Co-living, a trend that is still relatively new in Latin America

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

A new type of housing in which a person can live in a place near the most popular work centers without investing too much money either in income or in services has been gaining steam.

There have been several media posts within the sector, about a co-living proposal that was generating a lot of criticism and mockery for its exorbitant prices, although it was in a fairly quoted area of ​​Mexico City.

The concept of co-living seems like a good solution for those who are not yet in the position of making long-term contracts (for their age, for their work activities and sometimes for their income), but other factors should be analyzed as if the costs are real or if they are excessive and carefully analyze how much it can favor the real estate sector at state and national level.

Recently, the co-working trend began and without going any further this is about workers having several spaces to be able to perform their jobs instead of staying static in cubicles and offices (an example of this is the WeWork company that rents these spaces to different companies), this trend has evolved to reach the housing area, which means that people can live in a community with all the services and for which they only pay a small rent.

An advantage of co-living is the relative ease with which young people can find a place near their work and thus save money and time in their transfers.

Who has made this co-living fashionable?

Nobody is surprised that they were the millennials. They do not put barriers at the moment of evolving the way in which they live not only with people close to them but with complete strangers with whom they can even share common areas of a home, such as a kitchen, dining room, laundry area, bathrooms, among others. Perhaps it is that desire for independence but at the same time a need to live with more people and avoid loneliness, which has solved this way of living.

However, this trend has increased in large cities such as New York, London, Amsterdam, and Berlin, where in addition to the experience of being part of a cosmopolitan place, factors such as whether the person comes from another country or cannot maintain a complete place individually. For example, in Spain, real estate market specialists have come to ensure that rents for co-living places have higher profitability than traditional models. Well, as they explain these types of projects can generate returns close to 7.5%, a return higher than the traditional one.

It should be noted that in the type of places the minimum rental period is six months and sometimes and depending on the needs, services such as electricity, water, gas, internet, and cleaning are included.

But what happens when someone announces a space that may seem exaggerated to the public? The attacks arrive as the case I mentioned where a col-living space was published in the municipality of Cuauhtémoc, network users called the place an “overvalued neighborhood” because of the price with which the places were offered.

Another advantage of co-living is the relative ease with which young people can find a place near their work and thus save on relocation times. However, we must not forget that according to real estate reports such as Lamudi, most millennials are interested in acquiring a long-term home and are the ones who have the most participation in the search for real estate on a digital level with 54% participation on average.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.