Coliving and Millennials: What is it?

Renting versus owning.

Those used to be the two choices available to young people looking to venture out on their own after graduating from high school or college. Both involve major commitments and major expenses.

Even if you just rent, you have to sign a lease, give a security deposit and pay some of the utilities. Then there’s all the furniture you need. Table, sofa, bed, chairs, etc. It can really add up. That’s not even to mention the dishes, cookware, and other items needed for daily living.

If you’re in a big city, your options may be limited in terms of what you can afford. Renting in New York City or parts of California, for example, can cost thousands of dollars a month if you want to be in a prime location.

Coliving and Millennials

Millennials aren’t content to limit themselves to either renting or owning. So they came up with a third option—coliving.

So what exactly is it?

Coliving is shared housing, usually in an urban destination, that allows you to pursue your passions. It’s for people who want to live with purpose and intention, without being dragged down by excessive rent payments or mortgages.

It’s for people who would rather save their money for a start-up or a trip around the world. It’s also for people who would like to be able to chase their dream of being a musician or artist without the burden of having to work 12 hours a day just to make ends meet.

But is this just a fancy word for sharing an apartment with friends?

Yes, but it is much more than that. Coliving spaces are usually much larger than traditional apartments and often share large communal areas where special events, from Netflix nights to crafting parties, are frequently held.

Is Coliving Right for You?

One potential downside of coliving is the lack of personal space. If you’re a true minimalist, that might not be an issue. But what do you do if you have camping gear, snowboarding equipment, a mountain bike, or even furniture to store?

By renting a self storage unit, you can have the best of both worlds—the benefits of coliving and the ability to still do the things you love. At StorageMart, all of our units can be rented on a month-to-month basis and are always clean and well-lit. Need more info? Contact us today to learn more about your options.