When we talk about shared living, often people think you immediately share a room with one or more roommate(s) and that the costs for this reason lower. With coliving that is not the case. Shared living means deciding yourself whether to have a private bedroom or a shared one (depending on the coliving). People staying in a coliving space share a living space, usually the kitchen, bathroom (sometimes this can be private), working space and/or rooftop. Coliving offers a variety of benefits, including cost savings, socialization opportunities, and flexibility. In this blog, we will explain how people are able to save money with coliving.
Shared living experience
One of the most significant advantages of coliving is that you pay one bill. The cost of rent, electricity, water, wifi and other living expenses are divided among the residents and made up in one bill. Making you pay a fixed price if you stay a whole month. This can lead to significant cost savings and a clear overview, especially in expensive cities where the cost of living is high.
Economies of scale
Coliving also offers economies of scale. When multiple people live together, they can pool their resources and purchase goods and services together, leading to cost savings. For example, if the residents of a coliving space purchase groceries together like milk, bread, vegetables etc, they can take advantage of split costs and save money.
Shared amenities
Shared amenities can not be missed while coliving, such as kitchens where you cook together, living rooms sharing one TV, and laundry facilities. These amenities are shared among the residents, which reduces the cost of purchasing and maintaining them individually. For example, if each resident were to purchase their own washing machine, they would have to spend several hundred dollars. However, if they share a washing machine in a coliving space, the cost of purchasing and maintaining the machine is divided among the residents, resulting in cost savings.
Flexibility
Flexibility is one of the biggest benefit of coliving. Many coliving spaces offer short-term leases, which allows residents to move in and out without incurring the cost of breaking a long-term lease. Decide yourself whether to stay for a few nights or up to a year (minimum stay depends on coliving space). Additionally, coliving spaces often come fully furnished, which eliminates the need for residents to purchase furniture and other household items. This can lead to significant cost savings, especially for people who move frequently or have a tight budget.
Reduced transportation cost
Many coliving spaces are located in urban areas, which are typically well-connected by public transportation. This makes it easier for residents to get to work, a meeting, the city center or school without owning a car. Especially in big cities the public transportation is well organized.
Socialization opportunities
Finally, coliving offers socialization opportunities, which also helps in saving costs. When living with others, residents can share meals, entertainment, and other activities, which reduces the need to spend money on socializing outside of the home. Additionally, living in a coliving space can help individuals build a network of friends, which can lead to new opportunities in the future.
In conclusion, coliving offers