Is Coliving Right for You? The Top Six Benefits of Coliving

Rent is the largest monthly expenditure for people under the age of 30, who spend an average of 45% of their income on their apartment leases. So if you’re looking to save money, living with roommates is one of the best ways to significantly pare down your spending. 

But rent isn’t the only thing that makes living alone expensive. When you factor in security deposits, broker’s fees, and the cost of buying new furniture and kitchen supplies, renting a new apartment on your own can be quite a hit to your bank account. 

In a coliving space, not only is rent is lower than a studio apartment, but you also won’t have to buy your own couch or wifi router.

Once you’ve signed the lease on a new home, your work isn’t over: You’ll have to set up utilities and schedule monthly bills for essentials like wifi, gas, electricity; decorate your new place to feel like home; and hire a house cleaner (and negotiate chores with roommates) to keep things looking tidy. If a roommate decides to move out, you’ll need to look for a replacement. 

Household management takes time. In a coliving space, you don’t have to worry about home administration, so you can spend more time on the things you love.

Whether you’re moving to a brand new city, or busy with work, making friends as an adult can be hard. According to a 2019 survey, 30% of Millennials “often” or “always” feel lonely. Coliving attempts to solve that problem by offering a built-in community of people who are open to sharing meals, hosting movie nights, and talking about each other’s days. With private bedrooms and shared living spaces, coliving homes allow you to socialize when you want to, and be alone when you don’t.

Coliving does away with some of the financial anxiety associated with living with others. By offering individual room leases (rather than group leases with people you only just met), coliving eliminates the stress around roommates paying rent on time or moving out early. You also won’t have to pay for utilities up front and then harass your housemates to reimburse you, since utilities and rent are included in one monthly payment. Finally, you won’t ever be on the hook to find a subletter for your roommate.

If you’re not ready to commit to a long-term lease (not to mention buying furniture and home appliances for a home you may only live in for a year), coliving offers a flexible alternative. This is especially helpful if you’re moving to a new city and want to explore different neighborhoods before settling down for the long term. And when you do leave, you don’t have to worry about compromising your housemates’ living situation (or furniture!), since each resident is on their own lease.

Another benefit of moving into a furnished coliving home is the ability to live light. Instead of buying a ton of home goods that you’ll have to toss or sell if you move, you can bring just the essentials to your new bedroom, saving your money for what really matters. Fans of the sustainable, minimalist lifestyle find that coliving suits their needs perfectly. 

There’s a reason why coliving has become so popular. If you’re looking for the affordability and sense of community that comes from sharing a home with roommates, but don’t want to deal with the up-front costs of leasing and furnishing an entire home (not to mention finding responsible roommates to fill it), coliving can offer you the best of both worlds. 

Bungalow offers private rooms in coliving spaces that actually feel like home, as well as the best roommates to share them with. Unlike other coliving and shared housing options, Bungalow vets all residents and helps you match with roommates who share your living preferences and interests. Find your next home on Bungalow.