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WHAT MAKES CO-LIVING SPACES SO GREAT | CO-LIVING SPACES

Published on April 15, 2019 by Qasim Naqvi

It’s been a hot minute since civilization decided to reinvent how and where we live. The concept of renting or leasing a home is so long standing, it seems to have originated in the years B.C. and has continued in some form ever since: The Roman Empire, a feudal system of the Middle Ages — you name it.

Renting in modern day society isn’t so far removed from days past; it’s just more structured and standardized. Regulations vary by city, county, state and country, but renting an unfurnished property for a term of at least 1 year is the norm in any landlord-tenant relationship. Throw in real estate or rental agent fees and you have yourself a pretty inflexible situation.

Inflexible Lease Terms and Pricing Model

When you sign on the dotted line and receive your house key, you:

  1. Enter into a rental contract with designated start/end date.
  2. Pay first month’s rent and last month’s rent.
  3. Pay a security deposit.
  4. Are responsible for covering the agency fee or commission (from a % of the monthly rent up to 2–3 months’ equivalent of rent, depending on your city or country).
  5. Have to make a utilities deposit.
  6. Are responsible for utilities activation and/or contracts.
  7. Are required to do credit and background checks plus references. In some locations, like NYC, proof of income is also important.

On top of that, you need to hire a mover for your furniture or buy new furniture to fill this new space. When the 12 months are up, the most likely outcome — and the path of least resistance — is to renew the lease.

Because one thing we can all agree on is that moving is an expensive pain in the ass.

Co-Living Spaces Solve This on Every Level

  1. Typically, there’s no lease agreement or minimum commitment (with exceptions). You decide when you want to come and go.
  2. You pay only for the term you want to stay for.
  3. There’s no security deposit (sometimes a credit card hold).
  4. You owe no agency fees or commissions.
  5. Utilities are included so no out-of-pocket deposit.
  6. You don’t need to set up any water, electricity, internet or cable contracts.

An added bonus is that most co-living spaces are already fully-furnished, so you don’t need to move anything but yourself, clothing and personal items. This eliminates the primary headache-inducing causes of stress and expenses during a move. Hallelujah.

Also Visit: A DAY IN THE LIFE OF A CO-LIVING RESIDENT

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Category: Coliving

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