LOUISVILLE, Ky. — Co-living is becoming popular in major cities as a means of affordable living for new graduates, young professionals, digital nomads, or single families relocating. It's a model of living that typically includes private bedrooms and shared communal spaces, like the living room and kitchen.
What You Need To Know
- Co-living becoming popular as a means of affordable living
- Design is typically used for student housing projects, but some companies expanding co-living to cities across the country
- One company opened a co-living model in Louisville
“You’re going to see a savings of 30-45%. That’s a pretty significant thing. That’s just on the month's rent,” said Rick Jones, the president of Caliber Living.
Jones said that unlike traditional apartments, co-living is attractive to tenants due to affordability, lease term flexibility, included amenities, and access to a large community of similar individuals.
“Easier for them to qualify for this type of housing because it is not looking at the whole apartment,” said Jones. "The upfront moving cost is so much lower than moving into the colliding housing versus a normal environment.”
The design of living is typically used for student housing projects; however, Atlanta-based companies Caliber Living Property Management and Mallory & Evans Development are expanding this form of living into cities across the country and are opening some of the first co-living sites cities have seen.
In Louisville, Caliber Living took a community that has traditionally been a student housing property and opened up Bellamy Louisville so that’s a co-living model.
“If you can be a little bit flexible with what you’re expecting out of housing. If you can share your common areas with your living room and kitchen. Have your own private bedroom, your own bathroom, those are easy to do and it’s more affordable,” Jones said.
People who take part in co-living would also see savings on utilities like water, electricity, and cable.
Co-living communities have been set up in cities across the country including Louisville.
“Think it’s something that you’ll see more and more of in Louisville and around the country especially in our urban areas expanding to other areas as well,” Jones said.