Does Co-Living Save Money?

With the living crisis in full swing, UK residents have taken a pretty hard financial hit. According to the Office for National Statistics, “92% of adults in Great Britain reported an increase in their cost of living in November 2022”. Students and young professionals alike are amongst the most vulnerable as they struggle to keep themselves afloat whilst trying to deal with the everyday stresses of studying or getting their foot in the door of their career of choice. Whilst this may be a scary time for all, there are alternative ways of living, such as Co-living, that has just as much to offer to their penny-pinching counterparts. Co-living is a housing option that is becoming increasingly popular as the cost of living continues to rise, especially in big cities.

One of the reasons people are turning to co-living is because it can be a more budget-friendly option without compromising on comfort. Co-living arrangements typically involve sharing living spaces and facilities with other people, which can help to reduce the overall cost of rent and bills. Additionally, many co-living spaces offer a range of amenities and services that can help to make life more convenient and comfortable, such as shared kitchens, laundry facilities, and social spaces.

Rent

Rent in London tends to be expensive, with recent reports showing that the average monthly rent for a one-bedroom property in the city is around £1,500 per month. This can vary depending on location, with rents in central London being higher than in the outer boroughs. Not to mention, looking for suitable accommodation can feel like a minefield. Whilst rent in London is skyrocketing, the value of the housing available remains stagnant. The quality of the accommodation and services provided vary depending on the landlord, however, a large proportion of properties are being offered with unsatisfactory conditions.