Co-Living spaces are in demand in metro because young professionals take into account convenience and cost when deciding where to live.
Based on the report from Business World, Jones Lang LaSalle (JLL) explained that co-living spaces are housing where people in the same space have similar interests and values.
On the article entitled “Co-Living in Costly Cities-Asia Pacific”, JLL highlighted that “shared living spaces are more organized system with an emphasis on the 4Cs — collaboration, convenience, cost and community.”
Young professionals opt to stay in co-living spaces because of the flexible offers and shorter lease terms.
Moreover, report mentioned that “contracts generally cover all services and move-in requirements. The spaces are fully furnished, utilities are set-up, and cleaning and maintenance services taken care of.”
Specifically, JLL added that “a co-living space may cost more than a room in a shared apartment at first glance. Once all the additional costs like move-in and move-out, agent fees, utilities, maintenance and furniture depreciation are factored in, the pricing is relatively similar — with the added benefit on having flexible lease terms.”
Apart from convenience, young workers consider the feeling of belongingness within a community.
“Catering to a young, aspirational demographic, residents within co-living spaces enjoy the collaborative benefits that the community provides,”JLL imparted.
Dormitels are one of the common example of co-living spaces here in the Philippines. It is a combination of services similar to a dorm and hotel. In Metro Manila, dormitels can be found at the hustle and bustle areas of Bonifacio Global City and Makati City.
The convenience and community which co-living spaces offer have enticed not just young professionals but as well as the the residential market gap which was under-served before.