Are Co-Living Spaces Really the Solution to the Housing Crisis? Here’s The Real Deal about It
You don’t have to think about paying rent when you’re young and still live with your parents. However, know that you will soon face the problem once you finish college and secure a job far from your hometown. The city is where you may fulfill your dreams but that doesn’t come without a cost — you’re going to have to rent out a place that’s near the office.
Shallow as it may seem, the housing problem has never been more present. Sadly, fresh graduates who land their first jobs in major cities find the brunt of this. Imagine, on top of unpaid student loans, they have to make ends meet with their tiny paychecks as they slowly build their careers. That’s why co-living has never been more popular than today.
Instead of renting out their own apartments, young professionals turn to cheaper options: hostels that provide shelter for half the price of one apartment. PodShare, which offers 220 beds for rent in different locations in San Francisco and Los Angeles, is one of those spaces that help those seeking residence in bustling cities but don’t have the means. Ashley Shannon occupies, not a private room, but a bunk bed for $1,000.
In exchange for that, Ashley already gets free toiletries, utilities, and basic food such as coffee and noodles. But, despite these freebies, the bunk she sleeps in is in a room filled with other beds, too, which means you’re not likely to have privacy in this setting. Onsite staffers would clean the place and guests share a common kitchen and restroom.
Result of the Housing Crisis
It is certainly not the ideal residential area but it does provide a roof. For Ashley, who works as a hypnotherapist secretary, this is what could fit in the budget – she has been earning $40,000 per year, which is way below the average in the city. This instance and other stories only mirror the housing problems in coastal cities that force workers to opt for co-living.
However, companies who provide the service said their spaces are more than just for solving the crisis. The founder of the PodShare said the hostel aims to create a friendly environment and foster communities. This goal is not entirely made out of nothing – according to a survey, 30 percent of millennials experience loneliness.
Although co-living spaces sound heaven-sent, critics argue that it is simply a rehash of an old idea; hence, it’s not new. New Economics Foundation researcher Hannah Wheatley said that this is just a way for companies to take advantage of the current housing crisis. This minimalist way of living is traced back to the late 19th century, when employees would rent affordable boarding or rooming homes.
So what’s the difference with today’s spaces? Sightline Institute’s Alan Durning explained that these dwellings used to be owned and operated by families, but now, national brands are at the helm. With all these, the reception of co-living spaces is divisive: some think this is the solution to the intensifying housing issue while some couldn’t help but say $1,000 is not worth it for a tiny space.
More in Loans & Credit
They Just Did It: Nike is Renting the Most Expensive Property On Champs-Elysées That Was Sold for This Jaw-Dropping Price
Champs-Elysées Avenue, the picturesque street in France, is home to luxurious shops, cafes, and theaters. It is no doubt one of...October 23, 2019
A sneak Peek at Ben Affleck’s Georgia Property That’s Down from $8.9 million to $7.6 million after More Than a Year on the Market
Ben Affleck’s property in Georgia is still on sale but the actor is giving us a 15-percent deduction — from $8.9...October 22, 2019
Itching to Buy a Property? Why Not Buy an Entire Town in California That’s Just a Ride Away from the Ocean
Have you ever considered buying a property? How about an entire town that’s just an hour’s drive away from a bustling...October 21, 2019
Moving to a Smaller Home? All the Details You Need to Know about Downsizing as a Retiree
Remember when it used to be just you and your better half? A bare-bones residence was OK, which eventually became a...October 18, 2019
Justin Bieber Reveals via Instagram that His Stunning Beverly Hills House is up for Grabs, Here Are the Details
If you thought that celebrities would rely on high-powered realtors to sell their properties, then you are wrong. At least with...October 17, 2019
A First-Time Home Buyer? Learn about These Insider Mortgage Tips First to Save Tons of Money
The thought of owning a home is exciting and terrifying at the same time. Of course, you’ll be thrilled to finally...October 16, 2019
Put that Sledgehammer Down: You May Be Hurting Your House’s Resale Price with These Renovations
Purchasing your home may be the ultimate American dream. For one, it feels different to have a place you can call...October 14, 2019
There’s an Increase in US Household Size, the First in a Long Time: Here’s Why Millennials Are Also to Be Blamed
How many people are living in your home? Between 1790 and 2010, there was a steady but slow decline in household...October 11, 2019
Nothing But Drag: RuPaul Just Bought a $13.7-Million Mansion That is Unapologetically Grand
When you’re a world-famous drag sensation, a four-time Emmy winner, and one of the most influential icons of this generation, you...October 10, 2019