The rising costs of living, especially rental prices, can make it hard for people to afford to live alone. As a result, more and more people are starting to explore other types of living arrangements. In fact, between 2005 and 2015, the number of young adults ages 18 to 34 living alone decreased by 10.3%, according to the US Census.
One of the newest and fastest-growing living arrangements is coliving.
What is Coliving?
Coliving is a real estate term that refers to a housing arrangement where adult roommates share homes. Coliving often includes short-term or flexible leases and perks not included in traditional renting arrangements. These perks may be furnished rooms, utilities, and other amenities.
Think of coliving as a new, modern form of shared housing.
Three Benefits of Coliving
There are many reasons coliving is becoming increasingly popular. The top three are affordability, convenience, and community. Here’s a closer look at each of these benefits.
Affordability is probably one of the most popular reasons people choose coliving. Coliving allows you to share the cost of living in a home you may not be able to afford on your own. With rising rental prices across the country to studio and one-bedroom apartments, sharing a home is a lot more affordable. In addition, establishing utility accounts or WiFi can be costly and time-consuming. Most coliving arrangements factor these costs into the rent, making it more affordable and hassle-free for renters.
Most residents who choose coliving can save more money and reach their financial goals sooner than if they lived alone. At PadSplit, for example, our Members save an average of $420 a month.
Many coliving arrangements are intentionally designed to give you more flexibility than traditional renting. For example, conventional renting requires you to sign a lease legally binding you to that property for a set period. If you break the lease, there is often a financial penalty you’re required to pay to the landlord. Coliving often gives you flexibility. It’s a great housing option for students, residents new to an area, or folks looking for a short-term housing solution while they get back on their feet.
For example, PadSplit doesn’t require residents to sign a long-term lease or pay a hefty security deposit. Instead, residents commit to a one-month minimum stay and rent their private room by the week, giving them the flexibility to leave the arrangement when they need to.
For many people, living alone can feel, well, lonely. Coliving offers privacy whil still providing the benefit of the community. Those in coliving arrangements have private rooms and share common areas like kitchens, which allow roommates to bond and build a community. In fact, PadSplit Member Deneece said the sense of community was a draw to her when her son moved out.
What is PadSplit?
PadSplit is a coliving Membership program. You get a private, furnished room, utilities, internet access, and laundry facilities for a fixed weekly payment. PadSplit facilitates the relationships between everyone and manages all the paperwork like payment processing and background checks.
How to Join PadSplit
PadSplit is the most affordable and convenient way to explore coliving in your city. Becoming a PadSplit Member is fast and easy! To become a Member, you fill out background and employment verification forms. You also pay an application fee to cover your background check. Once approved, you are eligible to book any room on the website and can move in within days. Become a Member today.