Coliving is one of the top trends in modern housing, particularly in urban environments. It’s well-suited to Angelenos, who are often looking for ways to economize when living in what’s considered to be one of the country’s most expensive cities. Here’s why living in a shared space may be the right choice for you and your budget.
What Is Coliving?
In a nutshell, coliving is sharing a living space with other people to whom you’re not related. That means that living at home with your family, no matter how large it is, isn’t technically coliving. Typically, renters will have a private bedroom, then share kitchens, bathrooms, and various communal areas with other residents. With its roots in the boarding houses of the 19th century, modern coliving is designed to bring like-minded people together to reduce their cost of living and build a sense of community.
How Affordable Is Coliving?
Because you are leasing a room rather than an entire apartment, your monthly rental fee in a coliving facility is typically much cheaper than a studio or one-bedroom in a similar building would be. Coliving leases are often available on a month-to-month basis and sometimes don’t require large deposits, making them even more budget-friendly. Rooms usually come fully furnished and all utilities are included, so colivers don’t face those additional costs. Even Wi-Fi, gym access, cooking supplies, and cleaning services are frequently provided as part of the all-inclusive rental payment. Because it’s such an affordable option, coliving Los Angeles is gaining popularity with everyone from college students to empty-nesters.
What Other Perks Does Coliving Offer?
While affordability matters to many colivers, it turns out that most residents feel that the greatest benefit they get from residing with others is a sense of community. Coliving can help people combat loneliness and isolation by providing built-in social interactions; in a communal residence, you’ll likely spend at least some portion of your day cooking alongside your neighbors or hanging out with them in the lounge. Many coliving companies work hard to ensure that incoming residents have similar interests or ideologies that will foster a stronger community bond.
There are additional financial perks to coliving beyond reduced rent. Buildings designed to hold a large number of residents are often situated in downtown or “center of the action” locations; it can significantly reduce your transportation costs if you’re living close to work, shops, and nightlife. It’s also not uncommon to find coworking spaces in a coliving facility, meaning that if you can work remotely you might not even need a car or a commuting pass at all. You’ll also save money on basics like toilet paper and cleaning supplies because they’re provided by most coliving operators.
Living in a big city like Los Angeles can put a lot of stress on your budget, so coliving might be a smart way for you to save money. It can be an affordable option that gives you more bang for your buck than traditional renting, while helping you feel like you are part of a like-minded community.