What is Co-living? And why is it becoming more popular than ever?
Updated: Mar 24, 2023
Humans are social creatures that have been living in groups and communities for 99% of our existence. As Aristotle, the famous Greek philosopher once said ‘Man is by nature a social animal..and society is something that precedes the individual.’ This indicates that throughout the past, the majority of us have lived, worked, played, and died in groups of 20 or more. But it’s only recently that the term co-living has started to become more common.
In this article, we will be exploring what co-living is, the benefits of co-living and why it is time for you to consider adopting it.
What is co-living?
Co-living or community living is a newly established housing concept where residents share living space, interests, and values. Generally speaking, the concept of shared living space is not new but the idea of co-living has been reimagined by the millennial generation who value things like community, collaboration, social networking, and a shared economy. To put it simply, co-living promotes shared living spaces with the central idea of focusing on building an ecosystem of support, connection, and collaboration.
What’s the difference between co-living and co-housing?
Co-living typically fosters a living environment where residents have their own private space (namely bedroom and bathroom) while sharing other communal living spaces. On the other hand, co-housing is more like living in a university dorm with shared private spaces or is generally defined as a number of people sharing a household that has not been directly designed to be shared.
Why has co-living become so popular?
Co-living is most popular in major cities where housing prices are steep. It has become an ideal alternative living situation for students, young professionals, and digital nomads. Unlike traditional apartments, co-living offers affordability, flexibility, included amenities, and a sense of community.
While co-living began as a development of student housing, the unaffordability of the tight urban housing market has contributed significantly to its rise. Data from Pew Research Center indicates that the share of young adults in the U.S. living in multigenerational homes has more than doubled from 7% in 1971 to 18% in 2021; citing financial issues as the main reason. In Hong Kong, where living space has skyrocketed in the past decades, 76% of adults ages 18–35 live at home with their parents, driving co-living to become a popular solution.
So if you’re looking for an affordable living experience with flexibility and a built-in community, finding a co-living complex might just be the solution for you. Let’s further explore the numerous benefits of co-living.
Benefits of co-living
1. Affordability
Due to the expensive housing situation, the cost of buying your own place is often out of reach, especially for newer generations. Because of this, millennials who are just starting to get into the housing market are shifting to become renters instead of owners.
When you factor in the cost of buying new furniture, kitchen supplies, and utility fees, renting a new apartment on your own can take a hit on your finances. In a co-living space, rent is often lower and comes with a fully-furnished layout. In addition, perks such as cleaning services, room maintenance, and utilities are usually included. This means that you don’t need to buy your own couch, TV, or Wi-Fi router when moving in.
At HOMA, we offer a lighter monthly expense when compared to renting your own condo or apartment with the inclusion of free Wi-Fi, free water consumption, gym access, and weekly housekeeping. Below is a comparison chart of total monthly expenses at HOMA's apartments when compared to a standard apartment in Phuket.
2. Sense of Community
For younger generations, the definition of home has slowly shifted away from a place of long-term permanence. Instead, they are seeking a new meaning of ‘life’ and ‘living’, looking for a place of comfort, affordability, and a sense of community. Especially when you’re moving to a brand new city, either for work or through the digital nomad life, making friends as an adult can be challenging. A co-living complex tends to solve this issue by offering built-in communal facilities and events that cultivate an environment that is ideal for open-minded people who are also looking to meet new people.
At HOMA, we offer free daily fitness classes, weekly football sessions, and monthly networking events, all of which are great opportunities to connect with other members of the co-living community. By having private bedrooms and shared living spaces, co-living complexes like HOMA allow you to socialize when you want, and enjoy privacy when you need it. With that said, the community living concept has become a more viable and beneficial housing option for all life stages.
3. Flexibility & Convenience
One of the main benefits of a community living complex is flexibility. The rapid rise of digital nomads and remote working has contributed to the number of young professionals who tend to opt for short-term or flexible leases. If you’re not certain about committing to a long-term lease and buying furniture, co-living offers the perfect alternative. When residing in a co-living complex, you also don’t have to worry about the time and cost of home administration. Moreover, most co-living communities commonly offer high-quality and fully-furnished rooms that come with essential amenities.
At HOMA, we offer a flexible and fully-furnished living experience. You can choose whether you want short-term (weekly) or long-term (1-3, 6-9, 10+ months) stays. The property is equipped with premium amenities from towels and toiletries, all the way to co-working spaces, fitness classes, and a rooftop pool. So instead of buying a ton of home goods and furniture that you’ll have to resell if you move, you can simply roll in with just a suitcase. This way, you can save time and money to focus on things that really matter.
💡Pro tip: The longer you stay, the cheaper you pay!
4. Networking & Knowledge Sharing
Another significant advantage of co-living is the chance to connect and network with a diverse group of people. People tend to learn and develop from one another through different cultural and professional backgrounds. At HOMA, meeting new people and finding new business opportunities is easy. Our co-working space is fully-equipped with meeting rooms and pods creating an environment that encourages creativity, productivity, and innovation. It is an ideal setting to foster collaboration and professional cooperation.
5. Co-living Promotes Sustainable Living
Another amazing benefit of co-living is that it can significantly reduce negative environmental impacts. Generally speaking, co-living complexes and co-working spaces share essential resources such as water and electricity through the use of communal spaces. This helps implement a more sustainable approach for energy consumption which in turn, supports the reduction of carbon footprint.
According to a study by Conscious Living, a co-living community produces only a third of emissions when compared to the average household in the UK. While another study suggests that cohabiting with others reduces a person’s carbon footprint by 23% on average.
Here at HOMA, we are proud to be the first co-living complex in Phuket Town to achieve the LEED Silver Certification and EDGE Advanced Certification. Through our countless sustainable practices, HOMA Phuket Town is 43% more energy-efficient than the average building in Thailand and 53% more water-efficient when compared to the standard building of the same dimensions. Additionally, with a co-working right onsite, our residents reduce the production of emissions from transportation by not having to travel to work.
So if you’re seeking a living approach that is sustainable, offers affordability, flexibility, and a sense of community, HOMA is the home you’ve been looking for.
