You may have heard of the word, but if you’re like most people, it might not be entirely clear what coliving (or “co-living”) is exactly. Basically, this modern-day housing option geared towards millenials and digital nomads, is an alternative to traditional roommate-style renting in urban cities. Not only do you get to share the living space, but you also get to connect with like-minded individuals who have similar interests and values. It offers a chance to be part of a community and live life on your own terms, without the common headaches, limitations and financial burdens that usually come with renting or owning a place.
“We are in the business of renting happiness”
A Growing Trend
Sociable Living recently launched in the trendy neighborhood, The Junction, and is Toronto’s first official coliving space. Adopting this popular housing style that’s rapidly growing in places like New York, London and San Francisco we’ll likely see this also spread in Toronto. “We are in the business of renting happiness”, says Roman Bodnarchuk, CEO & Founder of Sociable Living. With no signs of rent prices slowing down and very scary condo prices in Toronto, I think millenials and people seeking fellowship will flock to this trendy communal-style living option.
So Why Co-Living?
Similar to the co-working space philosophy, co-living is designed to encourage collaboration and openness while allowing individuality to shine. As more and more city dwellers flock to high-priced urban areas, the need for a roommate continues to rise just to simply be able to afford average rent and living expenses in a typical apartment. However, roomies come with their own set of issues – we’ve all either been in or heard of disaster situations or roommates from hell. When a sudden change of heart or new formed habit arises that wasn’t in the initial agreement, this can create friction, additional costs and un-livable circumstances. Or even worse, you get stuck with a hefty bill having to swiftly replace your once inseparable “friend” with a complete random. As they take the big screen with them. Yikes, not cool. This is where a coliving space can really ease your mind. “We’ve taken a look at every single problem roommates face – systematically, we’ve eliminated them” says Bodnarchuk.
“We’ve taken a look at every single problem roommates face – systematically, we’ve eliminated them”
Let’s face it, the dream of owning a home, as it turns out is not all its cracked up to be. Why tie yourself down with the stress of a mortgage when that truly doesn’t make us happy or provide any fulfillment. Now, more than ever, we value time and happiness much more then material goods which is one of the many reasons co-living has grown in popularity across the globe.
Is Co-living Really for Me?
People want to be around other people and involved in more activities and a sense of belonging. People also want to be closer to work eliminating valuable commute times that could be much better spent doing anything else, really anything at all. And it’s not just millenials and 20-somethings showing interest – retirees and older generations seeking companionship and convenience are also excited about this city dwelling wave. A place where you can be empowered and inspired no matter what your age or occupation is.
So whether you’re a creative, hardworking professional, artist, entrepreneur or just an aspiring lone jet-setter like me, this can be the environment you’ve been looking for. With flexible options and terms and never having to worry about lugging or storing furniture, you can live your best life and focus on the things that truly bring you joy. And personally, I think it’s a trend that’s here to stay.
Inside Toronto’s First Co-living Space
We got a sneak peak inside Toronto’s brand new and first luxury co-living space and excited to take you inside this Scandinavian-inspired, minimalist designed town home owned and operated by Sociable Living.
Sociable Living is currently renting units in their fully furnished space, located in the Junction Triangle only 8 mins from Union and steps from the TTC.
Have we peaked your interest? If you’d like to learn more about co-living or book a tour, click here.
