How You Can Benefit from Common Living | Think Realty | A Real Estate of Mind
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How You Can Benefit from Common Living

Food, water, clothing, and shelter are indeed the necessary foundations of survival, and more and more people are looking at creative ways to find a place to rent and live. 

In cities far and wide, finding affordable places to live has become difficult. 

Between impacts from the recent pandemic to high population density in most American cities, finding an affordable place to live can be a real challenge.

As more and more people find housing a challenge, several solutions are available to renters and homeowners alike. 

Rent Your Old Home

For example, some homeowners are looking at creative ways to unload their mortgage and not have to search for a new place to live at the same time. 

How it works is this; if you are about to go into forbearance on a mortgage and worried about where to live next, you may find a buyer for your home that is willing to allow you to rent your house. This compromise is a win-win for both parties involved. For the seller, you get out from under the mortgage before it defaults, and for the buyer, they can purchase the investment property and have tenants in-place before the sale. 

The idea of renting from the party that purchased your home may have been laughable not too long ago, but in the age of COVID, having a safe place to live is a priority, and with eviction moratoriums in place in many cities, renting to new tenants may be dicey because if they don’t pay the rent, the landlord doesn’t have many avenues to recourse. 

Public-Private Partnerships To The Rescue

Some American cities recognize the difficulty that renters have to find affordable housing in their areas. Some local governments have partnered with private businesses to find solutions to the housing crisis. 

The U.S. Department of Housing and Urban Development is working with the private industry to offer federal programs through their public-private partnerships (P3) for families to find affordable housing through a choice voucher program. 

In some cities, people look at other alternatives in their rental program. 

Co-Living Arrangements In Most Major Cities

In cities like New York, Los Angeles, and Seattle offer a co-living experience. In co-living developments like the Seattle micro apartments, residents rent a studio or one-bedroom in a shared suite with other tenants. This style is similar to college apartments or dorms without the pesky resident assistants or RA’a. 

Co-living is becoming more and more of a solution in the United States and is similar to programs in other major metropolitan areas worldwide. It makes affordable housing easier in densely populated areas where Real Estate can be costly and difficult to find.

In a different context, co-living arrangements are that the renter gets a private space and room conjoined to a common area shared with other tenants. MTV made a long-running show about everyday living, as do shows like Big Brother, among others. 

By sharing a common area, residents can find affordable rooms to rent without having the cost associated with many larger apartments. You pay for the space you rent with a little on top to cover the common area’s shared expense. This solution is an excellent way for students, remote workers, singles, and more to find affordable residence in some of the more expensive cities in the United States. 

With housing becoming more expensive, renters are looking for alternative solutions to the housing crisis. Some are getting out from under their mortgages while others explore sharing a common area with others to have a safe environment at a lower price. 

Often in shared co-living arrangements, the residents are people of similar means, allowing residents to live next door in a shared environment with like-minded people and close in age to each other. 

It’s an excellent solution for those starting in their careers to keep costs manageable and before they have a family. It’s also a great way to save money that can be applied to a down payment on a more traditional home once it becomes an option to make a purchase. 

From creative solutions to finding affordable housing and public-private partnerships occurring in more cities around the country, the goal is to address the housing crunch that many people feel.