Amidst Toronto’s skyline and bustling streets lies a housing trend that is reshaping the city’s living experience: co-living. This concept is one that reimagines communal living and fosters a sense of community, affordability, and convenience. So what exactly is co-living? According to CBRE “co-living offers residents fully furnished smaller units with common living areas and amenities” (CBRE, 2023). It is considered to be more cost-effective for both tenants and developers as the cost of living continues to rise. This trend is especially on the rise in heavily populated cities like Ottawa, Montreal, and Toronto.
Co-living in Toronto
Housing and rent costs are skyrocketing in Toronto and there is a growing need for affordable living arrangements. The rental vacancy rates in Toronto are very low as well, contributing to the increased demand (CBRE, 2023). This makes co-living an attractive option. Co-living allows people to share a space which is perfect for a group of friends looking to live in the city together. Even if the tenants are strangers initially, co-living provides them with a sense of community and allows them to meet other like-minded individuals.
Advantages of Co-living
Aside from being an affordable option, co-living offers many more advantages as well:
- The apartment comes furnished- A big advantage of co-living is that most of these spaces come furnished (Marketiff, 2023). Tenants do not have to worry about the additional costs associated with buying furniture and appliances. This makes co-living an even more affordable option. Additionally, the furnishings are usually good quality and durable as well as modern (Chazanas, 2023).
- Embracing community- A stand-out feature of co-living is that there is an emphasis on community building. In the co-living experience, residents aren’t just neighbours, rather they become part of a close knit community that can share ideas and even responsibilities. Many people who consider co-living are career-driven millennials and living in such a space can help boost your professional network. Many of these buildings also host organized events and workshops that help foster connections between young-professionals.
- Less commitment- Co-living arrangements provide people with a much more flexible lease term. Traditionally leases are signed for a minimum of a year, but this doesn’t work for everyone. For those looking for less commitment co-living is a great option as many co-living spaces offer month to month leasing (Dickler, 2020).
- Amenities- Many co-living spaces come with amenities that are geared to cultivate a sense of community and convenience. This includes lounges, workspaces, and sometimes even bars, coffee shops, and gyms all located within the same building.
As Toronto evolves, so does its approach to housing. Co-living redefines the way many Torontonians view housing. There are a lot of advantages to co-living that are not necessarily found in the traditional housing options. If you manage a co-living space, Payquad will make the process a whole lot easier for you. You will be able to create roommate accounts to manage rent payments as well as keep track of amenity bookings all from the touch of a button. Learn more today!
CBRE. (2023). Co-living has arrived in Canada – now what? | CBRE Canada. https://www.cbre.ca/insights/articles/co-living-has-arrived-in-canada-now-what
Chazanas, A. (2023, February 28). Council post: The rise of co-living in the US. Forbes. https://www.forbes.com/sites/forbesbusinesscouncil/2023/02/27/the-rise-of-co-living-in-the-us/
Fleming, D. (2020, March 23). What the heck is “co-living” anyways? Toronto Realty Blog. https://torontorealtyblog.com/blog/what-the-heck-is-co-living-anyways/’
Marketiff. (2023, February 13). 9 reasons to consider coliving in Toronto: A guide for college students. Harrington Housing. https://www.harringtonhousing.com/news/9-reasons-to-consider-coliving-in-toronto-a-guide-for-college-students