Living Collectively: Why It Matters and How to Set Up!
New York City sees an escalating interest in coliving spaces, a living arrangement where unrelated individuals share a residence. This trend follows the mid-2000s coworking boom in San Francisco, particularly in response to rising real estate prices, the mortgage crisis, and a surge in venture capital investments.
Particularly favored by young entrepreneurs and researchers employed by tech giants like Apple, Tesla, and Google, coliving involves the collective renting and transformation of vacant mansions into communal work and living spaces. The main attraction lies in the community aspect, offering residents comfort, well-designed work areas, and dining facilities, while fostering a conducive environment for creative endeavors.
Residents, often freelancers or remote workers, benefit from living and working in one location, alongside like-minded individuals. The trait that sets coliving apart is the opportunity it provides to dedicate more time to one's projects without being tethered to fixed working hours.
Economic factors also play a role, as young individuals prefer flexible accommodation options and find short-term rents more expensive, given New York City's high cost of living. Coliving spaces usually include utilities, cleaning services, bedding, toiletries, and food ordering within the cost of living, making them an attractive choice.
Desirable coliving houses and apartments are characterized by larger floor plans, preferably 'open-plan', situated in or close to the central business district for convenient commuting. These residential complexes should offer comfortable living spaces for fair prices, have facilities such as laundry and shopping centers, and cater to a younger demographic–single persons, couples, or childless families–to attract the target audience and privilege outdoor working areas with internet access over children-focused facilities.
Coliving is an extension of the sharing economy, which is gaining momentum. As the practice evolves, some coliving spaces are anticipated to flourish in the near future, playing a potential role in alleviating New York City's housing shortage by offering more units per floor compared to traditional apartments.
- The fashion-and-beauty industry could see a shift in New York City as coliving spaces become more popular, with residents sharing common areas for work and leisure, potentially impacting shopping habits.
2.For those who enjoy travel, coliving spaces in New York City offer a unique opportunity to connect with like-minded individuals from various backgrounds, enriching their cultural experiences.
- Pet owners might find coliving spaces an appealing alternative in the city, as many offer pet-friendly policies and communal outdoor spaces, providing a suitable environment for pets.
4.Car enthusiasts might find it challenging to accommodate cars within coliving spaces, given the emphasis on communal living and compact, open-plan designs. However, for those who don't require a personal vehicle, coliving offers an efficient, cost-effective, and convenient lifestyle in the heart of New York City.
