There’s a new model of living that is gaining popularity among Millennials. Millennial communes are sprouting in major cities across the United States. It seems that our generation is reluctant to buy and own homes. But instead, Millennials are turning into services that provide them access to a living space.
This phenomenon is not just seen in real estate. I see it every day. People of my generation rely more on a sharing economy to gain access to cars, music, and other items. Most of my generation also finds it normal to continue living in their parents’ home. A lot of them also postpone marrying. These factors contribute to their attitude towards ownership, which lead to the rise of the sharing economy.
And if Millennials do decide to move out of their parents’ homes, they choose to live with others like them. There are several factors why they opt to live in co-living spaces or communes. These include the rising prices of rent and the Millennials’ yearning for real connection. There are more 25 to 34 year olds today who live with others than any other generations. Maybe Friends the TV series had something to do with this one. That, or they just find rental prices too steep, and wage have remained at their current state.
So, what is a Millennial Commune exactly?
A Millennial commune allows an individual to share a living space and do activities with like-minded people for a fixed price. Applying to live in a commune feels like you are also signing up for a dating service. Well, commune managers just want to make sure that a potential resident can adapt with the other people renting at the co-living space.
Millennial communes allow people to live with roommates in a place that provide them with various amenities, and at the same time allow them to save money. Studies have shown that people in co-working spaces are less lonely and happier. This is also the same with co-living spaces, which offer both private and social space.
Each room is private and comes with its own locks. The rents are paid month-to-month, and you can opt out any time you want. The rent includes the use of the common space furniture, common space cleanup, kitchen supplies, and other amenities.
While a room in New York might cost between $1,600 and $4,000 a month, there are other co-living spaces that are more affordable than that. In Syracuse, there are units that cost around $700 to $900 a month. The location and room size can greatly affect the rent price.
Millennial commons offer flexible rental agreements. They target workaholics and entrepreneurs. There are co-living spaces that have been designed to facilitate productivity and foster collaboration. While it is not recommended for people wanting to raise a family, it is definitely perfect for people who are out there chasing their dreams.