If you’re searching for an apartment in downtown Phoenix, you may have discovered an up-and-coming style of housing – coliving. You may be asking yourself: What is coliving? How does it work? What’s the difference between coliving apartments and traditional apartments?
At Moontower, our team has helped hundreds of people navigate the leasing process, and are often asked questions about coliving apartments.
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In this article, we’ll be comparing the differences between coliving apartments and traditional apartments so you can decide what’s best for you.
What is Coliving?
Coliving is a cost-effective housing option for young adults looking to live with roommates and save money.
Coliving apartments typically have private bedrooms and bathrooms for each resident, with shared common areas. This living arrangement emphasizes affordability, community and convenience. Compared to traditional apartment living, coliving offers benefits such as affordable rent (by square footage), access to amenities, and a ready-made community, while also ensuring the privacy and peace of having your own bedroom.
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Comparison of Coliving vs Traditional Apartments
Coliving is a great option if you’re looking to save money on rent without sacrificing square footage. Each roommate is responsible for their own share of rent as stated in the lease agreement. Contrary to traditional apartments, where you are responsible for dividing the rent among roommates, coliving removes that liability for you by signing for an individual bed in your unit.
For example, if one of your roommates moves out or fails to pay rent, you will not be responsible for covering for them. You will only be liable for your share of rent and utilities.
Individual room rates in downtown Phoenix’s coliving apartments generally fall between $1,200 to $1,600 per month.
In addition, some coliving suites come fully furnished. While these options cost more than unfurnished coliving suites, they can help cut furniture costs and allow you to avoid the process of purchasing and moving in furniture.
Traditional apartments vary greatly in layout, ranging from compact studios to spacious penthouse units. The monthly rental rate for these properties in downtown Phoenix range from around $1,100 to over $5,000 depending on apartment complex, unit type, square footage, the age of the property, and other factors.
Older apartments with fewer amenity offerings typically fall on the low-mid end of the price range, while newer apartments with a full suite of amenities fall on the mid-high end of the price range.
If you’re looking to live alone or with only one other person, it might be worth the extra money to invest in your own space. Plus, if you know who you would want as roommates, it might be more cost-effective in the long run to split rent on a traditional apartment.
For detailed information on the cost of living in downtown Phoenix, we have put together an article detailing pricing in the neighborhood: How Much Does it Cost to Live in Downtown Phoenix?
Since coliving is a relatively new concept, options are limited – especially in downtown Phoenix. You will want to consider the location and amenities that properties with coliving offer and decide if those are best suited for your lifestyle.
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Traditional apartments are the most common type of housing in downtown Phoenix, so the options can seem endless. You can choose from a variety of floorplans, a wide range of amenity offerings, and choose the location best suited for you. With so many factors to consider when finding your perfect apartment, you’ll have access to the most options if you opt for a traditional apartment.
In a coliving suite, you’ll be sharing your common areas with your roommates. Although you’ll have a private bedroom and bathroom, you won’t have complete control over the communal spaces, so you’ll likely need to set expectations with your roommates about standards for the apartment.
But, because you’ll have roommates that share the same communal space as you, you will automatically meet new people within your living space. Whether you’re just moving to the city or love meeting new people, this option is great for expanding your social circle.
With a traditional apartment, you get to control all aspects of your space, including who’s invited over, how it’s decorated, and how often you clean. You won’t have to share your common areas with others, so you can have as much or as little social time as you want.
Which is right for me?
Whether a traditional apartment or a coliving suite is best for you is entirely dependent on your personal needs. If you’re looking for your own space in a property with amenities most suited for your lifestyle, a traditional apartment is probably best for you. If you’re looking to save money without sacrificing square footage and meet new people, coliving may suit you better.
If you have any questions about the differences between traditional apartments and coliving suites in downtown Phoenix, contact our leasing team, who are happy to answer any questions you may have during your housing search.