Finding a place to stay in New York City is usually a complicated, expensive and all round stressful task, whether it’s your first big city move or you’ve done this 11 times in the past decade. Thanks to coliving spaces, it no longer has to be. One thing is for certain, it takes a lot of research and planning, and there are few factors to consider which will affect your budget considerably.
What is Coliving?
Picture a hippie commune village full of people with similar interests, but in a modern urban setting with practical intention and execution of a range of crowd sourced resourced. By pooling resources and sharing common spaces, amenities, utilities, vehicles, and even labor with other residents in coliving spaces, everyone’s costs are brought down significantly while their access to creature comforts becomes more affordable. Coliving spaces are fully furnished, and their fees are inclusive of all their additional services, which includes Wifi, a fully fitted kitchen, a furnished lounge area with deluxe entertainment equipment, laundry services, and more.
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Coliving vs. Renting an Apartment in the City: Factors to Consider
1. What Kind of Budget are You Working With?
Knowing what you can actually afford and what your price range is your first consideration. You need to know how much you can afford for rent, how far you can afford to commute via cab or subway to work, or to eat, or to get your laundry and grocery shopping done. These expenses can really add up, so be sure to leave yourself some breathing room for entertainment as well – there is so much to see and do in New York! You have to factor in your utilities as well, and there is often a deposit involved with the utilities as well as the rent. There are often non-refundable application fees attached to new rentals, and you may need to purchase practical furniture and appliances.
If your budget is limited, then corporate housing will look a lot more attractive than apartment living. Because of most of your amenities, utilities, furniture, and extra luxuries are included in your rental fee, the monthly costs are significantly lower. In fact, you can generally find a bigger and trendier coliving space than you would find in a rental apartment or the same price.
2. How Important is Convenience to You?
If you enjoy simplifying your life and having everything you need bundled into one provider and one price, the you’ll love the convenience of coliving and all the luxuries that come with it. Expect a fully furnished room and kitchen, with a kitted living room and entertainment centre. By pooling resources with residents, you get to enjoy more luxuries like Wifi and cleaning services.
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3. Are You Ready for a Long-Term Commitment?
If you are looking for an flat to rent, remember that you will need to pay 2 month’s rent upfront as a deposit, and you will be expected to sign a 6 or 12 month lease, or face penalties. Coliving spaces are a lot more flexible, giving you the freedom to sign a short lease, or stay on a month-to-month basis.