With co-living gaining popularity, many people are still confused about how it differs from traditional rentals. Which is better? Which one should you choose? Why is coliving growing rapidly? These are questions that often come to our mind. In this article, I’ll try to simplify the concept and break it down for you. Hopefully, by the end of it, you will have a clear idea on both co-living and traditional rentals, you’ll be able to differentiate between them and choose the right one for you.
Before understanding the difference, here’s what co-living basically means.
Highlights
Co-living
Co-living as described by Wikipedia as “a type of intentional community providing shared housing for people with shared intentions.” So when you co-live, you interact and create a network with people similar to you. There are common areas like a dining room, games room, and community building activities that are regularly organized. Co-living is the perfect blend of having a private and common space. You can live in a private room or share it with roommates while living along with a community. It is like living in one big family, with whom you share values and is a concept of openness. Your rent covers a fully furnished apartment and facilities.
1. Facilities
In traditional rentals, your rent covers only the apartment. Sometimes apartments are furnished and sometimes you have to look out for furniture and appliances. So what you pay for is only a roof to live under. There are no highlighting facilities available in traditional rentals.
When you pay the rent for a co-living apartment, you rent a ready to live in a place. Your apartment is fully furnished and comes with all sorts of appliances you will need to live a comfortable life. This includes a refrigerator, microwave, washing machine, TV, WiFi, etc. You can also choose to opt for meals. Co-living spaces usually have a games room and common dining areas, where you can interact with other members
2. Flexibility
Flexibility is another key difference between both co-living and traditional rentals. Most of the time, traditional rentals require you to sign an 11-12 month lease and usually have some impositions and restrictions set by the landlord.
Co-living on the other hand is completely flexible. You can enjoy living by your own rules as there is no landlord. You can easily choose how long you would like to stay, and easily move out in case you change your mind. You are not bound by a lease. There are also no heavy security deposits involved in co-living.
Check out: Coliving Spaces in Mumbai
3. Affordability
Traditional rentals can turn out to be very expensive, especially when you include the cost of furnishing that will have to be bought. The rent for the apartment itself is usually on a higher side. Hiring a house help, buying expensive appliances, food, all add to the cost.
Co-living rents are low, especially when sharing accommodation. The homes are fully furnished and also include all facilities so you do not have to worry about spending extra money on that. Housekeeping and meals too are usually included while co-living which is of great help. So your rent basically covers almost all your monthly home expenses, which makes co-living extremely budget friendly.
4. Difficulty In Finding a Place
There can be several difficulties while searching for a rental place. Not finding a place in your budget, difficulty in bachelor’s finding a place, difficulty in women finding a place, difficulty in finding a place because of a profession, are usually problems faced by several people while house hunting. Finding a traditional rental home that checks all boxes is quite difficult.
Co-living solves this as none of those concerns are faced here. There are no barriers and everyone is welcome to stay. Co-living provides a great living atmosphere for bachelor’s. You can choose from unisex co-living spaces or go for only male or only female spaces as per your choice. You can choose whatever you are comfortable with. Try Zolostays.com India’s largest co-living platform.
5. Community
When traditionally renting out a place, you usually do not have much interaction living with people living there. Most people have no or limited interaction with their neighbours. To meet people and have fun, you often have to make plans outside.
Co-living, is community based, which means everyday you meet and interact with people who share your thoughts, values and ideas. It helps you build a great social network and meet some amazing people. There are plenty of activities that you can do in your co-living PG itself with your co-living community. A lot of fun events are also regularly held at co-living PGs.
So those were a few key differences between traditional rentals and co-living spaces. Clearly, the pros of co-living overshadow traditional rentals. However, choosing what is right for you must be done as per your requirements. Co-living is gaining popularity because it is an ideal lifestyle for millennials and bachelors. It caters to all their needs and provides them with a great living option without breaking the bank.
As co-living is gaining popularity in India and becoming one of the most sought after options, here are 10 cities that are ready to provide the best co-living experience.
