Finding suitably priced rental accommodation in a safe and convenient location within a city is often not an easy task. For most young people, the current choices range from living at home with parents, renting their own studio apartment or flat-sharing. Each of these options come with their own set of qualitative implications – like having to share bedrooms with siblings, dealing with mom-and-pop landlords, safety issues, arguments over shared bills, or for some young people moving cities – a feeling of loneliness. Furthermore, the value-for-money that each of these alternatives provides can vary greatly. This is where co-living comes in as a hassle-free city living solution for millennials and young professionals. The lifestyle aspects of being part of a broader community within co-living are relatively well understood. With a full roster of activities, events and avenues for social interaction to suit different interests – young people in co-living accommodation can enjoy a fulfilling experience. The community team is always around to assist and enhance residents’ lives as well. But how does co-living compare to traditional rental models when it comes to value-for-money for its residents?
Let’s look at Hong Kong:
(all amounts in Hong Kong Dollars on a monthly basis)
*Assume shared flat with 1 other flat mate with monthly rent of $16,000 per month. 1 bathroom/toilet shared between 2 flatmates. Figures are per flat mate.
** Assuming a 12-month lease, agency fee of half a month’s rent amortized over the lease term.
Weave Co-Living bedrooms are fully furnished with a bed, desk, chair, wardrobe, drawers, flat screen smart TV, fridge and freezer, mirrors and bin which is more than $15,000 of value in-room. Weave also doesn’t charge any agency fee.
Comparison based on quad bedrooms at Weave on Boundary.
Community, flexible lease terms, no need to wait long to resolve maintenance issues – this and more on qualitative benefits of co-living in our next blog post in which Sachin will share some of his own experiences as a young professional renting an apartment in Hong Kong.