Co-Living: A new era of affordability and connectedness?

In an age of high home prices, low inventory and an ever-increasing sense of human disconnectedness, is co-living an answer in the coming decades?

With rentals at the highest point since the mid 1960’s, more and more millennials – and those coming after, about to enter the workforce – are looking for housing that is affordable and brings a sense of community.

A growing list of startups are helping to facilitate co-living in urban areas from finding matching roommates to classes on collective living.

While home ownership remains the “American Dream” for many, others are seeking different alternatives for the future.

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Co-living is growing

Co-living: where tenants rent a small room in a larger apartment or home and share common ares such as kitchens and living rooms is a concept slowly coming to reality in high-priced areas such as San Francisco, San Jose, and New York City.

The idea first surfaced about ten years ago and often featured developers retrofitting older buildings resulting in private rooms which were very small. The current movement is towards larger private spaces.

Developers are convinced that making urban living affordable in cities such as San Francisco or San Jose are what makes the concept viable. Analysts predict that reenters may be able to get co-living space in the Bay Area for $1,600 to $3,100 per month, considerably cheaper than the rent on a studio apartment.

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