Should You Ditch Your Rental for Co-living?

Co-living is the hottest trend in the housing scene right now and you've probably seen them all over social media. But is this stylish and convenient living experience truly the utopia it portrays, or is it all a facade? In this article, we'll weigh all the pros and cons, so if you're a renter, make sure to read through before you start packing your bags.

Source: Cove

Co-living is a modern housing concept similar to a dorm that allows you to rent a room within a shared living space. So, you get your own space to unwind, but you'll share communal areas like kitchens, living rooms and (in some cases) bathrooms with your flatmates.

Unlike traditional renting, co-living is all-inclusive, meaning rent doesn't only include reserving a bedroom, but also covers other costs like utilities, internet, maintenance and even cleaning service (if you're lucky!). This makes budgeting much more simple and convenient. All you need to do is pay your dues, and management will handle the rest.

On that note, co-living is actually more affordable than renting since you're not bearing the full cost alone. This is why co-living is especially appealing to students, fresh grads or anyone under budget constraints. In that sense, renting can also be more affordable if you have flatmates. But why would you go through the trouble of finding people to join you when there's an easier solution?

Plus, since co-living spaces come fully furnished, you won't have to spend any money on furniture and appliances. As long as you have the essentials, you'll be ready to move in!

Source: Habyt

Another strong appeal is the flexible lease terms. Some places even offer prorated/nightly rent! So, if you don't like your living circumstances after moving in, you can move out just as easily. It's like taking a test drive before buying a car. This arrangement also helps you adapt to unpredictable life events-job changes, travel opportunities or simply a desire for a change.

Embedded in its name, a standout feature of co-living is the sense of community it fosters. It's really easy to make friends when you have dinner together, watch movies or have game nights. For social butterflies, this setting is a dream come true. However, just as easily as you can find people who are agreeable, you might also end up with a flatmate from hell.

The communal aspect of co-living is a potential for conflict. Even though there are usually house rules to minimise friction, you'd still have to be somewhat tolerant towards other people's lifestyle and habits, especially when it comes to cleanliness, noise levels and personal space. You can't really predict what your flatmates are going to be like. So if you do decide to try co-living, pray that your flatmates are willing to compromise and meet you in the middle.

So is co-living for you? In the end, it depends on your lifestyle preferences and personality. If you are in need of affordable, flexible and convenient housing, and you enjoy meeting new people, then co-living might be the perfect home for you. Otherwise, you should consider traditional renting while you save up to buy your own place. And I have the perfect article here for you first-timers.

Views expressed in this article belong to the writer(s) and do not reflect PropNex's position.