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Five Reasons why shared housing is popular among millennials

why shared housing is popular among millennials

When it comes to computer literacy and expertise in using computers to their advantage, no one can beat the millennial generation. The millennial generation is not only knowledgeable but also not afraid to tread the unknown path. Therefore, it should not surprise you that they prefer to share accommodation when compared to other generations. The fact that rooms for rent in San Jose are expensive and out of reach; makes it easy for millennials to make the choice of going for shared housing. Let us look at the five primary reasons why shared housing is popular among millennials. 

  1. Saves money

When compared to renting apartments, sharing accommodation is inexpensive. When you look for rooms for rent, you have to incur various expenses such as security deposit, extra key cost, brokerage, and rent. Apart from these expenses, you incur maintenance, pay utility bills, and maintenance charges monthly. If you choose shared housing, these costs are divided. You can save money in moving your furniture and other household items because shared housing sometimes is furnished with common space furniture. If you calculate all the expenses, you find that shared housing enables you to save substantial money compared to private housing.

why shared housing is popular among millennials

Millennials welcome the idea of saving money because it might be the first time that they are moving out from the secure environment provided by their parents. When they are out on their own in the world, they would love to save every penny. 

  1. Experiment with new friends

One of the significant disadvantages of shared housing is that you do not know the people with whom you share the common areas of the house. It can be a challenge for a shy person to socialize with them. However, the millennial generation loves to interact with different people and make friends. This generation loves to experiment more than the others. Therefore, you can trust them to turn this disadvantage into a significant advantage. When you share your house with strangers, it indeed allows you to understand them and appreciate their culture. You end up becoming a more accepting individual. 

  1. Millennials do not mind moving from one place to another

One of the major disadvantages, when you take rooms for rent in San Jose, is that you sign an agreement or a contract that binds you to stay in that place for a minimum period ranging anywhere from 3 – 12 months. If you need a flexible lease term, you might end up paying higher each month for the same house. You also pay a security deposit. At the end of six months, you are free to extend your stay. In the case of shared housing, the responsibility is divided between housemates. The rules of subleasing your apartment differ from community to community. Secondly, you do not shift your furniture and other household items when you look for shared accommodation because these houses come with all amenities attached to it. Millennials love to change homes so that they can be near to their friends. Hence, millennials do not mind moving from one place to another. It is also a reason why they prefer shared housing.

  1. Less paperwork and more online

Another area where millennials have an advantage is that they love to search for accommodation online. You have various accommodation providers like Airbnb who work online. It suits the millennial generation who are online almost all the time. Websites like Cirtru also allow them to search for shared accommodation online. You can use filters to specify your preferences and you have a list of suitable shared homes available to you right at your fingertips. This is more convenient than reaching out personally to estate agents where the money is lost in terms of brokerage as well as time.

  1. Millennials love to research

The advancements in technology have empowered millennials to research thoroughly before finalizing the accommodation they want. The millennials are careful when it comes to making financial commitments. This trait ensures that millennials have more information on their fingertips as compared to any other generation. They love to communicate with their friends and follow the latest trends. Opting for shared accommodation is a growing trend today. Secondly, the millennials of today are better-informed citizens than the earlier generations were at their age. They know the financial benefits of going for shared housing instead of spending a lot of money on renting an entire house. 

We have seen five valid reasons why millennials prefer shared housing as compared to taking homes on rent. As the rental costs have spiraled uncontrollably, more and more people are shifting towards the idea of sharing accommodation. Shared accommodation is the need of the hour.      

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