These properties are a great way to save money and make the most of your space. For tenants considering a shared living arrangement, here are some great tips to ensure a peaceful home environment:
- Get to know your roommates: It’s important to get to know your roommates and establish ground rules. Make sure to agree on certain expectations, such as permitted noise levels and when guests are allowed.
- Set boundaries: Make sure to set boundaries and respect the space of your roommates. This includes things like not entering their room without permission and not using their belongings without asking.
- Establish a cleaning schedule: Establishing a cleaning schedule can help keep communal living spaces organised and clean. Assign tasks to each roommate and make sure everyone is following the schedule.
- Utilise common spaces: Don’t be afraid to utilise common spaces, such as the kitchen and living room. This can help you to keep your personal area organised and will ensure you’re making the most of your usable space.
- Stay organised: Staying organised can help to keep both your personal room and the common areas looking nice and tidy. Make sure to have an assigned place for everything and put things back in their place when you’re done using them.
Shared living and co-living properties offer many social benefits, from meeting new people to strengthening existing relationships.
Here are some of the most common social benefits enjoyed by tenants:
- Meeting new people: Social living can be a great way to meet people and make new friends. This can be especially beneficial for those who have moved to a new area or who are just starting out in their career.
- Strengthening relationships: Living with other people can be a great way to strengthen relationships, as it provides a collaborative environment that can help to foster improved social skills.
- Building a community: Co-living can be a great way to build a community and experience a sense of belonging. A community spirit can be further developed by hosting events or forming study groups.
Social living properties offer many financial benefits, from saving money on rent to sharing the cost of utilities.
Here are some of the most common financial benefits:
- Saving money on rent: Co-living can be a great way to save money on rent. Tenants who share communal areas, such as kitchens and living rooms, will be charged significantly less than what it would cost to rent the property outright.
- Sharing the cost of utilities: Tenants can also split the cost of utilities, such as electricity, gas and water, resulting in further substantial savings.
- Avoiding homeowner’s fees: Tenants can avoid paying homeowner’s fees, such as property taxes, building insurance and ongoing maintenance costs.
A 3 bedroom shared living property can offer investors a rental yield of between $750 and $960 per week when leased to 3 different tenants. You can learn more about our 3-bedroom shared properties HERE.
A 5 bedroom co-living property can offer investors a rental yield of between $1750 and $1900 per week when occupied by 5 tenants. You can learn more about our 5-bedroom co-living properties HERE.
A 6 bedroom co-living property can offer investors a substantial rental yield when occupied by 6 tenants. You can learn more about our 6-bedroom co-living properties HERE.
