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2017-09-11
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Co-living: cheaper rents and broader social circle

¡iĶ¤å¡jIt may be uncomfortable to share a house with strangers, but the practice of so called co-living is getting popular in America. Renters can have their own independent bedrooms, sometimes even equipped with ensuite bathrooms, but the living room and the kitchen are shared with other tenants. This brand new practice of living is believed to enable city newcomers to enjoy a relatively lower rent and expand their social circle.

Co-living is in fact not a new concept; university dormitory can be regarded as a type of co-living. Many entrepreneurs in America have had the experience of co-renting a "hackerhouse" with fellow-mates - a house similar to student residence hall, serving as a staff lounge. Facebook founder Mark Zuckerberg rented a five-room apartment in San Francisco Bay in 2004, where the social media giant was established.

Three-bedroom unit one-third cheaper

With the new generation flocking to urban areas, many startups have discovered the business opportunity of co-living. Even some traditional property developers would like to jump on the bandwagon. The century-old Durst Organization has built a residential mansion "Frank 57 West" in Manhattan of New York, offering two different types of apartments - one for the traditional one-bedroom unit with a monthly rent of US$3,500 (approximately HK$27,300), another for the new breed of three-bedroom co-living unit costing more than one-third less.

The New York real estate developer Property Markets Group designed the first batch of co-living style residential buildings in the community. A typical co-living apartment comprises three bedrooms with bathrooms inclusive, and large wardrobes for the three tenants. Although the monthly rent per bedroom is relatively low, the rental income of the entire apartment is higher than that of a traditional unit.

Helps lessen loneliness

Some youngsters choose co-living style apartments to save money, while some use the opportunity to make friends. One tenant has described such apartment as a bridge connecting youngsters with the city, saying that this living style is a good choice as it helps lessen loneliness, as long as there are independent bathroom and bedroom. He says it is good that the rent can be shared among tenants.

Even outgoing people would like to have private moments at times. The co-living startup Common, newly established in 2015, has set up a guideline in the design of co-housing environment. It instructs that tenants should be provided with independent bedrooms, together with private bathrooms if possible, and living rooms should not be too small. A typical co-living unit located in Brooklyn of New York is equipped with two entrances, with one entering into the communal space, and another accessing directly the bedrooms and bypassing any roommates.

Matt Mazzeo, investor of Common, has pointed out that one of the factors contributing to the success of the startup is that the belief of "home ownership as a life goal" has changed, not limited to millennials but across society.¡½Ãe¹Å»ö

Q&A

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4. Sharing economy

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