Hong Kong’s Outrageous Rent Forces Young Professionals to Live in College-style Dorms

As prices for lodging in Hong Kong continue to rise, it grows increasingly difficult for the next generation of the working class to find a place to stay.

Now, some young professionals are opening up to the idea of sharing their living quarters with someone else. Fortunately for the younger work force, co-living developments offer affordable housing that usually caters to students and those still hoping to establish their careers.

According to Bloomberg, the monthly rate for these co-living spaces range from 3,500 Hong Kong dollars ($447) up to 5,500 Hong Kong dollars ($702). These spaces offer a dormitory-type of housing and can squeeze as much as 10 people in a single room. Co-living development project director Keith Wong explained that co-living isn’t just for people looking for more affordable housing since it also caters to those who are “hungry for a sense of community.”

While Hong Kong’s pricey housing schemes are forcing the trend to flourish, other cities like London are starting to see the potential in co-living as well. According to Reuters, more and more millennials in London are starting to embrace the idea of co-living due to its practicality.

A co-living resident revealed that the idea “makes a lot of sense” specially for workers who are at “certain stages in their career.” However, property directors admitted that these co-living spaces do have some operational drawbacks as these “costs a lot to run.”

Another issue is that most property investors are leaning towards the development of more traditional living spaces instead of co-living projects. Although some still see potential in the future of co-living development, others don’t believe these will be replacing traditional studio apartments spaces or single bedrooms any time soon.

Featured Image via Flickr / Anthony Surace (CC BY-SA 2.0)