Traditional Rentals, Move Out! Coliving Completes the City
As the newest housing alternatives to find footing in the rental market, coliving is projected to become a major player in economic recovery.
With the millennial generation soon making up the majority of the present workforce, demands for housing plans that meet urban necessities are rising. Modern professionals attempting to rent apartments in Kuala Lumpur can be a mammoth task, involving many of these factors below.
Coliving is steadily presenting a standardized yet convenient model of ready-available housing. Complete with solutions to headaches such as a one-bill payment covering monthly expenses of electricity, water, and the rent itself; development of apps shortcutting finding cleaning and maintenance services; and community-encouraging surroundings, an urban dweller would find coliving a practical one-stop basket of lifestyle needs.
Traditional rentals on the other hand, provide the bare necessities at a demandingly high independence value. Ideal for a long-run stay, but new independents might find keeping track of house-proud habits alongside building a career and social life is a lot to juggle.
Coliving also eliminated the process of haggling for a premium, fully-furnished space. Where traditional rentals are based on landlord rates (of which are generally unregulated in Malaysia), co-living offers a standardized price with all the works.
Rent > Ownership
No major city can progress without a severe inflation of the cost of living, which unfortunately means an increase in unaffordability. The millennial generation has already voiced out on inability to envision owning a house, and working around a mortgage for the rest of their life is not a pretty future.
Not only that, many are earning via ‘gig economy’, going off corporate lines and becoming independent players. Social media influencers, content creators, and even e-hailing drivers are subject to low credit scores, ousting them from qualifying for a housing loan due to the lack of understanding of income stability.
With future tenants in the line of tech-based businesses, a traditional house is not going to cut the needs of a fully operational hub. With today’s conditions of Work-from-Home (WFH) also affecting in-home arrangements, finding a conducive environment for optimum productivity is a challenge.
In addition, culture-building for a specific collective (millennial-focused tenancy) allows for a healthy community, focusing on generational-catered interests and needs.
Many traditional rentals across Kuala Lumpur are either located in family-orientated neighborhoods, or flipped units with little value on internal community. Your shared environment often doesn’t go past the front door, and a disconnect with the surroundings does not aid in an encouraging growth.
Flex: the Ultimate Selling-Point
Coliving quarters are a practical measure in these unprecedented times, offering room for rent without the stifling lease of traditional rentals. Committing to stick around for a full year is not a feasible option for many struggling to maintain a stable job in this pandemic-stricken economy.
By having flexible rent options to tenant for a minimum three months up to as long as modern professionals need, diverse talent pools have the option to make a commitment to project-based contracts, or even just come to experience Kuala Lumpur city life. Relocation is made more possible, not just for personal reasons, but for a professional boost.
Business perspectives are seeing shifts in housing and retail spaces, as coliving and co-working present a beneficial combination for the corporate housing system. The merging of both office and community spaces encourage accessibility for fresh infrastructure and innovation, providing key economic opportunities for our developing nation.
As Malaysia’s newest brand of coliving, Hom offers an insight into the urban professional’s best environment. From member-based communal living to structured connectivity with KLCC, Bangsar South, and soon Mont Kiara, live out your dream lifestyle today!