As housing prices continue to rise, dorm-style living is gaining popularity in urban areas.
Key Details
- While slowing a bit, housing prices continue to soar, leaving many people unable to afford a place by themselves.
- In order to have a place to live many people are opting for dorm-style living by moving into a place with roommates.
- Co-living with others dropped significantly during the pandemic, but now as COVID has subsided and prices of everything have gone up co-living is making a big comeback.
Why it’s news
Co-living is something many people have done in their lives, but during the pandemic co-living numbers dropped dramatically as people did not want to live with others in fear of spreading COVID-19.
Now co-living is making a big comeback, not only due to the fact the pandemic has subsided but mainly due to soaring housing costs.
In order to have a place to live, many people are opting for co-living and developers are hopping on board fast.
In many big cities developers are building co-living complexes that are similar to adult dorms. They are basically apartments, but tenants pay rent for their room only.
This works for tenants because they do not have to worry about anything other than their rent. The real winners in the situation are the landlords because they are charging rent per room and raising that rate in turn making more money.
Developers are noticing the co-living trends and quickly securing land and building the co-living facilities. Typically these complexes work the best in big cities where housing is high and typically scarce.
Many tenants have reported being happy with the co-living situations and as housing prices don’t seem to be dropping anytime soon it looks like these buildings will continue to rise in popularity.