Room for rent Toronto | What are the benefits to shared living

The concept of shared living or co-living has gained much popularity with millennials and young professionals opting to choose a more efficient way to live. In many ways, it is a smarter approach to living because it allows an individual to pursue other aspects in their life without the heavy financial burden of a high monthly rent. Some of the primary benefits to a shared living space are affordability, convenience, and flexibility.

AFFORDABILITY

Nowadays with the help of technology and the internet, finding a co-living space is simple. You can easily search up Room for rent Toronto or even Studio Apartment Toronto and the results are in abundance. There are plenty of people willing to offer up their unused spaces or a room for rent Toronto to help alleviate some of their living costs. This is a great mutual benefit for both the live-in landlord and the tenant. Typically, the cost of this space is quite reasonable and also included are the common utilities. Conventional wisdom would suggest an individual should not exceed 30% of their income toward rent costs. Adopting this 30% rule of thumb will ensure there is sufficient money to cover other living costs and have enough money to work toward financial goals. So it would make sense that an individual would prefer to find an affordable place to live such as a shared living arrangement.

CONVENIENCE

People spend roughly one-third of their time working. Many often spend as much time working in the workplace as they do living at their home. In which case, all they really require is a comfortable, quiet place for downtime and a good night’s rest. Somewhere they can cook and enjoy a nice warm meal and relax thereafter. Ideally, it would be good if they can find a place that is well maintained with a fair sized room in a highly accessible location. Shared living accommodations could also allow you to affordably live in the most sought out locations. Perhaps you work in downtown Toronto, whereby finding a residence near your workplace could reduce the time spent on commuting. Another benefit to that would be not requiring a vehicle. You would save on monthly vehicle costs such as finance/lease payments, auto insurance, licensing fees, fuel, maintenance and repair. The convenience to be able to walk to work or even for weekly groceries is easily achievable. It all depends on the person and the lifestyle of their choice.

SAVINGS AND FLEXIBILITY

Shared living accommodations provide individuals an affordable option. Most living expenses such as hydro, gas, water and heat have been included in the monthly rent. This is very important as it can determine the exact amount of their total living expense. Knowing this, an individual can now develop a long term savings plan. Suppose he/she is planning to save for several more years to purchase their first studio apartment Toronto.  It would be far more accurate in estimating the length of time it would take to save for the down payment.

Now suppose an individual is planning to purchase this studio apartment Toronto within the next six months but would still require a current residence.  The standard term that most landlords prefer is a minimum one-year term contract. This person may encounter difficulty in finding a place of their preferred choice as many of the selections would not be applicable due to the minimum one-year term. This is where a company such as Homesgate Rentals can facilitate this type of accommodation because it offers clients flexible term durations. This flexibility will allow the individual to continue without any delay in their long term plans.