Co-living Spaces for Families and Single Parents
“What’s driving the co-living and communal housing movement is that more and more people are looking to live in a nurturing community with other creatives and innovative people that can support one another”James Scott
Co-living is a concept that has taken off in recent years. Challenging the traditional ideas of rent and lease, shared living is becoming the preferred mode of residence. It’s not just the cost-effectiveness that is appealing but as the Chief Operating Officer of Collective, a leading co-living space provider explains, the experiences that come with it are also a driving force.
One of the great advantages of co-living is that it provides various opportunities to families and single parents who have their own homes. In this article, we take a look at the co-living market globally and also shed light on how single parents especially can reap certain advantages that co-living has to offer. It is certainly something worth exploring.
The Rise of Co-living Around the World
The idea of co-living comes from a 1960s practice which was observed mostly in parts of Denmark. Families and individuals weren’t content with the accommodation available in the region. As a result, a group of 50 families came together to lay the foundations of a community known as Sættedammen. This was back in 1967. Today, the global market for co-living is worth $10 billion.
The demand and supply of co-living products have been going up continuously and consumer interest has seen a spike in recent years. In 2018, the supply went up two times as compared to the previous year and by the end of 2019, it is expected to increase by 84%. Markets everywhere in the world are witnessing some exceptional developments because more and more people are opening up to the idea of co-living.
Co-living provides a healthy alternative to the housing crisis that people around the world are facing at the moment. With conventional methods being way too expensive, co-living is being seen as the option that will provide affordable residence to millions of people in the time to come. It is especially an amazing prospect for millennials whether they are students or traveling entrepreneurs etc.
Also, it’s not just a window of opportunity for people in search of budget accommodation, co-living provides an equally lucrative business option for single parents, families, and individuals who have rooms to spare. People around the world are accepting this concept to create simple and easy revenue streams for themselves and playing their role in expanding the co-living market at the same time.
How Co-living is Different from Renting?
Co-living is on the rise but a question that pops up frequently in people’s minds is the difference between it and traditional renting. Well, there are a few. For starters, there is a difference in the amenities that come with a rental. Utilities like electricity are taken care of by the tenant and so is the maintenance. Co-living is mostly an all expenses covered solution. Many co-living spaces will also include furniture and other fittings inside the rental price.
Another difference between co-living and rental spaces is the way they are designed. Conventional homes are not built in a way that promotes shared living. Most homeowners convert their spaces to allow more personal space for people living on a shared basis but that doesn’t help with the overall space. Co-living homes are purposely built to allow space for one full-size bed, nightstand and ample storage.
Kitchens and bathrooms are shared in a co-living space, but the former is laid out in a way that allows multiple people to cook together. It is a similar case with bathrooms that are shared by three people at max. Other facilities are also meant to be used equally by all residents because they are purpose-built for co-living.
Other differences of co-living include the savings in terms of costs. Average savings can go up to $400 a month in co-living setups. This is due to a number of miscellaneous expenses being covered and the space being enough for an individual’s requirements. Co-living contracts are also more flexible than rentals, allowing you to get monthly or yearly agreements as well as anything in between.
Prospects of Listing Empty Rooms for Co-living
Co-living doesn’t just offer a host of benefits to people looking for budget living spaces. It also facilitates people who are looking to become suppliers for the commodity. By suppliers, we mean people looking to enlist their homes or empty rooms as co-living spaces. This has amazing prospects for those who are looking to become part of a vibrant community and want to make some additional money at the same time.
From a financial standpoint, co-living is better than traditional renting because of a number of reasons. Since the overall prices are low, the market remains stable even when the conventional market takes a hit. Also, tenants are more readily available than they are with renting because more and more people are now becoming inclined towards the idea of co-living due to its advantages.
The great thing about co-living is that even when you move away from the fact that it provides a healthy window to make money, there are still things that make it stand out. Chief amongst these is the sense of community that shared living brings. This concept of creating a group that shares a space so that they can enhance their interactions with one another has always been the foundation of co-living.
The merits of co-living stretch quite a lot, especially for people who want to be part of a more inclusive society. Unlike rental spaces where a tenant lives under strict limitations at times, co-living is something that goes beyond the boundaries of traditional interactions. Allowing creative and vibrant individuals to stay in your home can offer you the ability to learn more exciting things from them too.
