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The Benefits of Listing Your Home as a Co-living Space

Published on October 2, 2019 by Qasim Naqvi

The debate on human needs against dwindling resources has been at the center of economic studies for hundreds of years. Even today, one of our basic necessities is a shelter but with the rate at which the global population is rising, our supply is falling short in the face of growing demand. Co-living is one of the recent trends in residential real estate that is providing a solution to two very pressing problems. 

Not only does a co-living space provide the opportunity for people to afford budget accommodation but it also opens a way for people with extra space in their homes to create new ways to make money. Here are some other advantages of listing your home as a co-living space:

The obvious additional revenue stream

First and foremost is a new way to earn more money besides your primary income source. Making an investment or creating assets that work for you is one of the most effective ways in which successful people make money. If you own a home and can afford listing it on a co-living platform such as Startupbnb, you can generate a considerable sum that can go to a lot of different things that you want in life.  

Diversification of experiences

For someone who has the privilege of having a home but lives alone, there is no reason not to have company. It may be difficult for an introvert but the experience that comes with sharing your home with other individuals can be quite productive. The relationships that form in the process can go a long way. People who are currently listing their homes as co-living spaces regularly provide some amazing stories to inspire people on different platforms. 

Cutting maintenance costs

Looking after a home where there are only a few occupants can become costly and even inconvenient. If the same space is put up for co-living, the tenants are responsible for looking after it. Most people who opt for co-living are quite responsible and there is always the option of verifying the person before giving the space out to them. At the end of the day, your upkeep bill takes a significant cut because of co-living. 

Easing the load on the overall real estate market

Experts and industry observers have already stated that co-living has begun to disrupt the real estate market. There are countries around the world where prices have gone up manifold in the past five years. It is difficult for conventional residential real estate to meet the demands of the newer generation. This burden is lifted by co-living and people can play their part in the process by listing their own homes for the purpose, i.e. if they have space. 

Conclusion 

Reports indicate that the global co-living market will generate yearly investments of more than $700 million in the next five years. This is just a glimpse of what the arena will be like in the next few years. Moreover, it’s not just about the money, the merits of co-living extend beyond finances. It paves the way for a more inclusive society where basic human values can develop through one-on-one interactions.

Category: Coliving