New York City has long been known as one of the most expensive cities in the world, where the cost of living can push even the most financially secure individuals to their limits. For many, the dream of living in the Big Apple is met with the harsh reality of exorbitant rents and limited options for affordable housing. The average rent for a one-bedroom apartment in Manhattan is a whopping $4,200 a month, leaving many residents struggling to find affordable housing. For those with fewer financial means, the situation is even worse. A recent example is a mother who moved into a tent in the woods with her son to reduce their monthly rent from $2,500 to just $340, highlighting the struggle people have to survive in the city.
The fight for affordable living in NYC
As rents continue to skyrocket, millennials and Generation Z are finding creative ways to make living in New York City more affordable. One such solution that has gained popularity is co-living, where individuals share a living space with a large number of roommates. This trend is especially evident in neighborhoods like Brooklyn and Manhattan, where shared apartments offer an alternative to the city’s tough rental market.
In this context, Cohabs, a Belgian co-living organization, has established itself as a major player in the market. The company offers shared living spaces where residents pay between $1,600 and $2,200 a month for a room in a beautifully designed, fully furnished apartment that includes amenities such as rooftop views, modern kitchens, fitness centers, regular networking events, and weekly cleaning services. The catch? Residents must be willing to share their living space with up to 30 other people, including shared bathrooms.
The Rise of Cohabs: A Creative Solution
Cohabs.com
Cohabs is rapidly expanding its presence in New York City, where the company now manages 14 buildings with over 400 members. The company’s model is particularly attractive to young professionals and students who are attracted to the idea of affordable housing in attractive neighborhoods without the financial burden of a traditional rental apartment.
One of those residents is 23-year-old Christa Guidry, a pilot from Arkansas. Guidry moved into a Cohabs apartment in March 2024 after discovering the community on social media. “I saw a video that said, ‘Hey, have you ever wanted to move to NYC with 22 strangers?’ I thought that sounded kind of interesting,” Guidry told the Post. “I wanted a fresh start. I wanted to be around other young, motivated people.”
Guidry’s experience of living in a cohab space has been nothing but positive. “Being single, especially in my 20s, and moving to a new city, I never want to live any other way,” she shared, emphasizing the sense of community she has found in the cohab environment. For Guidry, the convenience of having all utilities, bills, and even essentials like dish soap and cooking oil included in the rent is a huge perk. “It’s a huge relief to know that all I have to worry about is paying my rent each month,” she said.
Mastering the challenges of co-living
Cohabs.com
The benefits of co-living are clear, but it also comes with its pitfalls. Sharing a living space with up to 30 people requires a level of social adaptability and tolerance that may not be for everyone. For those who thrive in a communal environment, however, the experience can be enriching. “I feel like everyone who came here was looking for this specific living situation,” Guidry noted. “I would say, you know, if you weren’t looking for it or you’re not a social person, it could probably be annoying to live with 23 people.”
Despite the potential drawbacks, demand for co-living spaces like those offered by Cohabs is high and there are few spots available. Cohabs owns its properties in NYC, which makes it easier for the company to manage these shared spaces. However, since there are only 14 buildings in the city, competition for a spot is fierce.
The future of co-living in NYC
As New York City’s housing market continues to pose challenges for residents, co-living offerings like those offered by Cohabs could become an increasingly popular solution. These shared spaces offer a viable option for those who want to live in the city without succumbing to the financial burden of exorbitant rents.
Cohabs, which plans to expand to Washington, DC, is at the forefront of this movement and offers a glimpse into the future of urban living. Whether this model becomes the norm remains to be seen, but for now it’s helping many young professionals and students carve out a place for themselves in one of the world’s most demanding housing markets.
For anyone considering a move to New York, the idea of living with 22 strangers may be daunting, but for those willing to embrace the lifestyle, it offers a unique and affordable way to experience the city. “It’s not for everyone,” Guidry admitted, “but for me, it’s the best decision I could have made.”
