Finding high-quality and community-oriented rental housing is like looking for a needle in a haystack. Countries worldwide are facing a housing crisis, changing the way people view urban living.
This is where co-living apartments come in! It is a modern form of professionally managed rental housing which emphasises community while being affordable. But why are co-living developments expanding into regenerating neighborhoods? Let’s take a closer look:
What are Regenerating Neighborhoods, Anyway?
First off, let’s rewind what makes a regenerating neighborhood. These are urban areas designed to go beyond sustainability to actively restore and enhance natural systems. Regenerating neighborhoods focus on building green living areas, circular resource systems, and most importantly, strong community bonds.
Co-living in Kai Tak (啟德 共居) aims to fulfill some of these goals, making urban living more livable than ever.
Housing Affordability
As hinted earlier, housing costs have skyrocketed in recent years. This is especially true for high-cost metropolitan areas. Co-living provides a viable entry point into desirable neighborhoods.
You also get an all-inclusive pricing, covering:
- Rent
- Utilities (electricity, WiFi)
- Maintenance
- Insurance
- Cleaning
Moreover, co-living apartments or housing areas are move-in ready. The apartments are furnished, and shared spaces like kitchens or laundry areas are fully functional. This will save you significant upfront costs and effort.
Combatting Isolation
Modern urban life feels isolating, especially for students and young professionals living so far apart from their loved ones. Co-living arrangements facilitate community building starting in your own home.
You can come home to supportive roommates and other building residents who understand your struggles and lifestyle choices. It’s incredibly reassuring and can help you navigate the ups and downs of life.
Large Communal Areas
Another way co-living is expanding and regenerating urban neighborhoods is through access to large communal areas.
Areas like cafes, restaurants, bars, and coworking spaces are always publicly accessible. Some co-living buildings even have dedicated spaces for the local community. This can include wellness and event spaces.
Flexibility for Mobile Population
Mobile workers and digital nomads don’t want to tie themselves down with long rental agreements, and rightfully so. They are attracted to short-term lease options, and co-living areas provide just that. Short-term agreements are often hard to find in the traditional rental market.
Digital nomads can work from anywhere in the world and move whenever they want.
Common Perceptions and the Underlying Truth
While co-living spaces have become the latest favorite rental option, there are some opposing perceptions.
For instance, many people believe that the transient nature of co-living residents will have a negative impact on a neighborhood. This is a huge misconception. Studies show that the private rental sector has the highest level of transience compared to any other type of housing tenure, including co-living arrangements.
Students and young professionals typically move often. Transience, therefore, is not a co-living issue, but a reality of renting.
Moreover, the idea that co-living developments can overpopulate an area is also exaggerated. In reality, co-living arrangements foster socialisation and community building.
