense of community accompanied by private bedrooms. While regular renting refers to an individual occupying a private space.
In addition, coliving spaces offer the advantage of being fully furnished and provide shorter-term lease options, typically with a minimum of 3 months. On the other hand, when renting, you often have to commit to a minimum lease of 12 months.
2. How do coliving and serviced apartments differ?
We discussed above how most coliving rentals come fully furnished, well, so do all serviced apartments. The only difference is that serviced apartments are privately rented while coliving spaces are rented with other tenants.
3. What are the advantages of coliving?
Coliving spaces are like the upgraded version of living with roommates. They come fully furnished, with all the cool amenities and bills covered. Plus, you get your own lease, so you don’t have to stress about your roommate flaking on the rent. It’s hassle-free and way more convenient!