Why Coliving In Toronto Makes Perfect Sense

Did you know that you can rent a fully furnished space in Toronto for as little as $1450 per month including utilities and amenities? It may sound crazy given the cities rapidly increasing rent prices and low supply, but with Home Is Coliving, Toronto’s newest coliving space, it is possible.

Coliving, by definition, refers to a form of coexistence in a living space, where the users are not members of the same family and voluntarily share the same living space, often times having the same or similar interests, intentions, and value system. Residents receive their own private bedroom and in some cases a bathroom while sharing the communal areas of the space with other renters. Lease agreements are often short term, with ample amenities such as wifi, smart home technology, Netflix, weekly cleaning, and outdoor maintenance included in the rent. 

While coliving is a relatively new concept in North America, the idea dates back decades as first seen in London, England in the 1930s. Although coliving was first introduced as a solution to advance modernist discourse, it is now being hailed as a solution to the loneliness epidemic, as well as providing affordable housing in some of the world’s most international cities.

So Why Choose Coliving in Toronto?

The average rental cost for a 1 bedroom apartment in Toronto is $2063, the highest price point in the country. Even with the Covid-19 pandemic, The Toronto Region Real Estate Board (TRREB) reported 16.9 percent year over year average price growth and a 29.5 percent uptick in sales in July 2020. These figures show us that the Toronto housing market is continuing to become less and less accessible to millennials, those entering the workforce, and newcomers to the city. 

According to Rentals.ca, more and more young professionals with high-paying jobs — $80,000-plus a year — are choosing co-living over paying obscene amounts to rent downtown, or spending an hour or more a day commuting to work with the problems of traffic and public transportation. Home is Coliving’s newest property, Home at William Street, offers modern amenities, including the convenience of the UP Express, and a chance to get in on the ground floor of an up and coming neighborhood in Toronto. This, in addition to the built-in community that many expats and young people are looking for, makes coliving an ideal solution to an issue in Toronto that shows no sign of slowing down. 

Toronto is on the heels of other major cities such as Barcelona, Berlin, London, and San Francisco when it comes to embracing alternative styles of housing. With soaring rental prices, a lack of financial security due to COVID-19, and a growing sense of loneliness in multiple generations, coliving in Toronto is the perfect antidote to the issues that continue to grip the city. By focusing on the flexibility, connection, and community that many people are searching for these days, coliving when done right, will be the solution modern Torontonians are looking for.