For many, it seems that “living the college life” is retaining popularity post-graduation.
Through dormitories, college students gain social experiences and a sense of community: they love having a common area in their living quarters to meet new people, live steps away from restaurants or coffee houses, and can being sociable whenever they choose. These perks aren’t limited to the campus anymore, having carried over into the real world through a living arrangement called coliving.
The lifestyle is a mix between student housing and hotels: a community designed to foster relationships while still maintaining a sense of privacy. It’s an ancient concept that, before physical privacy, thick walls and houses became standard, might have been considered plain old “living.” As recently as the late 80s the concept was adopted from Denmark and is flourishing in the United States today. Shared living spaces are becoming increasingly common in major cities across the country such as Washington, D.C. and San Francisco. The trend is also spreading internationally in Seoul and London.
According to James Scott, COO of London-based coliving developer The Collective, this concept is booming is because many people, Millennials in particular, value experiences over possessions. With rental services for transportation, movies and mobile phones, the generation is trading ownership for experiences. This living arrangement is all about the experiences, making it a great fit for young people.
WeLive’s 110 Wall Street in Manhattan boasts fitness classes, an arcade, cleaning services and potluck dinners included in the rent. There is also a digital social network exclusively for the community that can schedule meetups and events via an app. The community is designed for young professionals constantly on the move and features fully furnished, month-by-month apartments with studio, one- and two-bedroom units.
This lifestyle reflects the changing times, as millennials are constantly on the move from job to job. “The way work is changing,” said Brad Hargreaves, founder of Common, a coliving community with many locations in New York. “It needs to be a little easier for people to move without a traditional 12-month lease.”
In addition, millennials are delaying big milestones, such as purchasing property, to later in their lives; little surprise, seeing as they’re saddled with an average of $26,600 in student loan debt. Combine that with job-hopping and the desire for experiences, and you have the perfect storm for young people to flock to these coliving arrangements.
Although many millennials are accustomed to this living arrangement from college, coliving is not strictly for young people, and not only those who’ve gone to college. Depending on the surrounding environment and the nature of its tenants, some communities, such as WeLive and Common, attract older professionals and entrepreneurs. Other spaces are suited for families, singles, and retirees.
The Market Common in Myrtle Beach, S.C. has a mix of residential and commercial space that attracts families and retirees. The urban village features a variety of shops, entertainment and dining experiences while maintaining a sense of community with its residents. There are walking trails, a central playground and playing fields. A co-living community in Berkeley, California has strictly residential space, but fosters a community with shared meals, carpooling, movie nights and shared parenting life. The proverb “it takes a village to raise a child” accurately describes life in this Berkeley community.
Whether it’s a high-rise complex in the middle of Manhattan or a small community in a suburb, coliving is starting to become the next big trend in real estate. Since we are now all accustomed to spending time by ourselves in front of a screen, maybe it’s time to get out into the world and experience a new lifestyle. One that encourages us to bond with communities could be the panacea to our digital woes and price concerns alike.