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24 Jul

5 Big Reasons Why Co-Living Is Becoming So Popular

Whether you’re an ambitious entrepreneur strengthening your business model or just someone who wants to be amongst other like-minded people, co-living is definitely the move.

You’ve certainly heard of co-working spaces like WeWork.

You’ve also probably very familiar of all the benefits that come from such an environment, be it access to on-demand and private workspaces, being part of a community of entrepreneurially-spirited people and/or having access to all the coffee you need to make things happen.

In the recent years, however, the rise of co-living spaces has taken off in terms of popularity.

Co-living, as the name implies, are communal living spaces that is shared between a few people.

Granted, you’re probably thinking:

  • “Well wait a minute, isn’t that just the same thing as having roommates?”
  • “So… it’s just a school dorm then.”

Well, yes and no. It feels that way on a first glance.

In a co-living space, you definitely have roommates. The only difference is your “roommates” are also people who share common ground with you. Co-living works as a concept because it attracts people who are relatively the same age, and are pursuing similar ambitions.

There are plenty of benefits that come from being amongst others who are like us, let alone being around others in general.

And although you could dismiss it as “a dorm room for professionals”, you’d be losing perspective on why it’s becoming so popular.

It’s not simply because it’s a trending cool thing to do. There are definitely very important reasons for why this concept is taking off and becoming more and more of consideration amongst young entrepreneurs.

In our own personal experience and by asking those who’ve been part of co-living spaces, we were able to figure out the 5 big reasons why co-living is becoming so popular:

  1. Responsible Spending
  2. Being Within Relevant Proximity
  3. Improved Focus
  4. A Sense Of Belonging
  5. Fostering Leadership

Let’s examine each one to get a better understanding of what they all really mean.

Co-Living Is Becoming Popular Because It's Responsible Spending

1. Responsible Spending

The obvious benefit of a co-living space is the tremendous amount of savings one can generate off sharing their living space with others. If you’re in the beginning or developing stages of your business, then you are doing the intelligent and reasonable thing by running your operations as lean as possible by reducing your overhead.

There’s absolutely nothing wrong with this idea and it removes a lot of the pressure from compromising your vision for the business. It’s not ideal to be in a situation where you have to sacrifice building your business in exchange for immediate work serves only to pay heavy, immediate, recurring overheads.

Co-Living Is Becoming Popular Because It's Within Relevant Proximity

2. Being Within Relevant Proximity

Not only do co-living spaces bring you closer to people who share your entrepreneurial passion, they also give you a geographic advantage in terms of the location. You’re close to everything you’d really need – grocery stores, coffee shops, shopping districts, restaurants, working spaces, conferences, events and everything else.

You can bounce off ideas and learnings with people who get where you’re coming from and you’re in walking distance of anything you’d really need. You’re close to everything and anything that is relevant to you.

Co-Living Is Becoming Popular Because It Helps With Focusing On Our Main Goals

3. Improved Focus

One of the biggest perks of a co-living space is that, for the most part, everything is taken care of. Your whole apartment layout is set up amazingly without you having to worry about any of the work. Cleaning is typically done once a week by a maintenance staff. And despite the concern of losing your privacy, every individual has their own respective bedroom.

A lot of the headaches of owning your own living space are no longer present when you have a co-living space. This ends up freeing up a lot of your energy and attention, giving you the ability to focus on your vision and business goals.

Recommended Reading: What Is Co-Living? by Business Insider

Co-Living Is Becoming Popular Because It Grants A Sense Of Belonging

4. A Sense Of Belonging

If you’re a young entrepreneur, digital nomad or independent freelancer, you’ve occasionally felt alone. And yeah, it sucks.

Part of why co-working and co-living spaces have emerged is to help with these feelings of isolation. It was in recognizing that people love the work they do, but at the end of the day everyone is still human and wants to belong. Thus, these spaces allow people to continue doing what they love and working towards their future without feeling like they’re in it all by themselves.

The sense of belonging gives people strength and lets them continue forward.

Co-Living Is Becoming Popular Because It Fosters Leadership

5. Fostering Leadership

Probably the most important reason for why co-living is becoming popular is that it fosters leadership. When you’re surrounded by those who want the best for themselves and for you, you’re in an environment that fosters improvement and aiming for your highest self.

Because everyone’s sort of on the same vibe of trying to make things happen, it only makes you want to work harder and do better for those around you.

It lets you learn to be better with people by being around them, sharing ideas, laughing at things together and helping each other out when things are not going so great.

It makes you better in your relationships with people. And if there’s anything that makes for great leadership, it’s being able to be effective in one’s relationships with others.

While you can certainly develop your relationship skills outside of your living space, there’s much to be said about the sort of maturity that develops from managing your relationships within one.

Given these many benefits, it’s no surprise co-living spaces are on the rise in popularity.

Not only do they let you save money and let you be around the right people and places, they also grant you the opportunity to be more effective in building your vision and becoming the person you want to become.

With the Internet becoming more and more prevalent in everyone’s lives, it’s only normal that people are finding themselves using the sphere to develop their passions and careers.

With co-living, you don’t have to feel like you’re in it all by yourself anymore.

Sign Up For Co-Living Today!

Interested In Co-Living In Downtown Montreal? Get In Touch With Us Today!

That’s right. We’re one of the first people to be offering co-living spaces here in Montreal. And we are accepting candidacies for our available spaces. Some of the benefits of our co-living spaces include:

  • Being at the heart of Downtown and Old Montreal
  • Being near all the conventions, conferences, workspaces, businesses and campuses
  • Having access to a dozen bus routes, bike paths and subway stations
  • Fully-furnished, beautifully decorated and large living spaces
  • Couches, desks, a TV and high-speed Internet
  • A perfect opportunity for building lasting friendships and networking with other professionals as you build and grow
  • Your own personal and private bedroom
  • Us doing security and background checks on everyone to make sure you’re set up with the right people
  • Weekly maintenance and cleaning to save you the time and effort
  • 24/7 support to help and assist you

If you and a bunch of other people are  interested in getting a co-living space together, get in touch with us today at hello@hometrotting.com or by giving us a call at  (514) 556-7368.

See you soon!

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