Flatshare vs Co-Living for Young Professionals

Most young professionals in London cannot afford to live on their own. This leaves them with two options: lengthy commuting or sharing the accommodation with others. While the latter is often more cost-effective, flatshares have a notoriously bad reputation. They’re very much like a lottery: the chances of having great housemates, a good landlord, a lovely neighborhood and an affordable price are very slim.

The good news is, you don’t have to gamble to secure a comfortable life in a shared building without paying a pretty penny. Co-living for young professionals is a relatively new concept that’s proven to be both quality and cost-effective. In this article, we will discuss how it’s different from traditional house sharing and why it’s becoming increasingly popular.

Flatshare vs Co-Living: What’s the Difference?

Despite being similar in terms of sharing communal spaces with other residents, co-living offers more privacy. Instead of being limited to one room, residents of co-living spaces usually have private kitchenettes and bathrooms. These amenities are also available communally, offering tenants freedom of choice. 

Another key difference is bills. Although a regular flatshare may come off as a more budget-friendly option, the rent price seldom includes bills. Most often, you have to cover the utilities and any additional services yourself. Co-living buildings, on the other hand, come with all bills already included in your monthly price.

Two Similar Concepts With Very Different Experiences

The biggest thing separating the two, however, is the experience. Flatsharing is often seen as a rite of passage for young professionals in London – uncomfortable, built on compromise, and generally negative. Co-living, on the other hand, is all about making shared spaces enjoyable and building a community.

Flatshares Were Built Around Affordability

London is the most expensive city in Europe, and renting alone as a young professional is a pipe dream for most. Hence why the concept of flatshares became not just popularised but basically standardised – this is a model that allows single individuals at the dawn of their career to live within a commutable distance from work. However, as the city expands, rental affordability gets pushed further away from the business hubs. 

Previously favoured by young professionals, Zones 3-4 are no longer accessible for entry-level workers. Although originally created to reduce living costs, flatsharing is steadily failing as a model due to the current economic situation. As a result, most sensibly priced properties are now those that deliver negative experiences due to poor maintenance or a questionable location.

Co-Living Was Built Around Lifestyle

Co-living as a concept is the response to all grievances that come with flatsharing. Lack of privacy, different needs regarding communal space maintenance, unresponsive landlords, additional bills on top of the rent… Co-living is the opposite of that. First of all, instead of a room, every resident has a studio. That is the only space they have to upkeep and maintain themselves. 

Secondly, communal spaces are not mandatory – rather, they are there for leisure, meeting, and connecting with fellow residents. Community events within the building help the residents get to know each other and network. Cleaning, maintenance, and the said events are all the responsibility of the building management. That, alongside all bills and furnishing of the studios, is all part of your monthly rent.

The Biggest Differences You Notice Every Day

As we’ve already deduced, despite many similarities, the differences are equally prevalent. While lesser in number, their significance is in the impact they have on the residents’ overall experience. There are two aspects that are particularly noticeable in the day-to-day lives of young professionals, and below, we’re going to dig into them.

Community, Not Obnoxious Strangers

While living in a flatshare entails sharing your space with strangers, no one expects you to be friends with them. Many young professionals go through their entire tenancy without as much as knowing the names of their housemates. There are, of course, cases when flatmates become friends for life, but they are rare. More often than not, the communal space interactions are arguments about cleaning and bills.

In co-living, where communal spaces are managed by the building, shared amenities are a place to unwind and connect. They are built for the purpose of being enjoyed rather than as a necessity, or to provide an environment that nurtures productivity – such as co-working spaces. Additionally, most co-living accommodations run community events where the residents are encouraged to not just meet but network and build relationships.

Fully Furnished, All-Inclusive, Premium Quality

Flatshares come furnished, half-furnished, or unfurnished. The choice depends on your demands. However, the furnishing is usually pretty dated, mismatched, or bought on a budget. When it comes to all-inclusive bills, the choices are limited. Very often it’s strictly private landlord rentals that can offer no additional bills, which often come at the cost of having less protection if things go wrong.

Co-living studios, as a rule, come fully furnished and often with top-grade equipment. For example, at The Rex, young professionals can expect to find a 34-inch Samsung TV and Smeg kitchenware in every studio. What’s more, all utilities, council tax, maintenance, and use of amenities are part of the monthly rent. Some things like a launderette or a TV license will still cost additionally, but the biggest chunk is taken care of for you.

Is Co-Living Better Than a Flatshare?

If you’re a young professional looking for a pleasant shared living experience – absolutely. Co-living as a concept is aimed at your demographic to reduce the negative reputation traditional flasharing has (rightfully) gained. With the current economic situation and London housing availability, this is both a more affordable and nicer option.

Why More Young Professionals Are Moving Towards Co-Living

Historically, young professionals are more open to exploring novel solutions to established concepts. What makes co-living even more attractive is how it actually addresses grievances that come from traditional flatshares. Additionally, in the current economic climate, they are helping to save money without sacrificing quality of life. 

Additionally, the amenities and shared spaces are nicely adjusted to the world built on top of the pandemic. With the remote and hybrid working models having become the default in many companies, having a peaceful space to work outside the office is crucial for young professionals. Most co-living accommodations provide that, in a shape of co-working spaces, private pods, and whole meeting rooms.

Summary

Although flatsharing and co-living both entail living with strangers, they’re fundamentally different. The purpose of flatshares was to provide affordable housing to young professionals moving into the cities where, alongside population, rent prices grew. Co-living, however, is the next step. Instead of only focusing on affordability, it also accommodates the needs of a modern worker. From shared amenities to a community, co-living focuses on building positive experiences and simply providing a roof over the heads of a bunch of strangers paying the rent together. 

With co-living still being a novel concept, most buildings are very modern, are furnished accordingly, and meet the requirements of a diverse range of work models that young professionals of today balance. Furnished and inclusive of all bills, these establishments address the rising costs of living, therefore offering a great value for the money. While the rent is more expensive than traditional flatshares, it covers additional expenses, building maintenance, communal spaces, premium equipment, concierge, private kitchen/bathrooms, and much more. In other words, renting as a young professional doesn’t have to be a dreaded experience anymore – it can be fun, exciting and an effortless opportunity to network with like-minded individuals. 

Would you like to experience what modern rentals feel like? Come to The Rex!