Co-living: A Solution to the Housing Crisis

The housing crisis is driving many to choose co-living, as rents often exceed 30% of their income. Co-living offers an alternative housing solution, particularly in the USA, combining elements of shared housing and independent living.

Jet Jasper from Washington chose co-living to avoid living alone and the hassle of finding roommates. Co-living involves renting individual rooms with shared common areas, often offering additional amenities such as cleaning and furnished rooms.

Since the mid-2010s, co-living has increased in popularity, attracting millennials and Gen Z in expensive cities with the promise of cheaper rents and community. Teleworking and the COVID-19 pandemic have led to conversions of offices into co-living residences, aiming to reduce construction costs.

Gensler and the Pew Charitable Trusts studied cities with high vacancy rates and housing needs. A double co-living apartment in Chicago could be rented for $750 a month, significantly lower than the average rent.

Terry Hogan notes that co-living is evolving and becoming attractive, reflecting the needs of renters.