The co-living trend is becoming a practical solution to the housing problems that trouble many young professionals in Hong Kong.
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.