In fast-paced rental markets across the US, vacancy rates are extremely low, rental prices are extremely high, and properties are in constant demand. As a result, today’s renter is looking for easier, quicker, and more economical ways to live when relocated to these larger markets. Recent trends indicate potential renters are increasingly interested in finding a room to rent, or searching for potential housemates, as an alternative to leasing a property on their own.
The idea of shared living arrangements may seem unfamiliar to some, but the benefits are soon made apparent. For starters, they are often less expensive and offer a way of splitting the monthly rent, utilities, and other housing expenses. It also creates the opportunity to live in a nicer property or better area than one could otherwise have afforded alone. In addition to the cost factor, sharing can also be a great way to live. The social benefits of sharing a place with a roommate or housemates can be a real advantage for people who are new to an area or who have not yet established social ties.
Besides the typical room-for-rent, there are also rental communities that specialize in shared living arrangements. As with any home finding experience, folks looking for a shared living situation start by narrowing down the areas and communities in which they want to live, and where they can find properties that fit their needs and budget. Any of the multiple available options can be found with a simple search, thanks to the wonders of the internet.
The trouble with an open search, of course, is that not all ads on the internet are dependable. The new communities that specialize in shared living assure renters that they are dealing with reliable and trustworthy information, unlike some random ad for a roommate on Craigslist. Many shared living communities have processes in place to qualify roommates and ensure tenants are set up with a good match. The renter has a resource, in other words, to help narrow the search by providing better, vetted options. Many of the shared-housing service companies perform background and credit checks on all potential tenants to ensure that roommates will be credible. Potential housemates can even be paired based on shared interests and specific requests.
Some of these shared living communities may offer benefits that make them more attractive than a typical rental, like setting up utilities or providing stylish home décor. Buildings in these communities are typically clean and modern – free on-site laundry and monthly cleaning services may even be included. They will often have social events, both in and out of the building. Especially as a newcomer in a large city, these events are incredibly helpful for anyone looking to meet new people and expand their social network.
To a growing number of renters, having a roommate is a desirable outcome and not just a last resort, which is how this kind of arrangement may have been viewed in the past. Shared living situations are a useful alternative for home finding both as a relocation option and for ‘regular’ renters alike. By providing cheaper ways to live, an immediate social connection, and increased location options, this style of renting is growing in popularity, giving renters the chance to explore and live in their new cities without the struggle of doing it alone.
Interested in learning more about the different ways to rent? Check out some of our other blog posts!