Why is it Ideal for Single Parents?
Being a single parent is a difficult job in itself. Couple that with having to look after kids who are not yet able to take care of themselves and it becomes difficult to support all the roles at once. The biggest challenge for a single parent is having to go to work and finding the right care center or babysitter for their children. Besides this, they also find less time to spend at home with some parents working two jobs at once to make ends meet.
If you are a single parent who has some space in their home or can manage to find a home that can serve as a shared residence, then co-living can offer some sound relief to you. Instead of renting, you can create spaces in your home where people can come together and live as though they were part of the family. Co-living spaces do this by opening up and allowing people to share the facilities in a house.
Kitchens are shared and so are the living rooms as well as other spaces. If you have freelancing or students in your home, it can serve as a workspace for them too. In between all this, you as a single parent can have a lot of weight lifted off your shoulders. This stream of income will lessen your burden. You can rent out more space as part of the co-living ecosystem which means that the cash inflow is higher too.
Co-living allows single parents to even consider leaving a day job altogether. With a stable outlook for the long-term in the future, co-living spaces are ideal to help a single mom or father raise their kid in a stress-free environment. It’s just one of those experiences that are irreplaceable and a chance like this is hard to pass up.
Co-living Opportunities for Families
Another group of people who can gain immense benefits from becoming part of the co-living community is families in general. Most countries in the developed or developing world have a concept of nuclear families. Here, as soon as children grow up, they strive to create independent lives for themselves leaving just parents behind.
Even if the family decides to stay together, they can explore a great avenue for both money and experiences in co-living. Co-living is different from normal renting and as such requires a little more effort in creating the ideal space where rooms or beds with a small private space are separate while other things are shared.
Small families can be selective with their choice of tenants. Allowing single parents, elderly, students or other small families can help them preserve their own privacy while expanding their home to other like-minded individuals at the same time. Not to mention the income that can be generated from this obviously.
How to List a Co-living Space?
If you’ve made up your mind to list your home or any other property that you own as a co-living space, then there are a few things to bear in mind. A few prerequisites come into play when listing a home or place for shared living. These can vary based on the platform you are listing with. At StartupBnB, the process is quite simple and straightforward.
All you have to do is have an attractive space that you hope can bring in potential tenants. The attractiveness of the place doesn’t just have to do with the fact that the place is clean and aesthetic although those are crucial points too.
For a co-living space, there can be other things that’ll attract potential members too. A few examples include the amenities and facilities available in the cost, the location of the space and previous user ratings. All these are just a few and these can be relevant or not based on personal preferences of the person looking to book a space in your home. Having a space is the only major requirement to get yourself listed on a co-living platform like StartupBnB.
Once you’ve submitted the listing, a dashboard will be created for you where you can manage everything about the listing. You can check who applied and communicate with them through the portal. This ensures safe transactions as well as negotiations. Once satisfied, you can pick the members which you want to share your home with.
A Few Essentials to Know Beforehand
For first-timers to the shared living marketplace, there are a few things to know beforehand. Mostly, this has to do with the way co-living works. It is different from traditional renting so it has to be treated as such. The overall design of a co-living home has to be slightly different as compared to a rental space. In this regard, you have to make a few changes to the place before renting it out.
When you begin your listing process, StartupBnB will provide a few conditions that have to be met. These include having a kitchen, living room and bathroom spaces that are not overly crowded. A fridge has to have enough space to accommodate groceries from all the members within the space. Similarly, the bathrooms should not be shared by more than three people ideally.
The kitchen also has to be laid out in a way that multiple people can cook together. Bear in mind that these are general considerations and they can depend based on the size of your home and how much of it you are willing to list. For more detailed information, you can get in touch with one of our representatives or browse through the FAQ section on our website.
Co-living is a practice, a concept that is changing a number of things about society. It is giving rise to a culture where the focus lies on building communities and sharing resources. It is beautiful because not only is it cost-efficient but the experiences that individuals can gain from it are extraordinary. Nowadays, co-living is being mixed with co-working and the two together are helping startups and their founders acquire better platforms to launch themselves.