By Michelle Lim on Jun 3, 2019 6:00:00 AM
Co-housing, otherwise known as shared living is becoming increasingly popular as people from all walks of life band together in one shared community and live life together. All residents share living space and usually value transparency, collaboration and social networking. Co-housing generally prioritizes sustainable living, a close-knit community and privacy.
Compared to the usual rent-and-stay by oneself process, co-living costs less and offer more flexible terms...just like a rubber band. And also, ready-to-move-in convenience~
The origins of the trend & its diverse population
Co-Living communities generally consists of multiple demographics. Young professionals and retirees, single people and families, entrepreneurs and artists and so on. Some may be even multi-generational. Others might just cater to a specific population like seniors or households with children.
Interestingly, co-living can be traced back all the way to the 19th century. The first type of "co-living spaces" were boarding houses built specifically for females, for males - as separate entities. Basically gender-specific boarding houses or boarding houses which cater to a specific group. Eventually, it integrated with and shaped urban life in its own way. Recognizing that boarding houses served people from diverse age groups and demographics, it opened the way of diverse housing communities.
How does it benefit investors?
Investors benefit too from huge savings as they work with multi-talented co-living operators. The one and only building manager that's in charge of maintenance, finance manager who collects the rent and property manager who looks for tenants. Each one plays their own role and work together to bring about an immersive, enjoyable co-living experience.
Tenants just need to deal with one operator instead of several, which makes it all the more appealing and convenient.
It might not be for everyone though, as not everyone's preference is the same.
Co-Living is good for...
Working professionals, young adults, families...the list goes on. Whether if you're a working professional on a budget or a remote worker, co-living staves off the feeling of isolation and encourages you in building friendships and relationships with others. It's pretty much great for anyone and everyone!
The Benefits of Co-Living
New friends, new culture
Ever wondered what's it like to mix with people from different backgrounds? Co-living offers you and your family a community-like culture with a mix of people that you wouldn't get from living in typical neighbourhoods or communities.
Co-living encourages a sense of sharing among its community. Having an open mind broadens your horizons as you learn about them, their stories about life and their experiences as a whole.
"We are all different, which is great because we are all unique.
Without diversity, life would be very boring."
Affordable pricing - more money saved!
Co-living lets renters live in buildings for lesser cost. In Kuala Lumpur, where rent is high and increasing due to popular demand (and that it's the heart and capital of Malaysia), co-living is simply a practical solution.
Compared to a traditional lease where a roommate moves out and the other would have to pay the entire rent by his/herself, co-living removes the risk completely by only charging the renter his or her portion.
For example, if the rent is RM1200 and there are two renters, each renter is only charged RM600. You don't pay the full amount. Nor do you have to cover for the other renter :) Save a lot of money, kan?
Even better when you're someone with a budget to keep.
Combining work and life together in a perfectly unique blend
The rising trend of remote work has thrown an interesting wrench into the usual mix of typical jobs. If you told someone in the 1980s that people would be able to work from home, they'd look at you as if you were crazy. But now? Now, it is. Now there's platforms like WOBB, Jobstreet, Monster and Glassdoor that list job roles that can be worked on no matter where you are. Some companies have branched out into hiring employees from around the world - known as remote workers, nomads or work-from-home employees. Popular work-from-home jobs include IT professionals and content writers for example.
A side effect of remote working is isolation. Co-living staves off that feeling of isolation and loneliness as you get to mingle with others while working. Meet new people and make new friends. Learn about their different cultures~
One of the many benefits of living in Malaysia is the multiracial community where people from various walks of life mingle - Malays, Chinese, Indians, Orang Asli for example. There're also various dialects like Mandarin. Cantonese, Hokkien and Tamil.
Don't miss out
So don't miss out on co-living! If you aren't quite sure or just want to start renting first, that's fine too.