Is this the future of living?
Co-living is not a new concept, but it is now making headlines all over. With the rising cost of real-estate and the miniaturizing of rental properties, there is demand for affordable, comfortable living. For many years, there has been a trend of steadily increasing home sizes, to the point where most families only use 40% of their home. The price per square foot of housing has gone up to insane levels. Low-end or entry-level accommodation is seeing absurd costs per square foot, especially when you consider the quality of finishings, or lack thereof. Is there a better way to utilize the real-estate inventory that exists?
A sampling of the Kelowna real-estate market in October 2017 showed that newly developed entry-level studio apartments sell for $593/sq ft, modern luxury downtown condos sell for $527/sq ft, and newer luxury homes in quiet neighborhoods sell for a mere $257/sq ft. Although the price per area of larger homes is much lower than studio apartments, the overall price of these larger homes makes them unaffordable for many people.
Co-living is a growing trend where friends share a home. By sharing with friends, everyone can benefit from a larger space while having a much lower cost per square foot. Co-living prioritizes sustainable living and a sharing of resources while placing an equal value on privacy. There has been a developing movement in the United States towards co-living houses. Co-living has even fueled one of the most innovative companies today. In the early days of Facebook, Mark Zuckerberg rented a five-bedroom house in Palo Alto and used the home as development grounds for the early staff of Facebook. Perhaps we should be adopting the same concept in building Kelowna towards a technology-driven city.
Is co-living for everyone? No, but it’s a great alternative if you want a more affordable way to live in a higher-end property. As well, there are many social and environmental benefits. Co-living allows you to share much more than just the cost of living. You can share cars, office space, chores, food, and the luxury of larger spaces and amenities such as designer kitchens, hot-tubs, and on-site pools. A common concern over co-living arrangements is privacy. Co-living houses have private bedrooms for each person and often private bathrooms as well – basically the same amenities that you would get in a 1-bedroom condo.
Is co-living the future for the millennial generation? Looking at the numbers, it certainly makes sense. Why have your bedroom in your kitchen when you can live in a house with a 3-car garage and its own movie theatre for a fraction of the cost? Co-living makes this possible.
Happipad makes co-living arrangements easy. When renting a house through Happipad, simply add the e-mails of your friends (future co-living partners) to your electronic rental application. Happipad sends the lease agreement to all the parties; once everyone has reviewed and signed, it is then automatically sent to the property manager. This makes the process simple and seamless.
Are you going to try co-living?
This post was written by Happipad