New Co-Living Arrangements Are A Cheaper, Less-Risky Way To Rent

Renters who have small social circles or are moving to a new city used to be stuck with having to rent an apartment alone. Now, there’s a way for them to share a unit but still only be responsible for themselves.

CNBC reports that co-living is spreading to new multifamily buildings across the country. In co-living, strangers move in together, each signing their own lease for a private bedroom and bathroom. But, they share common spaces like hallways, kitchens, and living rooms.

Developers in New York City, Miami, and Chicago have offered the arrangement in some of their properties. Residents like co-living because they of the social aspect, and because it allows them to split costs with others.

Certain units in the new building in Chicago's Logan Square neighborhood have three bedrooms, each with their own bathroom. The common area is fully furnished, from flatware to flatscreen television, and the hall closet is oversized to fit three different individuals' stuff. Each resident has his or her own one-year lease, and, unlike traditional roommate situations, no one in the unit is responsible for anyone else.

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