The New, All-In-One Co-Living Space | A New Home for Millennials
As housing and rent prices rise and construction staggers, developers are partnering with startups like Ollie, Common and WeLive to address the housing crunch in major cities. They cater to millennials, offering co-living situations to single, young, mobile professionals.
“We’ve been driven by a desire to help build meaningful relationships and bring a little more love and belonging to the world,” the CEO of co-living company Campus, Tom Currier, wrote to customers.
That sounds a lot like the same motivation behind hippie communes and other intentional communities, which pool resources and equally spread the work of living among all community members. Co-living spaces, however, are based on an entirely different concept.
First of all, they’re Silicon Valley-backed — their purpose is profit. Second, their value-add is not fostering community by distributing tasks, but by liberating occupants from them. Co-living spaces free residents to focus on their careers. Krash, another co-living start-up, calls itself a “particle accelerator for people.”
Residents pay around $1,800 to $2,000 a month for a 98-square-foot space. The price may seem steep, but it covers a variety of services and perks. Apartments come pre-furnished and are cleaned regularly, and kitchen and bathroom are continually restocked.
Co-living companies use surveys to match customers with compatible roommates, and they free residents from planning their social lives. A community manager fills social calendars with activities, including yoga classes and movie nights.
Co-living spaces offer millennials an alternative living space that complements the young professional lifestyle. But it’s not a long-term option. As young professionals settle into stable careers and transition into families, they’ll likely search for family-friendly apartments or enter the housing market.