Living solo can be pricey.
Rents keep climbing. Student loan balances grow. And paychecks haven’t kept pace.
Then there are the smaller everyday outlays that pile up: utilities, internet, cleaning supplies, furniture … the list goes on.
All of that can make you tempted to ditch independence and move back in with your parents. Or, alternatively, you could trim expenses by living with unfamiliar roommates.
Yep, that’s right. Coliving can meaningfully reduce what you spend to live.
How Coliving Helps Reduce Housing Expenses
Thousands of renters are trying coliving — also called communal living — as an alternative to traditional solo renting. It involves sharing a residence with several unrelated people. You’ll usually have your own bedroom — sometimes even a private bath — while the kitchen, dining area, living room, laundry and outdoor spaces are shared.
In return for less private space, this style of communal living frequently comes with a smaller price tag. That can show up as lower rent, or as added perks like utilities included, fully furnished rooms, free laundry, organized social events or an on-site cleaning service.
Per the commercial real estate firm Cushman & Wakefield’s report “2019: Co-Living’s Moment,” the additional conveniences of coliving can help renters save as much as 20% compared with living alone.
The idea of coliving isn’t brand new. Think of it as a modern version of 19th- and early-20th-century boarding houses. Or similar to assisted living for seniors or campus dorms for students.
Contemporary coliving offerings are frequently targeted at young professionals who want to afford pricey urban locales without sacrificing desirable amenities. A nice fringe benefit: forming connections and networks with housemates.
Coliving Across the Country
Property owners are creating these communal living options in several ways. Sometimes a large single-family home is reconfigured into multiple units. Other times, an unused apartment building or commercial property is converted for coliving tenants. Developers also construct communal housing from scratch.
You’ll encounter more coliving properties in big cities like New York, Los Angeles, San Francisco and Washington, D.C., where multi-property operators such as Common, WeLive, Ollie, Starcity and HubHaus have a presence. But coliving choices are expanding into other markets as this alternative to traditional renting grows.
Search online for coliving in your area to see what’s available or planned near you.
In St. Petersburg, Florida, where Savinly is based, a newcomer called Docked Living lists room rates starting around $550 per month, which is hundreds less than many local studio rents.
In Indianapolis, Indiana, developers transformed a former hospital administration building into a coliving “mansion” with rents beginning at $320 and amenities including a gym, sauna and yoga space. The Tomorrow Building, a coliving property in Chattanooga, Tennessee, offers units for about $950 a month.
Coliving arrangements frequently offer short-term leases so renters aren’t tied down if they switch jobs or want to travel for a few weeks or months. That flexibility means when it’s time to move, occupants aren’t hit with the heavy cost of breaking a long-term contract.
The flexible lease lengths, lower rents and bundled amenities are all good reasons to consider coliving if you’re aiming to cut housing costs. Also, living communally can be a practical way to save money by coliving without sacrificing city living.
Extra perk: You won’t necessarily have to return to your childhood bedroom.
Nora Bennett is a senior writer at Savinly.
