Feelings towards co-living are growing in popularity – especially amongst newcomers to a big city. And for those who want to save money and don’t want to be locked into a lease. The shift in feelings towards living with roommates comes with millennials being more dynamic than generations before us. Because we’re moving around for work a lot, getting stuck in one place just doesn’t really work for us.
Additionally, these spaces usually come complete with utilities, WiFi, cleaning services and all the cooking utensils you need.
To know more about the the trend, we spoke to the team at Oxford Property Group. Weave Homes and Doug Hansen, a landlord partner at Roomi.
Allen Chen of Oxford Property Group on the difference between co living and living with roommates
Allen Chen of Oxford Property Group New York created the real estate firm they always wished existed. Currently based in New York City, they’re also expanding to Connecticut, New Jersey and Florida.
What does the term “co-living” mean to you?
Co-living means people from different parts of the world coming to the city and sharing the same dream. It’s getting very popular already and feelings towards living with roommates is changing. It is the best way to save money in NYC, while having the best amenities at the same time. When living with roommates, you can share the same kitchen and take care of each other.
Why is co-living on the rise in the US?
Feelings towards co-living are still rising. It saves people a lot of money. And gives them someone to share their thoughts with after a long busy day in the city. Usually such spaces provide a free gym, lounge, beautiful roof deck and a very prime location. So, when living with roommates, you can pay less and enjoy convenience from the best location in the city.
How has COVID-19 affected people’s feelings towards co-living?
COVID-19 definitely changes feelings towards living with roommates. However, people are still willing to carry on living with roommates – just with extra precautions. I just rented an apartment to three NYU students; even though their class is online for the coming semester, they still wanted to live in the city.
What’s the difference between “co-living” and “living with roommates”?’
Co-living means everyone has a separate financial responsibility and their own contract when living together. Living with roommates means all roommates share the same financial responsibilities. Therefore, sometimes living with roommates can also get you into arguments regarding the billing or kitchen cleanness issues.
Doug Hansen talks about feelings towards co living and having roommates
Doug Hansen has been an official Landlord Roomi Partner since 2020. He manages a beautiful building in the Upper West Side, right near Central Park.
What does the term “co-living” mean to you?
As I understand it, it is designed to be bedrooms within a larger community facility setting. This offers the residents larger common area space of different utility functions (office, eating, kitchen, living rooms). I envision it to be larger floor plates with 6 to 10 bedrooms on that one plate. You are renting a room in this setting, so you are not tied to share your roommate’s financial issues.
Why is co-living on the rise in the US?
I think the general feelings towards co living is that it offers lots of flexibility. However, you trade that flexibility for a percentage of people you would not want to live with. So this may work for certain character types who need that flexibility, but it is not for everyone.
How has COVID-19 affected people’s feelings towards living with roommates?
In the beginning, we had people leaving left and right and avoiding living with roommates. Naturally, they were concerned and did not know what the future held for them. Now they see there is nothing to worry about if they use common sense protections. So they are all coming back to Manhattan and feelings towards living with roommates is changing again. No 20 or young 30 year old wants to be back in the suburbs with their parents.
What’s the difference between “co-living” and “living with roommates”?
Living with roommates involves smaller living spaces with everyone on the same lease. At least that is what it is for me. You get to meet and provide a reasonable review to your roommates. The lease starts and stops all together on the same dates for all involved. But they are responsible for more of the day to day management of the space. Whereas co-living may have cleaners and other services which you pay for separately. And probably have no choice over – such as common area charges and fees.
Weave Homes: Housing Made Easy
Founded in 2017, Weave Homes was created with one goal: to make housing easier. Weave takes out all the hassle of a traditional rental. It provides a furnished housing option that gives our residents flexibility, a hassle free living experience at an affordable price. Weave operates a 50 bedroom portfolio in Manhattan and Brooklyn.
What does the term “co-living” mean to you?
For Weave Homes, it means an intentionally designed shared housing experience. We offer a community for living with roommates and flexibility for our residents.
Why is co-living on the rise in the US?
Rent prices continue to rise and economic conditions are becoming more uncertain. So naturally, feelings towards co-living has changed, as it is an affordable solution for renters. Weave Homes offers residents the opportunity to save up to 30% on living costs compared to a traditional studio. A standard lease term is 12 months or longer with a large termination penalty. And it provides greater lease flexibility to residents by offering terms of 3 to 12 months.
How has COVID-19 affected people’s feelings towards co-living?
In the post-pandemic era we will see a rise of digital nomads. As we’ll see companies transition to remote work and our culture will become more transient. It offers renters the opportunity to move easily due to the flexibility of lease terms. The apartments are furnished and all additional services, like utilities, rent and cable are set up for living with roommates.
What’s the difference between “co-living” and “living with roommates”?
Weave Home’s motto is Housing Made Easy. Co-living is different because it offers a hassle free solution to housing while also providing flexibility to the renter’s need.
D’you know what else Roomi does outside of helping its readers grasp the differences between co living vs having roommates? With our ever-increasing lists of rooms and roommates across the world, we help you find your perfect match! Download the app here and hop on the easiest ride home, ever!
