Sharing space in a rental home is nothing new, but a contemporary twist to Co-Living is surfacing as a new approach to living together and sharing expenses.
In New York, a new start up called the Common is finding appeal with tenants who want someone to help find the right roommate, interview prospective tenants and complete background checks on everyone living on site. The Common is one of other pop ups that are combining private and shared living spaces with activities that will develop a sense of community. It’s reminiscent of dorm living, with an adult approach. While it is not for everyone, it does have a certain appeal for some.
Focusing on the social aspect, this approach allows tenants to connect with one another on their terms, when and how they want to. Providing common space and units that are furnished, it’s a no hassle way to find living space in an urban area. Flexible leases can offer more options to millennials who make more frequent job changes.
What does this mean for the future of renting? It’s simply another way of bringing people together that meets their current needs. For newcomers to a city, making connections and creating relationships increase tenant stability and happiness, which is always a good thing.
As urban Atlanta continues to grow and prosper, new approaches to Co-Living are inevitable as evidenced in Atlanta’s East Lake Commons, “a co-housing community that values community, embraces diversity and loves our planet.” Communities such as this offer gardens, shared childcare, group meals and a desire to put the “neighbor” back in the “neighborhood.” There are both owned and rented properties within.
Living communities developed to meet tenants’ housing requirements will continue to be created, thrive and survive as changing demands are met. Staying on trend with an ever-changing rental market is vital to property management success.
To learn more about the Co-Living and Co-Housing trend read: