Remote work has been on the rise for several years, but the COVID-19 pandemic skyrocketed its popularity almost immediately. First, it was out of necessity. Now, as millions of people have experienced remote working for almost two years, many are sticking with it.
Today, more than 4.7 million people work from home at least half the time. Some work for companies that have made the move to remote employment, while others own their own businesses or freelance as part of the gig economy. Remote working has plenty of benefits, but one of the biggest is the ability to get your job done from anywhere.
As a result, more people are taking advantage of becoming digital nomads and seeing the world. This has created a rise in co-living.
If you don’t have a virtual office, you’re trying to save money, or you want to live in a new city and find an instant community, co-living is a viable option with multiple benefits. Let’s dive deeper into what co-living really looks like and some of the benefits that can come from it.
Is co-living right for you?
Co-living is nothing more than a shared housing arrangement. It’s very similar to having a home with a roommate or two. You’ll typically share common areas like a living room, kitchen, and bathrooms.
Larger co-living spaces might even offer extra rooms to utilize as an office space or recreational rooms for other hobbies. Co-living sites like Selina offer community building along with living arrangements.
Research by CBRE found that the U.S. had more than 5,000 beds in roughly 150 modern co-living communities at the end of 2019. While the total is still small, co-living companies plan to open more than 55,000 beds in the next few years and have raised millions to meet their expansion targets.
While co-living isn’t for everyone, it’s seeing a lot of growth among Millennials and Gen Zers. Many Millennials don’t see themselves ever buying a home. The idea of homeownership as part of the American dream has changed, and so have spending habits. Generally speaking, Millennials are more interested in:
- Experiences
- Lifestyle choices
- Saving
- Investing
Some of those habits could stem from the fact that the generation has a large load of debt – about $1 trillion. Co-living allows Millennials (and other generations) to work remotely while taking on new experiences in a different city, meet new people, and save money by sharing a space with others.
Where are the best co-living spots?
While co-living has financial benefits, that isn’t the only reason remote workers and entrepreneurs alike are adopting the lifestyle.
Many people want to surround themselves with others who have similar aspirations and dreams. Today’s workers want to be inspired, and living in a cool place with like-minded individuals is a great way to do that.
One of the biggest trends to come along with the rise in remote work is a focus on mental health and a strong work-life balance. Finding a co-living location that fuels your passion, creativity, and motivation is a fantastic way to practice self-care.
For instance, CasaB Coliving outside of Madrid is connected to the city via public transportation but is located in a gorgeous rural setting. It allows for disconnection from big city life while offering the opportunity to explore Madrid at leisure.
Where you end up living is completely up to you, since there are so many co-living options across the globe. Consider your needs and wants, and go from there. However, if you’re feeling stuck on where to go, some of the coolest co-living spots in the world are:
- Oahu
- Los Angeles
- Santa Cruz
- Bali
- Santa Teresa
Does the beach soothe your soul? Do you thrive on the pulse of a big city? Choosing the right place to live will not only improve your career productivity, but you’re more likely to find co-living partners that mesh with your personality.
When you’re not financially tied down with a mortgage, you’ll also have the opportunity to move as often as you’d like, and head to the next location on your “bucket list” to find inspiration and growth.
How co-living will change the future
We’ve covered some of the personal benefits you can experience by becoming a digital nomad and sharing a living space with others. Co-living helps with social isolation, provides a sense of community, and offers an opportunity to learn about other careers, cultures, and people.
The benefits extend even further than that, as co-living is also good for the environment.
First, fewer new homes need to be built when multiple people are living in one. Less energy is used when people live in groups, you can share transportation methods, and you can take extra steps to encourage everyone in your co-living space to lead sustainable lifestyles.
With more people focused on “going green” nowadays, getting involved in a co-living space will make it easier for you to do your part.
As the Millennial generation and beyond stray from buying homes and remote work trends continue to rise, co-living will become more popular and familiar. If you’re working from home and you want to see the world or experience a new place for the first time, finding a safe and reputable co-living space is a great way to move your career forward and grow in your personal life, too.
